According to a new report published by Allied Market Research, titled, Mass Spectrometry Market by Technology and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global mass spectrometry market accounted for $4,598 million in 2016, and is estimated to reach at $7,922 million by 2023, registering a CAGR of 8.0% from 2017 to 2023. North America was the highest contributor in the mass spectrometry market in 2016; however, Asia-Pacific is anticipated to witness the highest growth rate throughout the forecast period.
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Mass spectrometry is an analytical technique that determines and identifies quantities of a compound within a sample, and it can also identify traces of components at minute concentrations. It is utilized both quantitatively and qualitatively to detect unknown compounds and calculate isotopic composition of a particular element in a molecule. It can also be used to observe fragments of a compound to determine its structure.
A mass spectrometer provides information about the molecular weight of compound. When combined with combustion analysis, it can also produce relative percentage of oxygen, carbon, and hydrogen present, thus being beneficial to determine molecular formula of an unidentified compound. Moreover, it can detect presence of certain elements based on availability of their isotopes in large quantity. Mass spectrometry and combination of other identification techniques can be applied for detection of an unidentified compound, for example, carbon and proton NMR and IR spectroscopy.
The pharmaceutical segment was the highest revenue generator in 2016, and is anticipated to continue this trend in future, owing to high need of accurate analytical techniques. Hybrid mass spectrometry is expected to grow at highest rate in the technology segment due to development in hybrid mass spectrometry sector.
In 2016, North America accounted for highest contribution to the total revenue generated, owing to the high investment in R&D activates and abundance in use of mass spectrometry analytical techniques. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to growth in disposable income, increase in government initiatives to modernize healthcare infrastructure, and rise in healthcare expenditure.
Key Findings of the Mass Spectrometry Market:
- The hybrid mass spectrometry segment is projected to grow at the highest rate during the analysis period.
- The pharmaceuticals segment was the highest revenue contributor in 2016, and is expected to continue its dominance in future.
- North America dominated the global mass spectrometry market, and is projected to grow at a CAGR of 7.5%.
- China is expected to grow at the highest CAGR of 9.7% in the Asia-Pacific market.
- The food & beverage segment is anticipated to grow at the highest CAGR of 8.5%.
The report provides extensive analysis and profiles of key market players, such as, Agilent Technologies, Inc., Danaher Corporation, Waters Corporation, Bruker Corporation, Thermo Fisher Scientific, Inc., Perkinelmer, Inc., Shimadzu Corporation., Kore Technologies, Ltd., Dani Instruments S.P.A., and Leco Corporation.