Jersey City, NJ, Nov. 28, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global ICP-MS System Market- (By Product Type (Single quadrupole ICP MS, Triple quadrupole ICP MS, Multi quadrupole ICP MS, High-resolution ICP MS, Multi collector ICP MS, Others), By Modality (Benchtop ICP MS System, Floor standing ICP MS System), By Application (Water analysis, Environmental analysis, Pharmaceutical and biomedical research, Geological and mining research, Food and beverage testing, Petrochemical analysis, Semiconductor analysis, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global ICP-MS System Market is valued at US$ 379.52 Mn in 2022, and it is expected to reach US$ 593.61 Mn by 2031, with a CAGR of 5.28% during the forecast period of 2023-2031.
ICP-MS: Inductively coupled plasma mass spectroscopy is a diagnostic tool for analyzing trace and ultra-trace levels of substances. Plasma is used in inductively coupled plasma mass spectroscopy to identify the various elements in liquid samples. New trends, trade regulations, import/export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approval trajectories, and more are all covered in this report on the inductively coupled plasma mass spectroscopy market.
One of the main forces behind the growth of the market is the rising demands of the metallurgy sector around the world for the use of inductively coupled plasma mass spectroscopy. The merits of inductively coupled plasma mass spectroscopy, such as its capacity to detect the isotope composition of elements, are becoming increasingly well-known, helping drive the market. Increases in research and development efficiency, the sensitivity of ICP-MS, and consumer disposable income will all contribute to the market's continued expansion. However, the market will be slowed down by the predominance of spectral and non-spectral interferences.
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Recent Developments:
- In March 2021, Agilent introduced the Agilent 7850 ICP-MS System, which includes innovative time-capture reduction tools that have the potential to disrupt ICP-MS analysis workflows. The 7850 ICP-MS integrates revolutionary software functionalities with market-leading performance, thereby endowing standard ICP-MS laboratories with cutting-edge capabilities. This is the result of decades of innovation. The new 7850 offers clients solutions that increase their productivity and efficiency without sacrificing quality.
- In Dec 2020, Thermo Scientific has unveiled a novel ICP-MS device. Thermo Fisher Scientific has developed a novel inductively coupled plasma mass spectrometry (ICP-MS) instrument that aims to provide dependable and accurate isotope ratio analysis for a range of applications in nuclear safeguards, biomedical research, and earth sciences. The instrument maintains its sensitivity, stability, and user-friendliness.
List of Prominent Players in the ICP-MS System Market:
- Advion, Inc. (Beijing Bohui Innovation Biotechnology Co., Ltd.
- Agilent Technologies, Inc.
- Analytik Jena GmbH
- Nu Instruments (AMETEK, Inc.)
- PerkinElmer, Inc.
- Shimadzu Corporation,
- Thermo Fisher Scientific
- GBC Scientific Equipment (EWAI)
- Expec Technology (FPI)
- Skyray Instrument
- NCS Testing Technology
- Macylab Instruments
- HORIBA, Ltd
- Intertek Group plc
- Others
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Market Dynamics:
Drivers-
The growing demand for the ICP-MS system market is fueled by the ICP-MS market, including increased need in the food and drink sector and the pharmaceutical industry, as well as the use of ICP-MS systems in drug development. Other factors contributing to the growth include rising health care costs, product safety consciousness, etc. In addition, many different players in the growing industry have cutting-edge technology products and a lot of promise, both of which should translate into plenty of growth chances for the market over the next few years.
Challenges:
The prime challenge is high cost and lack of awareness, a shortage of competent individuals and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the ICP-MS system market. The market will increase slowly due to the high costs of ICP-MS detection. Lack of awareness in emerging and underdeveloped economies, as well as a potentially unfavourable reimbursement scenario, would pose serious challenges for the business. The dominance of spectral and non-spectral interferences will also slow down the market. As a result, notwithstanding the epidemic, the market was sustained by all of these forces. Reaction to COVID-19 and offers advice on how businesses might adapt to the changing market. Key market constraints are recognized, including economic limits in emerging markets and corporate market barriers.
Regional Trends:
The North American ICP-MS system market is anticipated to register a maximum market share in revenue. It is projected to grow at a high CAGR in the near future because of the pervasive presence of beneficial policies, the widespread availability of cutting-edge healthcare technologies, and the government's encouragement of R&D prowess. Market expansion in North America is expected to be bolstered by prominent regional manufacturers over the projected period. Besides, Europe had a considerable share in the market because technological developments and advances in analytical instrumentation are spawning the creation of cutting-edge ICP MS systems with enhanced performance and capabilities in this region.
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Segmentation of ICP-MS System Market-
By Product Type-
- Single quadrupole ICP MS
- Triple quadrupole ICP MS
- Multi quadrupole ICP MS
- High-resolution ICP MS
- Multi collector ICP MS
- Others
By Modality-
- Benchtop ICP MS System
- Floor standing ICP MS System
By Application-
- Water analysis
- Environmental analysis
- Pharmaceutical and biomedical research
- Geological and mining research
- Food and beverage testing
- Petrochemical analysis
- Semiconductor analysis
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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InsighAce Analytic is a specializing in market research and consulting services that helps in building business strategies. Our mission is to provide high quality insights with using data analytics techniques and visualization tools that drives the disruption and innovation in market research industry. Our expertise is in providing syndicated and custom market intelligence reports with in-depth analysis and key market insights in a timely and cost-effective manner.
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