Pune, India, Dec. 03, 2020 (GLOBE NEWSWIRE) -- The report predicts the global mass spectrometer market size was valued at USD 5,512.2 Million in the year 2018 and is anticipated to reach USD 10,044.7 Million by 2026 with 7.8% CAGR. North America is expected to maintain its dominance through the forecast period. Moreover, the regional market was valued at US$ 2,126.7 Mn in the year 2018. Presence of recognized key players and technological advancements are creating lucrative opportunities for the market.
Key Industry Developments:
- In June 2018, Thermo Scientific launched Orbitrap ID-X in collaboration with HighChem for characterization of small molecules.
- In April 2019, Agilent launched 6546 quadrupole time-of-flight LC/MS system, a hybrid mass spectrometer to deliver high resolution analytical data.
- In March 2019, JEOL USA announced the launch of GC-triple quadrupole mass spectrometer system to expand the company’s product line in mass spectrometer.
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Mass Spectrometer to Offer High-Resolution Analytical Data Owing to Technological Advancements
“Increasing research and development (R&D) activities are likely to increase the dependency on accurate and high-resolution data experiments,” said a lead analyst at Fortune Business Insights. “Mass spectrometer detectors have the ability to offer precise results, which is why key players encourage customers to opt for this equipment,” he added.
Another factor driving the market is the increasing number of concerns related to food safety. Owing to recent technological advancements in mass spectrometry, the demand from biotechnology and pharmaceutical industries is expected to increase. These advancements now offer better and high-resolution test results. The rising demand for tandem and hyphenated techniques, especially from biotechnology, food and beverages, and pharmaceutical industry is driving the market.
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Market in North America Continues to Lead Owing to Presence of Key Players in the U.S.
Among regions, the market in North America is expected to maintain its dominance through the forecast period. Moreover, the regional market was valued at US$ 2,126.7 Mn in the year 2018.
Presence of recognized key players and technological advancements are creating lucrative opportunities for the market. Governments in this region are granting funds to research institutes working on in mass spectrometry, which will further increase the mass spectrometer market share in North America. The University of Georgia recently received grants from the National Institutes of Health in the U.S.
This funding is for conducting biomedical research and this is another factor responsible for the high growth of the market in this region. A report by the Industrial Research Institute (IRI) finds that the U.S. is the only country in the world who spends aggressively on research and development activities.
Governments in North America are increasingly investing in areas such as biomedical, biotechnology, and proteomics. Such factors are likely to accelerate the mass spectrometer market size in North America.
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Joel Launches a Novel Mass Spectrometer System to Expand its Product Line
Agilent Technologies a mass hybrid mass spectrometer system in April 2019. The system called 6546 quadrupole time-of-flight LC/MS will offer accurate analytical data with high resolution.
Joel USA launches a quadrupole mass spectrometer system called GC-triple in March 2019. The aim of this product launch is to expand the company’s product line for mass spectrometers.
Thermo Scientific joined hands with HighChem in June 2018 to develop Orbitrap ID-X Tribrid Mass Spectrometer. This spectrometer analyses small molecules and gathers meaningful data.
List of Key Players in the Mass Spectrometer Market:
- Shimadzu Corporation
- Agilent Technology
- WATERS
- Thermo Fisher Scientific Inc.
- AB Sciex
- PerkinElmer Inc.
- JEOL USA
- Advion, Inc.
- LECO
- Bruker
- Other prominent players
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Global Mass Spectrometer Market Segmentation:
By Product
• Hybrid
o Tandem Quadrupole
o Quadrupole Time-of-Flight (Q-TOF)
o FTMS
• Single
o Single Quadrupole
o Time-of-Flight (TOF)
o Ion Trap
By End-user
• Biopharmaceutical and Pharmaceutical Companies
• Research Institutes & Government Organization
• Hospitals & Diagnostic Centers
• Others (Environmental testing, food, and chemical testing)
By Geography
• North America (the USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Rest of World
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SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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