Mass Spectrometry Market Anticipated to Garner US$ 7,922 Million by 2023: North America Region Accounted Highest Contribution
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.
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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.
• Waters Corporation
• Bruker Corporation
• Thermo Fisher Scientific Inc.
• Perkinelmer Inc.
• Shimadzu Corporation.
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%.
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