Press release
Liquid Chromatography-Mass Spectroscopy Market Revenue is Expected to Reach US$ 2.2 Billion by 2024
The report, titled “Liquid Chromatography-Mass Spectroscopy (LC-MS) Market: Global Industry Analysis and Forecast, 2016-2024,” projects that the value of global liquid chromatography-mass spectroscopy market, which is currently estimated at just over US$ 1,200 Mn, is likely to get doubled by the end of 2024. During this forecast period, the market will soar at an impressive CAGR of 7.9%. Key findings in the report also project that North America and Europe will be leading regions, procuring more than half of global revenues. Towards the end of 2024, North America’s liquid chromatography-mass spectroscopy market will have soared at 8.4% CAGR, while Europe will procure US$ 671.2 Mn in revenues. On the other hand, the liquid chromatography-mass spectroscopy market in Asia-Pacific will record fastest revenue growth at 8.6% CAGR.
Factors Promoting the Adoption of LC-MS Technique
Rising number of small and medium-sized companies participating in the field life science research
Increased investments in life sciences R&D fuelling the adoption of more capital-intensive, combined technologies such as liquid chromatography-mass spectroscopy
Technological advancements in liquid chromatography-mass spectroscopy technique propelling their applied research
Higher accuracy and greater competency of LC-MS technique over gas chromatography-mass spectroscopy (GC-MS) technique
Growing need for liquid chromatography-mass spectroscopy in drug development efforts of leading pharmaceutical companies
Increasing adoption of liquid chromatography-mass spectroscopy techniques in clinical laboratories for reducing processing time
The report also reveals the impact of triple-quadrupole liquid chromatography-mass spectroscopy on clinical analysis of samples. The demand for triple-quadrupole LC-MS is increasing in clinical analysis, owing to largely improved ionization source and front end ion optics of LC-MS system. According to the report, more than 50% of the global LC-MS market revenues will be accounted by triple-quadrupole (QqQ) technology, throughout the forecast period.
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Furthermore, leading players in the global liquid chromatography-mass spectroscopy market such as Thermo Fisher Scientific, Inc. are intensifying their spending on R&D of analytical instruments, which is favoring the market’s growth at considerable extent. Other leading participants in global market for LC-MS technique include Danaher Corporation, PerkinElmer Inc., JEOL Ltd., Bruker Corporation, Agilent Technologies, Waters Corporation, and Shimadzu Corporation.
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Apropos the report findings, demand for liquid chromatography-mass spectroscopy technique will remain higher in clinical testing and environmental testing, revenues from which are anticipated to soar at 8% and 8.7% CAGRs respectively. Drug discovery and development, on the other hand, will be observed as the largest application of liquid chromatography-mass spectroscopy, procuring over one-third share of global revenues towards the end of 2024. The report identifies academic research institutions and contract research organizations as key end-users of liquid chromatography-mass spectroscopy. The use of LC-MS technique in biopharmaceutical companies, however, will record fastest revenue growth at 9.9% CAGR.
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