Mass Spectrometer Market opportunities that will translate into a revenue of US$9.99 bn by 2024

The global mass spectrometer market is moderately concentrated among a small group of players, according to a recent business study by Transparency Market Research (TMR) that targets audiences such as food and beverage testing industries, mass spectrometer manufacturers, and pharmaceutical and biotechnology companies. The analysts of the report have identified Thermo Fisher Scientific, Inc., Agilent Technologies, and Shimadzu Corporation as the three leading companies who collectively occupied nearly 49% of the total shares in the global mass spectrometer market in 2015. Under the current circumstances, the possibilities of a new entrant making a mark is bleak, reveals the lead analyst of the report, although companies such as Bruker, PerkinElmer, Waters Corporation, AB SCIEX, and Charles River Laboratories do hold a notable position.

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Over the course of the forecast period of 2016 to 2024, the report projects the demand in the mass spectrometer market, across the globe, to multiply at a notable CAGR of 8.1%, providing for opportunities that will translate into a revenue of US$9.99 bn by 2024, substantially up from its evaluated worth of US$4.96 bn in 2015. Going forward, the competition between the aforementioned market leaders is expected to intensify further, with the production of modern and improved mass spectrometry equipment is obstructed by the strong presence of existing ones that can be refurbished. While this factors is more evident in the developed parts of the world, the vendors are expected to move to the emerging economies to increment their consumer base. New and improved product launches, collaborations and agreements as well as partnerships, and geographical expansion are some of the key strategies adopted by the market leaders.

Based on product type, the TMR report segments the global mass spectrometer market into liquid chromatography-mass spectrometer (LC-MS), gas chromatography-mass spectrometer (GC-MS), inductively coupled plasma-mass spectrometer (ICP-MS), matrix associated laser desorption or ionization-time of flight (MALDI-TOF), and others. In 2015, the MALDI-TOF segment provided for more than 30% of the total demand and is projected to remain most profitable throughout the forecast period as a result of growing adoption of new instruments that are highly efficient and offer functionalities for diverse array of chemical analysis.

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Application-wise, the global mass spectrometer market has been bifurcated into the industries of biotechnology, pharmaceutical, environmental, industrial, food and beverages, and others. Geographically, the report rates North America are most lucrative region as it provided for the maximum demand in 2015. However, the emerging economies of India and China are expected to turn Asia Pacific into the second position in terms of demand ahead of Europe towards the end of the forecast period.

Advanced Mass Spectrometer Devices Gaining Adoption

Some of the key factors augmenting the demand in the global mass spectrometer market are: recent technological advancements that have made these devices more efficient, increasing number of initiative by governments to control pollution and test the environment for global warming, vast inflow of investment by foreign companies in the emerging economies to harness pharmaceutical research and development in these countries, strict government regulations for drug safety, growth of petrochemical industry, and increasing focus on the assurance of the sheer quality of food products before they are consumed.

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On the other hand, the lack of skilled professionals to operate these modern devices in an efficient manner and premium cost of these systems are obstructing the global mass spectrometer market from attaining its true potential. That being said, there as vast abundant opportunities in Asia Pacific that the stockholders of this market can target and gain shares.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.