The global mass spectrometer market was valued at US$ 5,474.7 Mn in 2017and is anticipated to register a stable CAGR of 7.7% during the forecast period 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Mass Spectrometer Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” Growth in the pharmaceutical and life science markets, rise in demand for clinical analysis, increase in mergers and acquisitions, and increase in food and beverage testing has increased the penetration and growth of the mass spectrometer market globally. The market in North America is expanding at a significant CAGR of 8.3% on the backdrop of numerous technological innovations in advanced laboratory equipment.
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The global mass spectrometer market by product type is segmented broadly into five major segments, namely gas chromatography-MS, liquid chromatography-MS, MALDI-TOF, ICP-MS (inductively coupled plasma-mass spectrometry) and others. In terms of revenue, MALDI-TOF was the largest contributor to the market, followed by liquid chromatography-MS in 2017 due to the growing adoption of MALADI-ToF mass spectrometer as it offers accurate mass measurements and reduced time for analysis.
Currently, the use of this technique in clinical microbiology laboratories is growing in order to replace or complement conventional laboratory identification techniques as it provides easy, rapid, high throughput, low-cost, and efficient identification techniques. MALDI-TOF segment is projected to expand at a significant CAGR of 8.0% over the forecast period. Key trends prevalent in the mass spectrometer market are use of refurbished instruments, miniaturization of mass spectrometers, increasing investments by governments and research institutes, launch of technologically advance mass spectrometers, increasing research activities, and increasing mergers and acquisitions.
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Mass spectrometer is a powerful analytical tool for both quantitative and qualitative applications. Mass spectrometers are increasingly used in the field of pharmaceuticals as it offers new instrumentation and ionization techniques that can be used to solve various difficult bio analytical problems, thereby driving the growth of the mass spectrometer market globally.Mass spectrometer is used for the optimization and monitoring of fundamental chemical processes used in the manufacture of various pharmaceutical and life science products. In 2017, the pharmaceuticals segment accounted for the largest market share. Biotechnology segment is also expected to expand at a significant CAGR throughout the forecast period. Mass spectrometry is becoming popular in biotechnology applications. Mass spectrometer provides accurate measurements and real-time information regarding culture respiration and the availability of nutrients.