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Mass Spectrometry Market Overview
The global mass spectrometry market generated $4,948.3 million revenue in 2015, and is expected to advance at a CAGR of 8.1% during the forecast period (2016–2022). The market growth can be ascribed to the increasing food safety concerns, rising healthcare expenditure, and growing technological advancements in mass spectrometry devices. Besides, increasing emphasis on the good manufacturing practice (GMP) and good distribution practice (GDP) certifications for pharmaceutical companies is also a major factor for the growth of the market.
The mass spectrometry market is classified into hybrid, single, and other mass spectrometry, based on platform. Of these, the hybrid category is expected to account for the largest market share by 2022.
Pharmaceuticals, life sciences and biotechnology, academic and research institutes, hospitals, and others are the end users in the mass spectrometry market. Among these end users, pharmaceutical companies are projected to hold the largest revenue share in the market by 2022.
Pharmaceutical products comprise various excipients, which are key ingredients to safeguard the safety of patients. Organizations like the International Pharmaceutical Excipients Council (IPEC) Federation, the European Fine Chemical Group, the European Association of Chemical Distributors (FECC), and the Pharmaceutical Quality Group (PQG) are involved in formulating certification scheme for excipient suppliers. The international GMP and GDP certifications have been formulated by these organizations. These standards promote the adoption of mass spectrometry by pharmaceutical manufacturers to screen for any impurities in pharmaceutical excipients.
Mass Spectrometry Market Dynamics
Increasing emphasis on food safety concerns is a major factor driving the growth of the mass spectrometry market. It has been observed that increasing presence of toxins, chemicals, and pathogens in food products has become a major healthcare concern, across the globe. As food can be contaminated due to various sources, with the quality of water used for food processing being a major factor, the adoption of mass spectrometry is highly recommended. The identification of microorganisms in food is essential for quality control and food safety plan. Hence, increasing emphasis on improving the quality of food products has evolved as a significant driver for the market growth.
Furthermore, increasing healthcare expenditure is also an important indicator for the growth of the mass spectrometry market. Governments across the globe are spending large amount on providing better and improved healthcare facilities to their citizens. Besides, the overall healthcare cost borne by patients is also increasing, on account of rising cost of treatment. The increasing expenditure on healthcare provides easier and affordable access to advanced healthcare treatments and new tests and drugs to the patients.
The growth of the mass spectrometry market is likely to be impacted by high cost of mass spectrometry devices and lack of skilled professionals to operate these devices.
Mass Spectrometry Market Competitive Landscape
Some key players operating in the global mass spectrometry market include Danaher Corporation, Shimadzu Corporation, Thermo Fisher Scientific Inc., Bruker Corporation, Agilent Technologies Inc., Waters Corporation, PerkinElmer Inc., LECO Corporation, Dani Instruments S.p.A, Protea Biosciences Group Inc., Microsaic Systems PLC, Endress+Hauser Inc., Jeol USA Inc., and Elico Ltd.
Key Questions Answered in the Report