LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global mass spectrometry market is set to reach USD 5.94 billion by the end of 2020, growing at a CAGR of more than 8%.
This research report titled ‘Global Mass Spectrometry Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the global mass spectrometry market into three major end-user segments. They are:
- Pharmaceutical
- Industry
- Other
Global mass spectrometry market in the pharmaceutical industry
The pharmaceutical sector was the largest end-user of mass spectrometry instruments in 2015 and will maintain its leading position during the forecast period. These instruments play a key role in the pharmaceutical sector, particularly in improving drug safety and efficacy. Mass spectrometry instruments also help in reducing the costs associated with drug discovery and the development of new formulations and drugs. The most important application of mass spectrometry in the biopharmaceutical field is its use in protein characterization.
According to Amber Chourasia, a lead analyst at Technavio for lab equipment, “Mass spectrometry is an established technique and has proved to be an aid to biochemists in protein characterization. This end-user segment will show the highest growth rate within APAC during the forecast period with several pharmaceutical companies and subcontract laboratories migrating their research, testing, and development facilities to this region.”
Global mass spectrometry market in the industrial sector
Mass spectrometry as an analytical technique is in common use in a number of industries ranging from chemical to oil and gas to electronics since process monitoring plays a major part in the activities of these industries. Among these, the chemical sector is the largest user where the technique is employed to analyze chemicals, as it is the most efficient means of understanding the composition of complex natural products.
“One of the most important safety applications of mass spectrometers is their use in leak detection in industries that use hazardous gases and chemicals. The rapid growth of these industries will lead to a rise in the demand for these instruments over the next four year,” says Amber.
Global mass spectrometry market in the other end-users segment
The global mass spectrometry market in the other end-users segment will exhibit a steady growth between 2015 and 2020. This segment includes academia, healthcare, and environmental monitoring. Mass spectrometers are used extensively in the academic world. Many laboratory-based experiments involve the use of technologically sophisticated equipment to achieve accurate results. Institutions that offer courses in specialized subjects also perform research using this analytical technique.
The growing emphasis on environmental protection has led to the increased importance of environmental monitoring. There are several international bodies that advocate environmental monitoring, such as the Environmental Monitoring Committee of OP. One of the most important aspects of environmental monitoring is water quality monitoring. The importance of water quality monitoring will rise rapidly with the global environmental monitoring and sensing market growing at a CAGR of 7.1% during the forecast period. The increase in the number of subcontract laboratories and other research facilities worldwide will also lead to the rise in the demand for these instruments over the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Agilent Technologies
- Bruker
- Danaher
- Thermo Fisher Scientific
- Waters
Browse Related Reports:
- Global Microscopy Device Market 2016-2020
- Global Scientific Instrument Market 2015-2019
- Global Scanning Electron Microscope Market 2016-2020
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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