Albany, NY -- (SBWIRE) -- 09/15/2017 -- The global mass spectrometry market is expected to reach US$9.99 bn by the end of 2024, after expanding at a healthy CAGR of 8.1% within a forecast period from 2016 to 2024. The market's value was calculated to reach US$5.35 bn at the end of 2016. North America is expected to generate a massive revenue for the global mass spectrometry market owing to its booming biotech industry.

Advancements in Mass Spectrometry Open New Doors

"What drives the global mass spectrometry market at the present moment is the original scope of application of these systems, coupled with the new possibilities that are entering the market simultaneously. One of the more recent examples of technological advancements in mass spectrometry is the adoption of matrix-associated laser desorption ionization imaging mass spectrometry, or MALDI-IMS. This system allows for the examination and analysis of tissues from a diagnostic perspective and thus reduces the overall time required for complete analysis of the sample. Another recent development is the high-resolution accurate mass system, which can detect as well as deliver simultaneously a higher resolution of the full product ion spectrum and mass accuracy. These systems are expected to usher in a new era of mass spectrometry," states a TMR analyst.

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The global mass spectrometry market is also being driven by the growing use of these equipment in the industries of pharmaceuticals, life sciences, and other clinical analytics. On the competitive side, the market is being favored in overall growth by the significant mergers and acquisitions that have occurred over the past decade, which includes the acquisition of Active Spectrum, Inc., by Bruker.

High Equipment Costs Reduce Production Rates

One of the key restraints affecting the global mass spectrometry market currently, is the high cost of it research and development it takes to generate newer technologies in the market. This not only severely limits the entrance of new players into the market, but also creates a sizeable barrier of pricing for several buyers from emerging economies. Their reluctance to buy newer technologies is leading to the growth of refurbished mass spectrometry equipment, which not only reduces the overall profits that key players in the market make, but also reduces the investments they can make into advanced development of equipment.

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"Despite the given restraints, research and development is still likely to be the way to go for the global mass spectrometry market, when it comes to improving the scope of opportunities in the future. The developments in continuous flow technologies have, for instance, created the space for new devices to enter the market that are significantly more efficient than their predecessors. The players from the global mass spectrometry market can also find a greater scope of opportunities in the emerging economies from Asia Pacific and Latin America – specifically Brazil – to improve their sales figures," adds the analyst.

With a highly consolidated nature, the global mass spectrometry market was led by Agilent Technologies, Thermo Fisher Scientific, Inc., and Shimadzu Corporation in 2015. Their collective share in the market's value for the year was close to 49%, revealing a very low scope of growth for smaller players at the current rate.

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According to a research publication released by Transparency Market Research, the global mass spectrometry market will be showing a strong sense of competitive rivalry, especially among the leading entities. The overall number of players in the global mass spectrometry market is small and their relative market share is very large. Their established presence is expected to stifle the entry of new players into the global mass spectrometry market. The production of new mass spectrometry equipment is, however, being contended by the growing availability of refurbished ones. This applies more so to the developing economies where the cost of purchasing new equipment can be too high.

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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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