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Among key players, SCIEX, Shimadzu, Waters, and Agilent are leading The Global Mass Spectrometer Market owing to their strong network of distribution channel. Fortune Business Insights in a new study, titled “MASS SPECTROMETER: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” predicts that the market is anticipated to exhibit a CAGR of 7.8% between 2019 and 2026. Mass spectrometer detector helps to accurately calculate the molecular weight of an analyst. Driven by its precise results, the adoption of mass spectrometer equipment is increasing across industries such as food and beverages, pharmaceuticals, and biotechnology. The rising demand for mass spectrometers is expected to increase the mass spectrometer market share in the forthcoming years. As per the report, the global market for mass spectrometer was valued at US$ 5,512.2 Mn and is anticipated to reach US$ 10,044.7 Mn by 2026. Mass spectrometry has emerged as the most preferred analytical tool in biopharmaceutical and pharmaceutical companies.
1st Detect Corporation Launches a New Mass Spectrometer for Aircraft to Sense False Alarms
Currently, the global mass spectrometer market is highly consolidated mainly on account of diverse product offerings and strong distribution network. Among the key players in the market, Shimadzu, SCIEX, Waters, and Agilent are leading as these companies have established their brand presence over the years. These companies have a robust distribution network, which has phenomenally aided the success of these companies. In addition to this, Agilent has launched an advanced and hybrid mass spectrometer system called 6546 quadrupole time-of-flight LC/MS to deliver accurate analytical data. Some of the other players functioning in the global mass spectrometer are JEOL USA, Perkin Elmer, and Thermo Scientific. In June 2019, 1st Detect Corporation announced the launch of a next-generation hybrid mass spectrometer system called TRACER 1000. This is a mass spectrometer explosives trace detector (MS-ETD) used in aircraft to enhance screening throughput and reduce operating costs. This system aims to detect any threat or false alarms in air cargo facilities.
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Increasing R&D Activities and Technological Advancements to Support Growth
Governments around the world are increasingly focusing on investing in research and development (R&D) of mass spectrometer. This is further encouraging companies to introduce advanced mass spectrometer systems, which will increase the mass spectrometer market revenue. Moreover, these systems offer accurate data analytical information, which compels consumers to choose mass spectrometers over traditional techniques, thus expanding the mass spectrometer market size.
Recent technological improvements in mass spectrometry are estimated to enable growth in the global mass spectrometer market. For instance, SCIEX recently launched two mass spectrometer products called Citrine QTRAP MS/MS and Citrine Triple Quad MS/MS. These products are specifically designed for clinical diagnosis. Such technological advancements offer enhanced outcome and precise high-resolution data, which will increase the mass spectrometer market growth. These factors, together with the miniaturization of the mass spectrometer are likely to prove beneficial to the growth of the market by 2026.
As per product type, the adoption of the hybrid mass spectrometer is increasing among biopharmaceutical and pharmaceutical firms. This is one of the primary reasons for the faster growth of this segment than single mass spectrometer.
North America Leads Owing to Rising Investments in Technological Innovations
In 2018, the market in North America was worth US$ 2,126.7 Mn and continues to maintain its dominance through the forecast years. Presence of robust key players in the U.S. and rising demand for mass spectrometers in pharmaceutical industries and research institutes are factors driving the market in this region. Apart from North America, Europe is also expected to witness high growth owing to the increasing R&D spending.
The market in Asia Pacific is anticipated to report a higher CAGR with the growing economic condition. This, coupled with the increasing number of pharmaceutical firms in this region, is stimulating growth in the market.
The global mass spectrometer market can be segmented into the following categories: