The key factors expected to drive the global LC-MS market include the rising demand for advanced analytical solutions and systems across industries such as food processing, biotechnology, pharmaceutical, cosmetic and agrochemical production, and environmental monitoring. The environmental monitoring sector, especially, will lead to a massive rise in demand for effective LC-MS systems as environment protection norms across the globe tighten.
To provide a detailed analysis of the global LC-MS market, the report segments it on the basis of criteria such as technology, application, end-use sector, and geography. In terms of technology, the market has been segmented into triple quadrupole, quadrupole -time of flight, and time of flight.
In terms of applications, the market has been segmented into clinical testing, drug discovery and development, forensic testing, and environmental testing. Of these, the segment of environmental testing is expected to emerge as the most promising application segment for liquid chromatography-mass spectroscopy systems over the report’s forecast period. Expected to register a promising 8.7% CAGR from 2016 to 2024, the segment is expected to lead to a revenue opportunity of over US$10 mn in 2017 over the year 2016. By the end of the report’s forecast period, the valuation of the environmental testing application sector is projected to cross the mark of US$290 mn. The segment accounted for over 11% of the overall market in 2016 and is expected to account for over 13% of the market by the end of 2024.
The key end use industries for LC-MS systems examined in the report include contract research organizations, biopharmaceutical companies, academic research institutions, diagnostic centers, forensic laboratories, hospitals, and pathology laboratories.
Geographically, the report covers an analysis of the market for liquid chromatography-mass spectroscopy across regions such as Latin America, North America, Europe, Middle East and Africa, and Asia Pacific. The report states that the markets in Europe and North America will remain the most lucrative and will procure over half of the overall revenue of the market over the report’s forecast period. Strict environmental norms and high focus on safety prospects across well-established industries such as food and beverages, biotechnology, and pharmaceuticals will also continue to drive the markets in North America and Europe over the forecast period. The report states that the market in North America will register a promising 8.4% CAGR while the market in Europe will rise to US$671.2 mn in terms of revenue opportunity towards 2024. The market in Asia Pacific, on the other hand, will exhibit the fastest 8.6% CAGR over the report’s forecast period.
Some of the leading companies operating in the global LC-MS market are Danaher Corporation, JEOL Ltd., Waters Corporation, Agilent Technologies, Thermo Fisher Scientific Inc., Bruker Corporation, Shimadzu Corporation, and PerkinElmer Inc.