Growth in the mass spectrometry market is primarily driven by factors such as government initiatives for pollution control and environmental testing, increasing spending on pharmaceutical R&D across the globe, government regulations on drug safety, growing focus on the quality of food products, increase in crude and shale gas production, and technological advancements in mass spectrometers.

Mass Spectrometry Market by Platform (Hybrid Mass Spectrometry (Triple Quadrupole, QTOF, FTMS), Single Mass Spectrometry (Quadrupole, TOF, Ion Trap)), Application (Pharma & Biotech, Environmental & Food Testing).

The mass spectrometry market is expected to grow from USD 4.6 billion in 2019 to USD 6.3 billion by 2024, at a CAGR of 6.7%.

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Applications of Mass Spectrometry:

1. Pharmaceuticals Companies
2. Biotechnology Companies
3. Environmental
4. Food Testing

Mass spectrometry is widely used for accurate analysis of small as well as large molecules in pharmaceuticals, forensic & clinical research, and other areas. The mass spectrometry applications market is segmented into pharmaceutical & biotechnology applications, environmental testing, food & beverage testing, petrochemical applications, and other applications.

The pharmaceutical & biotechnology applications segment held the largest share of the market in 2019, a trend that is expected to continue during the forecast period. The large share of this segment can be attributed to the rise in demand for pharmaceutical biosimilars, phytopharmaceuticals, and regenerative medicine.

Geographical Growth Analysis:

North America held the largest share of the market in 2018 and is projected to continue to do so during the forecast period. Factors such as the growing funding for research and government initiatives in the US, widespread usage of mass spectrometry in the metabolomics and petroleum sector, and CFI funding towards mass spectrometry projects in Canada are driving the North American market.

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Key Players in Mass Spectrometry Industry Market:

The major vendors in the mass spectrometry market include SCIEX (US), Agilent Technologies (US), Thermo Fisher Scientific (US), Waters Corporation (US), and Shimadzu Corporation (Japan). These leading players offer an expansive product portfolio for mass spectrometers and have a broad geographic presence.