High Cost Instruments Hamper Mass Spectrometer Growth

The global mass spectrometer market has been estimated to attain a valuation of USD 9990.2 million by the end of 2024, with the demand expanding at a CAGR of 8.1 percent during 2017–2024, predicts Transparency Market Research. Advancements in the instruments and prosperity of its end-use industries are the two key drivers of the global mass spectrometer market. The pharmaceutical industry is currently more focused than ever before on finding new formulations and developing drugs for a number of chronic and common diseases. The field of biotechnology is being harnessed furiously too, wherein mass spectrometers are used to monitor and analyze gases and other biological compounds. On the other hand, high cost mass spectrometry instruments is the glaring restraint over the market for the same. In addition to that, regulatory policies and unfavorable political and economic conditions are also expected to negatively impact over the mass spectrometer market in the near future.

While the opportunities in the global mass spectrometer market are expanding fruitfully, the shares are moderately consolidated among a small pool of players. Market leaders, such as Thermo Fisher Scientific, Shimadzu Corporation, and Agilent Technologies, have a strong product portfolio and are frequently indulging in mergers and acquisitions to stay ahead of the curve. Agilent Technologies recently acquired Advanced Analytical Technologies, adding onto its shares which have multiplied since the acquisition of Raman spectroscopy toward the mid of the year 2017.

Although the entry-barriers are quite high for new entrants, some of the emerging players are eating into the global shares of the mass spectrometer market via their niche technologies. AB Sciex from Danaher Corporation, Waters Corporation, Burker, and PerkinElmer are some of the other notable players in the mass spectrometer market.