Technological advancements to boost the Q-TOF mass spectrometry market
The Q-TOF mass spectrometry market is expected to reach USD 1009.7 million by 2022 from an estimated USD 698.4 million in 2017, at a CAGR of 7.7 percent, estimates MarketsandMarkets. Technological advancements in Q-TOF mass spectrometry and stringent government regulations with respect to drug safety are the key factors driving the market growth. The growing use of Q-TOF mass spectrometers in emerging markets is the key opportunity area, while the dearth of skilled professionals for such high-end instruments could be a challenging factor for the players in this market. The extensive use of Q-TOF mass spectrometry technology in the fields of proteomics and metabolomics and the increase in R&D investments in the biotech industry are the key factors driving the market growth.
North America accounted for the largest share of the Q-TOF mass spectrometry market in 2017, followed by Europe. The rising adoption of Q-TOF mass spectrometers for several applications in the biopharmaceutical industry, growing funding in the United States of America for the utilization of Q-TOF mass spectrometers, growing R&D pertaining to biopharmaceuticals and biotechnology, and increasing investment in innovative projects in Canada are expected to drive the market growth. Europe is estimated to be one of the leading regions in the market. Factors such as the availability of funds for research in biopharmaceutical and medical fields, the growth of the cosmetics industry in Germany, concerns for food safety, increased investments by the pharmaceuticals industry in the United Kingdom, favorable scenario of biotechnology and pharmaceutical industry in Italy, expansion of several companies in France, and the strong existence of the food and beverages industry in Spain are the driving factors for the Q-TOF mass spectrometry market in Europe.