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(IT-NEWSWIRE.COM, May 17, 2018 ) The mass spectrometry market is expected to reach USD 5.27 Billion by 2022 from an estimated USD 3.68 Billion in 2017, at a CAGR of 7.4%. The key factors which include the growth of the pharmaceutical and biotechnology industry and technological advancements in mass spectrometry are driving the growth of the global mass spectrometry market during the forecast period. The growing use of mass spectrometry in emerging markets and the rising potential for the application of high-resolution mass spectrometry in healthcare are the key areas of opportunity in this market.
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By technology, the hybrid mass spectrometry segment accounted for the largest share of the market in 2017
On the basis of technology, the mass spectrometry market is broadly segmented into single mass spectrometry, hybrid mass spectrometry, and other mass spectrometry technologies (magnetic sector, inductively coupled plasma mass spectrometry). In 2017, the hybrid mass spectrometry segment is expected to account for the largest share of this market. The extensive applications of hybrid mass spectrometers coupled with the technological advancements in mass spectrometry are driving the growth of this segment.
By application, the pharmaceutical application industry held the largest market share in 2017
Based on application, the mass spectrometry market is further segmented into pharmaceutical application, biotech application, environmental testing, food and beverage testing, petrochemical applications, and other applications. In 2017, the pharmaceutical applications segment is expected to account for the largest share. Extensive use of mass spectrometry technologies at various stages of drug development processes and increase in R&D investments by pharmaceutical industries are driving the growth of the market.
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North America dominated the market in 2017
North America accounted for the largest share of the mass spectrometry market in 2016, followed by Europe. High usage of mass spectrometry in the pharmaceutical sector, growing funding to favour mass spectroometry market in the US, high petrol and natural gas production, growing biopharmaceuticals and biotechnology research & development and fundings for innovation based projects in Canada is expected to drive market during the forecast period.
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Source: EmailWire.Com 
Source: EmailWire.com
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