The global mass spectrometry market is expected to reach USD 5.27 Billion by 2022 from USD 3.68 Billion in 2017, at a CAGR of 7.4%
The growth of this market is majorly driven by technological advancements in mass spectrometry, government initiatives for pollution control and environmental testing, increasing spending on pharmaceutical R&D across the globe, government regulations on drug safety and growing petrochemical industry. However, the high cost of equipment is likely to restrain the growth of the market during the forecast period.
Availability of government funding for various research projects in a number of countries such as the US and Canada will open new opportunities for market players. In the US, the National Institute of Health (NIH) has provided a grant of USD 694 Million for Environmental Health Sciences (NIEHS) and USD 344 Million for Biomedical Imaging/Bioengineering (NIBIB). In March 2016, the Minister of State for Science and Technology announced an investment of USD 23 million for supporting 95 research projects at 26 universities across Canada.
Technological Advancements in Mass Spectrometry
Government Initiatives for Pollution Control and Environmental Testing
Funding and Investments
Increasing Spending on Pharmaceutical R&D Across the Globe
Government Regulations on Drug Safety
Rising Focus on Ensuring the Quality of Food Products