According to a new market research report "Q-TOF Mass Spectrometry Marketby Application (Biotech Applications, Pharmaceutical Applications, Food & Beverage Testing, Environmental Testing, Petrochemical Applications), and Region (North America, Europe, APAC, and Row) - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to reach USD 1,009.7 million by 2022 from an estimated USD 698.4 million in 2017, at a CAGR of 7.7%.
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The key factors that drive the market growth include technological advancements in Q-TOF Mass Spectrometry and stringent government regulations with respect to drug safety. 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.
Biotech applications held the largest market share in 2017
Based on application, the Q-TOF Mass Spectrometry Market has been segmented into, biotech applications, pharmaceutical applications, food and beverage testing, environmental testing, petrochemical applications, and other applications. In 2017, biotech applications accounted for the largest market share. 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 US for the utilization of Q-TOF mass spectrometers, growing research and development pertaining to biopharmaceuticals and biotechnology, and increasing investment in innovative projects in Canada is expected to drive the market growth during the forecast period.
Europe is estimated to be one of the leading regions in the market. Factors such as the availability of funds for research in biopharmaceutical & medical fields, the growth of the cosmetics industry in Germany, concerns for food safety, increased investments by the pharmaceuticals industry in the UK, favorable scenario of biotechnology and pharmaceutical industry in Italy, expansion of several companies in France, and the strong existence of the food & beverages industry in Spain are the driving factors for the Q-TOF Mass Spectrometry Market in Europe.
Waters Corporation (US), Agilent Technologies (US), and SCIEX (Subsidiary of Danaher) (US) are the key players in the Q-TOF Mass Spectrometry Market. Other players involved in this market are Bruker (US) and Shimadzu Corporation (Japan).
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