Improved scan rates, higher resolution, and heightened sensitivity attract more verticals towards mass spectroscopy, finds Frost & Sullivan
LONDON, Jan. 13, 2020 /PRNewswire/ -- A recent analysis of the mass spectrometry (MS) market in Europe by Frost & Sullivan has revealed that the sector will continue to grow at a CAGR of 7.2%, reaching $1.9 billion by 2025 from $1.16 billion in 2018. An increasing need to test food authenticity and a rising number of use-case scenarios in pharma have emerged as the key trends driving growth in this sector.
"The introduction of stringent regulations relevant to the environment, food, and drug quality has contributed to a spike in testing activity across industries in Europe," said Janani Balasundar, Research Analyst, Measurement and Instrumentation at Frost & Sullivan. "This has resulted in higher demand for faster and more accurate mass spectrometers, which is expected to push the market towards growth despite it being at a mature stage."
Frost & Sullivan's latest research, Analysis of the European Mass Spectrometry Market, Forecast to 2025, examines the key factors and trends influencing growth in the mass spectrometry sector in Europe and offers a thorough country-wise market analysis. The report also provides detailed shipment, pricing, and revenue forecasts and elucidates the growth opportunities in this sector.
For further information on this analysis, please visit: http://frost.ly/3y5.
The average price of mass spectrometers is predicted to reduce at a rate of 2.0% by 2025. However, despite the decrease in prices, companies can expect an increase in revenues, as unit shipments are forecast to rise by 9.4% in the same time frame, driven by a demand for newer instruments equipped with the latest technologies.
"The availability of refurbished and certified pre-owned MS instruments in the market is forcing manufacturers to reduce equipment prices every year to remain competitive," noted Janani. "However, with customers seeking the latest solutions with the ability to analyze multiple compounds in a single test, sales volumes are expected to rise in the coming years."
Mass spectrometer manufacturers and solution providers can leverage further growth by:
- Developing robust instruments with multifunctional capabilities that require minimal training to operate.
- Providing field solutions in addition to facilitating lab functionalities.
- Partnering with software simulation companies and IIoT platform providers to provide specialized solutions to customers.
- Offering predictive maintenance capabilities by integrating IIoT services such as cloud service and big data analytics within instruments.
Analysis of the European Mass Spectrometry Market, Forecast to 2025, is a part of Frost & Sullivan's Measurement & Instrumentation Growth Partnership Service program, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Analysis of the European Mass Spectrometry Market, Forecast to 2025
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SOURCE Frost & Sullivan