Mass Spectrometry Market: Growth Strategies Adopted by Key Players Like SCIEX (US), Agilent Technologies (US), Thermo Fisher Scientific (US)

Illinois, United States, 2021-Jan-28 — /EPR Network/ —

Key Players in Mass Spectrometry Market:

The major players in the mass spectrometry analysis market include SCIEX (US), Agilent Technologies (US), Thermo Fisher Scientific (US), Waters Corporation (US), PerkinElmer (US), Shimadzu Corporation (Japan), Bruker (US), Analytik Jena (Germany), JEOL (Japan), Rigaku (Japan), DANI Instruments (Italy), LECO (US), Hiden Analytical (UK), Kore Technology (UK), Extrel CMS (US), MassTech (US), AMETEK Process Instruments (US), MKS Instruments (US), Advion (US), and FLIR Systems (US).

Growth Strategies Key Players Focused on:

The analysis of market developments between 2017 and 2019 showed that market players adopted strategies such as product launches, upgradations, & approvals, partnerships, agreements, & collaborations, acquisitions, expansions, and other developments to strengthen their product portfolios and maintain a competitive position in the mass spectrometry market.

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Thermo Fisher Scientific (US) held the dominant position in the mass spectrometry market in 2018. This can be attributed to its vast portfolio of mass spectrometry equipment used for various applications. Thermo focuses on expanding its product portfolio by introducing new and advanced mass spectrometers for its customers in multiple fields such as biotechnology, pharmaceuticals, toxicology, and forensics, among others. In 2019, the company launched new triple quadrupole LC-MS systems, Orbitrap LC-MS systems, and Mass Spectrometry software. Thermo Fisher also engages in various collaborations and agreements to continually increase the number of application areas for its mass spectrometry instruments. In 2019, Thermo collaborated with NX Prenatal Inc., US, to develop clinical mass spectrometry-based proteomics assays to monitor fetal health during pregnancy and assess the risk of adverse outcomes.

SCIEX (US) held the second-largest share of the mass spectrometry market in 2018. The company has a strong geographical footprint across North and South America, Europe, the Middle East, and the Asia Pacific. The company provides an elaborate portfolio of liquid chromatography-mass spectrometry instruments & accessories for life science, clinical research, and industrial markets. The firm focuses on organic & inorganic growth strategies by engaging in product launches, collaborations, and partnerships. For instance, in 2017, SCIEX collaborated with the Protein and Proteomics Centre (PPC) under the Department of Biological Sciences at the NUS and planned to launch the first of its kind proteomics and mass spectrometry training center in Southeast Asia in 2018, with the aim of advancing biomedical research and proteomics studies across the Asia Pacific.

Agilent Technologies (US) held the third-largest share of the mass spectrometry market in 2018. The company provides a comprehensive portfolio of LC-MS, GC-MS, and ICP-MS in the mass spectrometry market. Agilent Technologies has a strong presence in North America and Europe. The firm engaged in several acquisitions, collaborations, and expansions to maintain its position in the market. For instance, in 2018, Agilent acquired its related business from Young In Scientific Co. Ltd (a distributor of analytical and scientific instruments in South Korea), thus expanding its direct capabilities in the South Korean market.

Key Factors Driving Market Growth:

The increasing spending on pharmaceutical R&D across the globe, government regulations on drug safety, growing focus on the quality of food products, and technological advancements in mass spectrometers are the key drivers of the Mass Spectrometry Market. Government initiatives for pollution control and environmental testing and an increase in crude and shale gas production are also supporting the growth of this market.

Expected Revenue Growth Analysis:

The Mass Spectroscopy Market is expected to reach USD 6.3 billion by 2024 from USD 4.6 billion in 2019, at a CAGR of 6.7%.

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Regional Growth Analysis:

While North America is expected to dominate the global Mass Spectroscopy Market in 2019, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the numerous expansions and collaborations by key players in China, a significant amount of funding for mass spectrometry in Japan, and strict environmental monitoring regulations in India.