The demand for liquid chromatography-mass spectroscopy (LC-MS) technique is expected to surge owing to rising need for advanced analytical measures in the field of biotechnology, food processing, cosmetic and agrochemical production, pharmaceuticals, and environmental monitoring. Persistence Market Research projects that toward the end of 2024, the global market for liquid chromatography-mass spectroscopy will be valued at USD 2213.4 million from USD 1200 million in 2017.
The market will soar at an impressive CAGR of 7.9 percent. North America and Europe will be the leading regions, procuring more than half of global revenues. Toward the end of 2024, North America's liquid chromatography-mass spectroscopy market will have soared at 8.4 percent CAGR, while Europe will procure USD 671.2 million in revenues. On the other hand, the liquid chromatography-mass spectroscopy market in Asia-Pacific will record the fastest revenue growth at 8.6 percent CAGR. The demand for triple-quadrupole LC-MS is increasing in clinical analysis, owing to largely improved ionization source and front-end ion optics of LC-MS system. More than 50 percent of the global LC-MS market revenues will be accounted for by triple-quadrupole (QqQ) technology, throughout the period, 2017–2024.
Demand for the liquid chromatography-mass spectroscopy technique will remain higher in clinical testing and environmental testing, revenues from which are anticipated to soar at 8 percent and 8.7 percent CAGRs respectively. Drug discovery and development, on the other hand, will be observed as the largest application of liquid chromatography-mass spectroscopy, procuring over one-third share of global revenues toward the end of 2024. The use of LC-MS technique in biopharmaceutical companies, however, will record fastest revenue growth at 9.9 percent CAGR.
Furthermore, leading players in the global liquid chromatography-mass spectroscopy market like Thermo Fisher Scientific, Inc. are intensifying their spending on R&D of analytical instruments, which is favoring the market's growth at considerable extent. Other leading players for LC-MS technique include Danaher Corporation, PerkinElmer Inc., JEOL Ltd., Bruker Corporation, Agilent Technologies, Waters Corporation, and Shimadzu Corporation.