Global mass spectroscopy market valued at around USD 5282 million in 2016, is expected to reach USD 7726 million in 2021 at a CAGR of 7.9 percent, predicts Market Research Store.
The advanced mass spectroscopy includes high speed and resolution. This factor drives the growth of advanced mass spectroscopy market. Moreover, usage of mass spectroscopy in drug development, proteomics, and pharmaceuticals stimulates the demand for mass spectroscopy. Use of mass spectroscopy in food safety testing further fuels the growth of the market. However, high cost of instruments may curtail the growth of the market. Nonetheless, increasing technological advancements and expanding application areas are likely to foster the demand for mass spectroscopy.
North America accounted for the largest share in 2016, followed by Europe. Growth of market in these regions is mainly contributed by government initiatives, innovations, and increasing usage of mass spectroscopy for research. Asia-Pacific is the fastest growing region due to high demand for mass spectroscopy in pharmaceutical and food testing industry. Latin America is expected to show lucrative growth over the coming years owing to growing pharmaceuticals sector in Brazil. Middle-East and Africa are anticipated to show only a moderate growth rate due to lack of awareness.