(MENAFN- P&S Intelligence) A number of factors, such as the rising food safety concerns, surging demand for mass spectrometry in life sciences applications, increasing healthcare expenditure, growing emphasis of pharmaceutical companies on achieving good distribution practice (GDP) and good manufacturing practice (GMP) certifications, and rising technological advancements in mass spectrometry devices, are projected to drive the growth of the mass spectrometry market at a CAGR of 8.1% during the forecast period (2016–2022). According to P&S Intelligence, the market generated revenue of $4,948.3 million in 2015.
Another key factor driving the mass spectrometry market is the increasing healthcare expenditure. Globally, governments are spending large amounts for offering improved healthcare facilities to their people. Also, the healthcare spending of patients is surging due to the increasing disposable income and cost of treatments. The growing expenditure on healthcare helps in affordable and easier access for the patients to advanced tests, drugs, and treatments. In this industry, this method is used in diagnostics to detect the presence of pathogens in the body.
The end user segment of the mass spectrometry market is categorized into pharmaceuticals, academic and research institutes, life sciences and biotechnology, hospitals, and others. Among these, the pharmaceuticals category is projected to account for the largest market share by 2022. Moreover, based on platform, the market is classified into single, hybrid, and other mass spectrometry. Among these, the hybrid category is projected to hold the largest share by 2022 in the industry. Moreover, based on application, the market is categorized into drug discovery and development, clinical testing, proteomics, environment, and others.
Thus, the surging healthcare expenditure and the increasing food safety concerns are expected to propel the market growth during the forecast period.
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