Liquid Chromatographymass Spectroscopy Market Will Be Valued At US$ 290 Mn By 2024-end Latest Research
Analytical studies of complex environmental & biological samples demand advanced techniques that help them accomplish multiple analysis synergistically. Liquid chromatography-mass spectroscopy is one such efficient technique that serves the purpose of both – separating the sample mixtures with multiple components and providing structural identity to these individual components.
The demand for liquid chromatography-mass spectroscopy (LC-MS) technique is expected to surge due to rising need for advanced analytical measures in the field of biotechnology, food processing, cosmetic & agrochemical production, pharmaceuticals, and environmental monitoring. A latest study published by Persistence Market Research projects that towards the end of 2024, the global market for liquid chromatography-mass spectroscopy will be valued at US$ 2,213.4 Mn.
The report, titled “Liquid Chromatography-Mass Spectroscopy (LC-MS) Market: Global Industry Analysis and Forecast, 2016-2024,” projects that the value of global liquid chromatography-mass spectroscopy market, which is currently estimated at just over US$ 1,200 Mn, is likely to get doubled by the end of 2024.
During this forecast period, the market will soar at an impressive CAGR of 7.9%. Key findings in the report also project that North America and Europe will be leading regions, procuring more than half of global revenues. Towards the end of 2024, North America’s liquid chromatography-mass spectroscopy market will have soared at 8.4% CAGR, while Europe will procure US$ 671.2 Mn in revenues. On the other hand, the liquid chromatography-mass spectroscopy market in Asia-Pacific will record fastest revenue growth at 8.6% CAGR.
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Factors Promoting the Adoption of LC-MS Technique
- Rising number of small and medium-sized companies participating in the field life science research
- Increased investments in life sciences R&D fuelling the adoption of more capital-intensive, combined technologies such as liquid chromatography-mass spectroscopy
- Technological advancements in liquid chromatography-mass spectroscopy technique propelling their applied research
- Higher accuracy and greater competency of LC-MS technique over gas chromatography-mass spectroscopy (GC-MS) technique
- Growing need for liquid chromatography-mass spectroscopy in drug development efforts of leading pharmaceutical companies
- Increasing adoption of liquid chromatography-mass spectroscopy techniques in clinical laboratories for reducing processing time
The report also reveals the impact of triple-quadrupole liquid chromatography-mass spectroscopy on clinical analysis of samples. 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.
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According to the report, more than 50% of the global LC-MS market revenues will be accounted by triple-quadrupole (QqQ) technology, throughout the forecast period.
- Danaher Corporation
- Agilent Technologies
- Waters Corporation
- Shimadzu Corporation
- Bruker Corporation
- Thermo Fisher Scientific Inc.
- PerkinElmer Inc.
- JEOL Ltd.
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Apropos the report findings, demand for liquid chromatography-mass spectroscopy technique will remain higher in clinical testing and environmental testing, revenues from which are anticipated to soar at 8% and 8.7% 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 towards the end of 2024.
The report identifies academic research institutions and contract research organizations as key end-users of liquid chromatography-mass spectroscopy. The use of LC-MS technique in biopharmaceutical companies, however, will record fastest revenue growth at 9.9% CAGR.