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Key Findings of the Global Mass Spectrometry Market | Technavio

Technavio Research
Posted on: 22 Mar 18

The latest market research report by Technavio on the global mass spectrometry marketpredicts a CAGR of close to 7% during the period 2018-2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180322005514/en/

Technavio has published a new market research report on the global mass spectrometry market from 2018-2022. (Graphic: Business Wire)

The report segments the global mass spectrometry market by end-user, including pharmaceutical and biotechnology industries and chemical and petrochemical industries and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global mass spectrometry market, according to Technavio researchers:

  • Rising focus on drug discovery and development: a major market driver
  • Increasing demand for mass spectrometers in personalized medicine: emerging market trend
  • The Americas dominated the global mass spectrometry market with 42% share in 2017
  • In 2017, the pharmaceutical and biotechnology industries segment held the highest market share of 38%

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Rising focus on drug discovery and development: a major market driver

The rise in the prevalence of several chronic diseases has led to an increase in focus on drug discovery and development by pharmaceutical and biotechnology companies as well as research institutes. For example, the top four chronic diseases prevalent globally are CVDs, cancer, chronic obstructive pulmonary disease, and type 2 diabetes, which occur due to high blood pressure, high blood cholesterol, obesity, lack of physical activity, unhealthy diet, and tobacco use. Globally, these diseases have accelerated the disease rate, which has increased the R&D spending among end-users.

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Increasing demand for mass spectrometers in personalized medicine: emerging market trend

Personalized medicine is the customization of medical treatment to the individual characteristics of each patient. Personalized medicine is a multi-faceted approach to patient care, which improves the ability to diagnose and treat diseases and offers the potential to detect a disease at an earlier stage when it is easier to treat effectively.

According to a senior analyst at Technavio for research on lab equipment, “Predictive diagnosis which forms a part of personalized medicine is the basis for targeted preventive measures and the development of individualized treatment approaches. It helps in predicting human pathologies, and therefore developing a treatment timeline for the concerned individual. Predictive diagnosis is also crucial in screening patients for the appropriate treatment, as misdiagnosis could have fatal implications. In countries such as the US, several research studies have shown that approximately 10-15 million people who seek medical care are misdiagnosed, and more than 6,000 cases from medical institutions are misdiagnosed, resulting in delayed or inappropriate treatment. Patient surveys showed that in more than 20% cases, misdiagnosis has directly harmed the patient with permanent disability or death.”

Global market opportunities

In terms of regional dominance, the Americas led the global mass spectrometry market, followed by EMEA and APAC in 2017. Advances in the chemical and pharmaceutical industries were the primary reason behind the Americas dominating the market. This region is expected to hold the highest market share during the forecast period due to the increasing awareness about the importance of MS and initiatives taken by governments to promote its use.

In EMEA, there was a shift toward preventive and personalized healthcare along with the availability of efficient diagnostics procedures. Increase in research in the pharmaceutical industry and the transformation of the healthcare model from reactive to preventive treatment is expected to drive the market in this region. In APAC, the growing prevalence of diseases that are detected by MS and an increase in investments by leading players in the market to improve the pharmaceutical industry is driving growth in this region.

 

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180322005514/en/

Business Wire
www.businesswire.com

Last updated on: 22/03/2018

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