By application, the environmental testing segment is expected to create an absolute $ opportunity of more than US$ 10 Mn in 2017 over 2016. By the end of 2024, the environmental testing application segment is projected to cross more than US$ 290 Mn, expanding at a CAGR of 8.7% over the forecast period. The environmental testing segment accounted for a market share of more than 11% in 2016 and is projected to account for a little more than 13% market value share by 2024 end. This represents an increase of 71 basis points during the forecast period.
Environmental testing segment is projected to register a high CAGR in the North America liquid chromatography-mass spectrometry market during the assessment period
In the Asia Pacific liquid chromatography-mass spectrometry market, the environmental testing segment by application is likely to record a CAGR of 7.6% during the forecast period. In terms of revenue, the environmental testing segment was one of the attractive segments by application in the Asia Pacific regional market in 2015, and the trend is projected to grow throughout the forecast period. In the MEA liquid chromatography-mass spectrometry market, the environmental testing application segment was valued at a little more than US$ 4 Mn in 2016 and is expected to reach approximately US$ 7 Mn by 2024. The environmental testing segment is expected to dominate the North America liquid chromatography-mass spectrometry market by reaching a market value of more than US$ 130 Mn by the end of the forecast period, expanding at an attractive CAGR of 10.2%. The environmental testing segment is likely to be a lucrative market segment by application in the Latin America liquid chromatography-mass spectrometry market.
Increasing air and water pollution is the primary reason fueling revenue growth of the environmental segment during the period of assessment
There are a few factors that are expected to fuel the growth of the environmental testing segment in the global liquid chromatography-mass spectrometry market such as the sustainable transformation of environmental policies; increasing number of energy and construction related projects; and the main factor being a rising awareness among the global population regarding the ill effects of environmental pollution. There has been an increasing growth of environmental testing in India owing to the government’s initiatives and also due to the rising demand for the development of waste infrastructure.
Industrial boom and rapidly increasing air and water pollution levels are primarily responsible for the growth of the environmental testing application segment in the global liquid chromatography-mass spectrometry market. This trend has been observed particularly after a rising number of automobiles that run on non-renewable sources and thus create enormous levels of air pollution. In a similar manner, due to increasing industrial activities, water bodies across the world have become polluted, which is invariably impacting the environmental testing application segment of the global liquid chromatography-mass spectrometry market.
The government in the U.S. has set stringent policies and has also appointed regulating bodies to deal with the growing problems of air and water pollution. For instance, various amendments have been made in the safe drinking water act and the clean air act. These measures are likely to fuel the growth of the environmental testing application segment.
The use of liquid chromatography along with high-resolution mass spectroscopy has advanced spectacularly over the last two decades in identifying unknown contaminants. Development of new instrumentation is the key reason of this tremendous development in the global liquid chromatography-mass spectroscopy market. Due to advantages such as sample pre-treatment and the capacity to determine polar or thermally stabile compounds, liquid chromatography techniques have replaced gas chromatography. Liquid chromatography in combination with mass spectroscopy has appeared as a valuable tool for the determination of micro pollutants in an environmental field. While studying the liquid chromatography-mass spectroscopy market across key geographies, the analysts of Persistence Market Research have observed that North America – followed by Europe – is expected to be the largest market for liquid chromatography-mass spectroscopy, owing to a rise in the number of contract research organizations, while the Asia Pacific region is expected to show continuous growth due to an increasing application of liquid chromatography-mass spectroscopy systems in clinical testing.
In a recent publication titled “Liquid Chromatography-Mass Spectroscopy Market: Global Industry Analysis and Forecast, 2016–2024,” the analysts of Persistence Market Research have studied the overall performance of the global liquid chromatography-mass spectroscopy market and have observed that the market is likely to show significant growth owing to a rising demand for liquid chromatography-mass spectroscopy systems across various applications. The technique is much favored by scientists owing to lower levels of detection with shorter turnaround times. The key market player strategies include focusing on strengthening the product portfolio through continuous product launch and enhancing the training support. The analysts have observed that in the last few years, leading manufacturers of liquid chromatography-mass spectroscopy systems are focusing on innovations in analytical instruments by spending more on research and development.
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This report on the global liquid chromatography-mass spectroscopy market provides key metrics pertaining to the market such as market size and revenue forecast, Y-o-Y growth and absolute $ opportunity. The analysts have taken a 360o view of the market and have also highlighted the various micro-economic factors, supply and demand side drivers, restraints, opportunities and key trends likely to impact the global liquid chromatography-mass spectroscopy market. Another section of the report consists of market definition and taxonomy. At the end of the report, Persistence Market Research has provided key strategic recommendations for both existing and new players in the global liquid chromatography-mass spectroscopy market to emerge sustainably profitable.
The forecast presented in report assesses total revenue of the global liquid chromatography-mass spectroscopy market. While developing the market forecast, the starting point involves sizing the current market, which forms the basis for forecasting how the market is anticipated to take shape in the near future. The analysts have triangulated the outcome on the basis of analysis based on supply and demand sides. The report also takes into consideration year-on-year growth to understand the predictability of the market and to identify the right opportunities across the global liquid chromatography-mass spectroscopy market. As previously highlighted, the global liquid chromatography-mass spectroscopy market is split into various categories. All these segments have been analyzed in terms of BPS to understand the individual segment’s relative contribution to market growth. This detailed level of information is important for the identification of various key trends in the global liquid chromatography-mass spectroscopy market.
Indicators such as R&D expenditure, research funding from government and non-profit organizations etc. have been considered to arrive at the indicated market numbers. Yearly change in inflation rate has not been factored in while forecasting market numbers. Bottom-up approach has been used to assess market numbers for each product category, while top-down approach has been used to counter-validate the reached numbers. Market splits have been deduced from surveys and primary research.