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(Medical-NewsWire.com, July 10, 2018 ) The global mass spectrometry market is projected to be valued at USD 3.44 Billion in 2016 and is expected to grow at a CAGR of 7.4% to reach USD 5.27 Billion by 2022. The growth of the overall market can be attributed to the increase in investment on pharmaceutical research and development, government initiatives for pollution control and environmental testing and technological advancements in mass spectrometry. In the coming years, North America is expected to account for the largest share of the global mass spectrometry market. However, the high cost of equipment is likely to restrain the growth of the market during the forecast period.
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Availability of government funding for various research projects in a number of countries such as the US and Canada will open new opportunities for market players. In the US, the National Institute of Health (NIH) has provided a grant of USD 694 Million for Environmental Health Sciences (NIEHS) and USD 344 Million for Biomedical Imaging/Bioengineering (NIBIB). In March 2016, the Minister of State for Science and Technology announced an investment of USD 23 million for supporting 95 research projects at 26 universities across Canada.
The report analyzes the market by platform, application, and region. On the basis of platform, the market is segmented into single mass spectrometry, hybrid mass spectrometry, and other mass spectrometry. The hybrid mass spectrometry segment is expected to account for the largest share of the market in 2017, owing to its increased use in determining the structure of organic compounds. Based on application, the market is segmented into pharmaceutical applications, biotech applications, environmental testing, food and beverage testing, petrochemical applications, and other applications. In 2017, the pharmaceutical applications segment is expected to account for the largest share of the mass spectrometry market and is also projected to register the highest CAGR during the forecast period.
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Source: EmailWire.Com 
Source: EmailWire.com
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