The size of the Latin American mass spectrometry market is forecasted to be growing at a steady CAGR from 2023 to 2028.
The increase in pharmaceutical R&D spending across the Latin American region, government regulations on drug safety, increased emphasis on food quality, increased production of crude oil and shale gas, and initiatives by governments for pollution control and environmental testing are expected to fuel the Latin American mass spectrometry market during the forecast period.
R&D spending by pharmaceutical companies has increased dramatically over the past two decades. Research activities in the pharmaceutical and biotechnology industries are stimulated by investments in key areas, such as biopharmaceuticals and personalized medicine. According to the 2018 EU Industrial R&D Investment Scoreboard, the pharmaceutical and biotechnology sector accounts for 18.9% of total global R&D spending. Mass spectrometry plays a key role in the pharmaceutical industry, from the early stages of drug discovery to the later stages of development and testing. Hence, increased funding in the pharmaceutical and biotechnology industry is expected to drive the growth of the mass spectrometry market.
Countries such as Mexico and Brazil present several opportunities for the growth of the mass spectrometry market. Together, Mexico and Brazil generate a high demand for personal mass spectrometers and hybrid spectrometry instruments due to the Greenfield projects implemented in various end-user industries in these countries. In addition, the biopharmaceutical industry in these countries is strong and is expected to contribute to the growth of spectrometry and chromatography markets greatly. The main players in the industry are establishing new facilities, R&D centers, and innovation centers to capitalize on this opportunity and engage in collaborations with players in the Latin American market.
Spectrometry instruments are equipped with advanced features and functionality and are therefore very expensive. Besides the cost of the system, the cost of complying with industry standards is also very high. Due to technological advancements and increased operational efficiency, the demand for mass spectrometers has increased over the years. However, technological advancements have increased the prices of the system. The price of a spectrometer influences the purchasing decision of end-users. Pharmaceutical companies need many of these systems, and as a result, the cost of capital increases dramatically.
In addition, academic research laboratories have difficulty financing these systems because they have controlled budgets. These are the main factors limiting the adoption of mass spectrometry systems among end-users.
Currently, there is a shortage of qualified personnel for method development, validation, operation, and troubleshooting activities, which is expected to slow the growth of the mass spectrometry market to some extent in the coming years.
Impact of COVID-19 on the Latin American Mass Spectrometry Market:
The unexpected COVID-19 outbreak has significantly affected the mass spectrometry market. As a result, the market is expected to experience a diverse set of adoptions in 2020. The adoption of mass spectroscopy for testing applications is high in the healthcare and pharmaceutical, biologic research, and food and beverage industries.
Mass spectrometry has been one of the powerful tools employed for the analysis of chemical and biological entities. Additionally, strong demand from biotech and pharmaceutical industries due to COVID-19 is driving the market.
This market research report on the Latin America mass spectrometry market has been segmented and sub-segmented into the following categories.
Geographically, during the forecast period, the Latin American mass spectrometry is expected to showcase steady growth. In Latin America, the Brazilian mass spectrometry market is estimated to lead the market during the forecast period. The Brazilian market is majorly driven by the increasing usage rates of mass spectrometry in pharmaceutical industries and in food analysis processes, which is expected to boost the growth of the mass spectrometry market in the region during the forecast period.
The mass spectrometry market in Argentina is predicted to display a healthy CAGR during the forecast period. This region has excellent analytical chemistry research conducted in public and private universities, government agencies, and research centers to help develop the market.
Countries such as Bolivia, Chile, Mexico, and Peru are expected to register moderate CAGR during the forecast period.
KEY MARKET PLAYERS:
A few of the promising companies operating in the Latin American mass spectrometry market profiled in this report are Thermo Fisher Scientific, Sciex, Agilent Technologies, Waters Corporation, Shimadzu Corporation, Bruker, PerkinElmer, Jeol, Flir Systems, MKS Instruments, Analytik Jena, Hiden Analytical, Dani Instruments, Rigaku, Leco, Kore Technology, Extrel CMS, Masstech, Ametek Process Instruments, and Advion.
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