ICP MS System Market to Cross USD 599.4 million by 2031, Garnering a 4.6% CAGR from 2023 to 2031: TMR Report

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from 2023 to 2031 and by 2031, the market is likely to gain US$ 599.4 million.  

The mining industry continues to rely on ICP MS for geochemical exploration, ore grade analysis, and mineral resource characterization. The demand for ICP MS systems increases as exploration efforts expand.

The development of miniaturized and portable ICP MS systems is opening up new opportunities in field based applications, including on site environmental testing and in the field mineral analysis.

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ICP MS System Market Report Scope:

Report Coverage

Details 

Forecast Period 

2023-2031

Base Year 

2017-2022

Size in 2022

US$ 391.3 Mn

Forecast (Value) in 2031

US$ 599.4 Mn

Growth Rate (CAGR)

4.6 %

No. of Pages

 

158 Pages

Segments covered

 

Product Type,Modality,Application

 

Key Findings of the Market Report  

Based on product type, the high resolution segment, is anticipated to lead the ICP MS system market. High Resolution ICP MS offers significantly improved analytical precision and the ability to distinguish between closely related isotopes or elements.In terms of modality, the benchtop segment is expected to dominate the market growth. Benchtop ICP MS systems often come at a lower initial cost compared to their floor standing counterparts.By Application, the pharmaceutical and biomedical research segment is expected to accelerate the demand for ICP MS system. ICP MS is crucial in pharmaceutical research for drug development and safety assessment.

Trends for ICP MS System Market 

Growing concerns about environmental pollution and the need for accurate detection and quantification of trace elements have driven the adoption of ICP MS systems in environmental analysis, such as monitoring water and soil quality.ICP MS is used in pharmaceutical research for drug development and in life sciences for trace metal analysis. The increasing focus on drug safety and the study of metal ions in biological systems provide growth opportunities.ICP MS systems are employed in clinical and medical research for analyzing biomarkers, heavy metal poisoning, and trace element diagnostics, which has created a new market segment for ICP MS.Continuous advancements in ICP MS instrumentation, including enhanced sensitivity, higher throughput, and improved ease of use, are driving market growth. The improvements make ICP MS more accessible to a broader range of users.

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Global Market for ICP MS System: Regional Outlook 

Various reasons are propelling the growth of the ICP MS System market in different regions. The regions include,

North America

ICP MS is employed in clinical laboratories for trace element analysis in patient samples. The clinical diagnostics segment is expected to contribute to the growth of the ICP MS market, with the growing focus on healthcare and diagnostics in North America.North America is home to numerous academic and research institutions that utilize ICP MS for various scientific studies and research projects. The educational and research sectors play a significant role in driving the demand for ICP MS systems.

Asia Pacific

The growing population and increased awareness of food safety are driving the need for ICP MS in the food and agriculture sector. ICP MS is used to analyze contaminants, nutrients, and trace elements in food products and agricultural samples.The region is witnessing technological advancements and innovations in analytical instrumentation, leading to the development of advanced ICP MS systems with improved performance and capabilities.

Global ICP MS System Market: Key Players 

The following companies are well known participants in the global ICP MS system market: 

Advion Inc. (Beijing Bohui Innovation Biotechnology Co., Ltd.)Agilent Technologies, Inc.Analytik Jena GmbHNu Instruments (AMETEK, Inc.)PerkinElmer, Inc.Shimadzu CorporationThermo Fisher Scientific, Inc.

A few key developments by the players in this market are: 

Company name  

Key Development 

Agilent Technologies

In 2023, Agilent Technologies announced the release of its new Agilent 8900 ICP MS system, which is designed to deliver superior performance and reliability for a wide range of applications.

 

Thermo Fisher Scientific

In 2023, Thermo Fisher Scientific launched its new Thermo Scientific iCAP RQ ICP MS system, which is designed to deliver high speed, high precision analysis for routine and research applications.

 

PerkinElmer

In 2022, PerkinElmer announced the release of its new PerkinElmer NexION 8000 ICP MS system, which is designed to deliver the highest levels of sensitivity, precision, and accuracy for a wide range of applications.

 

 

Global ICP MS System Market Segmentation  

Product TypeSingle Quadrupole ICP MSTriple Quadrupole ICP MSMulti quadrupole ICP MSHigh Resolution ICP MSMulti collector ICP MSOthersModalityBenchtop ICP MS SystemFloor Standing ICP MS SystemApplicationWater AnalysisEnvironmental AnalysisPharmaceutical and Biomedical ResearchGeological and Mining ResearchFood and Beverage TestingPetrochemical AnalysisSemiconductor AnalysisOthersRegionNorth AmericaLatin AmericaEuropeAsia PacificMiddle East & Africa

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