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Global LC-MS market to exhibit CAGR of 6.9 percent

Research has found that the worldwide LC-MS market will be worth $2750 million by the end of the forecast period in 2024.

A study has found that the global liquid chromatography-mass spectrometry (LC-MS) market will increase at a CAGR of 6.9 percent in the forecast period 2019 to 2024.

According to Market Study Report, the worldwide market is currently valued at $1840 million but will grow to $2750 million by 2024. The report found that the top three producers for the LC-MS industry account for approximately 67.34 percent of the revenue market.

LC-MS is a technique used in separation, general detection and identification of chemicals. It can also be used for mass-directed purification of substances and to quantify product quality characteristics, within processes such as multi-attribute method (MAM) workflows.  

Other findings from the report include the US being the largest manufacturing region and consumer of LC-MS products.

The prices of LC-MS products are predicted by the report to decrease, due to an intensified competition. The key players in the industry include Thermo Fisher Scientific, Agilent Technologies and SCIEX.