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

Integration with other analytical techniques and software solutions is creating synergies and enabling more comprehensive analyses, making ICP MS systems more attractive

WILMINGTON, Del., Nov. 6, 2023 /PRNewswire/ -- The global ICP MS system market was estimated to have acquired US$ 391.3 million in 2022. It is anticipated to register a 4.6% CAGR 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 GmbH
Nu Instruments (AMETEK, Inc.)
PerkinElmer, Inc.
Shimadzu Corporation
Thermo 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 Type

Single Quadrupole ICP MS
Triple Quadrupole ICP MS
Multi quadrupole ICP MS
High Resolution ICP MS
Multi collector ICP MS
Others

Modality

Benchtop ICP MS System
Floor Standing ICP MS System

Application

Water Analysis
Environmental Analysis
Pharmaceutical and Biomedical Research
Geological and Mining Research
Food and Beverage Testing
Petrochemical Analysis
Semiconductor Analysis
Others

Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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