Mass Spectrometry Market

The global mass spectrometry market, valued at US$4.3 billion in 2021, is forecasted to grow at a robust CAGR of 7.5%, reaching US$5.4 billion in 2023 and an impressive US$7.8 billion by 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Growth of the clinical mass spectrometry market is attributed to the Increasing spending on pharmaceutical R&D across the globe, government regulations on drug safety, growing focus on the quality of food products, increase in crude and shale gas production, and growing government initiatives for pollution control.

Global Mass Spectrometry Market Trends

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e- Estimated; p- Projected

Mass Spectrometry : Market Dynamics

Driver: Increasing R&D investments in the pharmaceutical and biotechnology industry

The R&D expenditure of pharmaceutical companies has increased significantly over the last two decades. Research activities in the pharmaceutical and biotechnology industries are driven by investments in key areas, such as biopharmaceuticals and personalized medicine. According to the 2022 EU Industrial R&D Investment Scoreboard, the pharmaceutical and biotechnology sector amounts to 21.5% of total global R&D expenditure. Mass spectrometry plays a key role in the pharmaceutical industry, from the early stages of drug discovery to late-stage development and clinical trials. Thus, increasing funding in the pharmaceutical and biotechnology industry is expected to drive the growth of the mass spectrometry market.

Restraint: Premium Product Pricing

Equipped with advanced technologies and features spectrometry instruments are generally premium priced. With addition to that, the cost of compliance of the system to industry standards is also very high. Also, as academic research laboratories have controlled budgets it is difficult for them to afford such systems. However, technological developments and demand have increased system prices. Pharmaceutical companies require many such systems, and hence, the capital cost increases significantly. The price of a spectrometer influences the purchase decision of end users. These are the major factors limiting the adoption of mass spectrometry systems among end users.

Opportunity: Growth opportunities in emerging countries

Developing countries such as China and India present various opportunities for the growth of the mass spectrometry market. Together, China and India generate a huge demand for single mass spectrometers and hybrid spectrometry instruments due to the Greenfield projects being set up in various end-user industries in these countries. The biopharmaceutical industry in these countries is robust and is expected to contribute largely to the growth of the spectrometry and chromatography markets. Key industry players are establishing new facilities, R&D centers, and innovation centers to capitalize on this opportunity and engaging in collaborations with players in the Asian market.

Challenge: Dearth of Skilled Professionals

Skilled personnel with relevant experience and knowledge are required for the efficient use of spectrometry equipment. Errors such as misplacing a sample in GC-MS or LC-MS or issues such as fingerprints or bubbles in the solution can impact the quality of the final result. Moreover, in mass spectrometry, sample preparation (including aliquoting, dilution, and extraction) is a key step in isolating the analyte of interest. It eliminates interferences that could affect the precision of the result. The lack of knowledge regarding the right choice of technology also affects results and may incur direct and indirect expenses for end users. There is currently a dearth of skilled personnel for method development, validation, operation, and troubleshooting activities, which is expected to restrain the growth of the mass spectrometry market to a certain extent in the coming years.

Market Ecosystem

By product, the instrument segment accounted for the largest share of the mass spectrometry industry during the forecast period.

Based on the product, the mass spectrometry market is segmented into instruments and software & services. The hybrid mass spectrometry segment accounts for the largest share of the clinical mass spectrometry market. Hybrid mass spectrometers exhibit, rapid and high-resolution testing abilities with more accurate and precise results.

By sample preparation technique, the LC-MS segment accounted for the largest share of the mass spectrometry industry during the forecast period.

Based on sample preparation technique, the mass spectrometry market is segmented into GC-MS, LC-MS, ICP-MS, and others. The LC-MS segment accounts for the largest share of the clinical mass spectrometry market. Due to its high sensitivity, there is a rising need for LC-MS in the pharmaceutical industry. This is because they offer to identify and measure a broader range of compounds with minimal sample preparation, which is expected to propel the growth of this segment during the forecast period.

By application, the OMICS research segment of mass spectrometry industry is expected to witness a significant growth during the forecast period.

Based on application, the mass spectrometry market is segmented into OMICS research, drug discovery, environmental testing, food testing, pharma-biopharma manufacturing, clinical diagnostics, applied industries, and other applications. The OMICS research segment is expected to witness a significant growth during the forecast period. The biopharmaceutical and biotechnology industries have facilitated the advancement of diagnostics & biomarker identification applications in the R&D sector, leading to its significant growth and dominance in the industry in the upcoming years.

By End User, pharmaceutical companies’ segment of the mass spectrometry industry to grow at the fastest rate during the forecast period.

Based on end user, the global mass spectrometry market is segmented pharmaceutical companies, biotechnology companies, research labs & academic institutes, environmental testing labs, F&B industry, forensic labs, petrochemical industry and other end users. The pharmaceutical industry has facilitated the advancement of diagnostics & biomarker identification in the R&D sector, leading to its significant growth and dominance in the industry in the upcoming years. Also, the anticipated revenue growth of this segment during the forecast period is attributed to the rapid expansion of the pharmaceutical industry worldwide and the technological advancements in the pharmaceutical sectors.

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North America is expected to be the largest market of the mass spectrometry industry during the forecast period.

North America, comprising the US and Canada, held the largest share of the global mass spectrometry market in 2021. This region is witnessing a growth in funding for research and government initiatives in the US, widespread usage of mass spectrometry in the metabolomics and petroleum sector, and CFI funding towards mass spectrometry projects in Canada.

As of 2021, prominent players in the mass spectrometry market are SCIEX AB (US), Thermo Fisher Scientific (US), Agilent Technologies (US), Waters Corporation (US), PerkinElmer Inc. (US), Shimadzu Corporation (Japan), Bruker Corporation (US), Analytik Jena (Germany), JEOL Ltd. (Japan), Hiden Analytical (UK), and MKS Instruments (US), among others.

Scope of the Mass Spectrometry Industry

This report has segmented the global mass spectrometry market to forecast revenue and analyze trends in each of the following submarkets:

By Product

• Instruments
• Hybrid Mass Spectrometry
• Triple Quadrupole
• Quadrupole ToF (Q-ToF)
• Single Mass Spectrometry
• Quadrupole
• Time-Of-Flight (ToF)
• Ion Trap
• Software & Services

By Sample Preparation Technique

• GC-MS
• LC-MS
• ICP-MS
• Others

By Application

• OMICS Research (Genomics, Proteomics and Metabolomics)
• Drug Discovery
• Environmental Testing
• Food Testing
• Pharma-Biopharma Manufacturing
• Clinical Diagnostics
• Applied Industries
• Other Applications

By End User

• Pharmaceutical Companies
• Biotechnology Companies
• Research Labs & Academic Institutes
• Environmental Testing Labs
• F&B Industry
• Forensic Labs
• Petrochemical Industry
• Other endusers

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • ASEAN region
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa

Recent Developments of Mass Spectrometry Industry

• In January 2022, Thermo Fisher and Symphogen extended their collaborative partnership with aim to deliver workflows for simplified characterization and quality monitoring of complex therapeutic proteins using the Thermo Scientific Q Exactive Plus Orbitrap LC-MS/MS system.
• In February 2023, SCIEX announced collaboration with HighRes Biosolutions to bring customizable automation solutions powered by Cellario software, which would add automation benefits to the Echo MS system.
• In February 2022, Waters Corporation acquired Charge Detection Mass Spectrometry technology assets and intellectual property rights of Megadalton Solutions, Inc., to broaden its application in Cell and Gene Therapy.
• In September 2022, Agilent Technologies partnered with MOBILion Systems for ion mobility separation technology called Structures for Lossless Ion Manipulation (SLIM) on its Q-TOF mass spectrometers.

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