New York, May 17, 2023 (GLOBE NEWSWIRE) -- The Mass Spectrometry Market provides market size (US$ 11,351 Million by 2032) and compound annual growth rate (CAGR of 8.2%) for the forecast period (2022-2032), considering 2022 as the base year.
Mass spectrometry is extensively used in omics-related research as an analytical method for describing large biomolecules like DNA and proteins. The major use of mass spectrometry is in drug discovery. In drug discovery, it is used to screen metabolites in biological systems and regulate the structures of metabolites and drugs.
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Key Takeaway:
- By Technology, the hybrid mass spectrometry segment generated the highest revenue share in 2022.
- By Application, the life science research segment has dominated the market, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
- By End-User, the pharmaceutical and biotechnology companies segment held the largest share of the market.
- In 2022, North America dominated the market with the highest revenue share of 41.9%.
- Asia-Pacific will grow at the fastest CAGR from 2023-2032.
The demand for mass spectrometry is estimated to upsurge in the near future with an increase in the occurrence of chronic diseases and a rise in R&D expenditures for the creation of novel diagnostic methods. Additionally, the key factor which is responsible for the market growth is the existence of established recommendations and guidelines for the application of mass spectrometry in proteomics by organizations as well as regulatory bodies. As a result of these guidelines, mass spectrometry workflows are likely to become more efficient, which are intended to guarantee low false-positive protein identification rates with high accuracy.
Factors affecting the growth of the mass spectrometry market
There are several factors that can affect the growth of the global mass spectrometry market. Some of these factors include:
- Increasing Prevalence of Chronic Diseases: An increase in the occurrence of chronic diseases boosts the growth of the market.
- Rise in R&D Expenditures: The rise in R&D expenditures will propel the market’s growth.
- Investments of Pharmaceutical & Biotechnology Companies: Due to the ease of availability of monitoring devices like wearables will likely surge the market.
- Existence of Established Guidelines: The existence of established guidelines leads to the expansion of the market.
- Technological Advancements: New technological developments in mass spectrometer devices in the market will accelerate market growth.
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Top Trends in the Global Mass Spectrometry Market
Triple-quadrupole mass spectrometry, or QqQ is a tandem mass spectrometry method. It includes the first, second, and third quadrupoles, in which the 1st and 3rd quadrupoles act as mass filters, while the second fragment the analyte by working with a collision gas. It is a radiofrequency-only quadrupole that can be used in SIM or scan modes. During the forecast period, it is expected that the triple quadrupole mass spectrometer will hold a significant market share. There is an increase in demand for triple quadrupole mass spectrometers due to the fact that they are considered the most high-end instruments.
Market Growth
The growth of the market will also be assisted by new technological developments in mass spectrometer devices and high investments of pharmaceutical & biotechnology companies in R&D activities. Additionally, the rising attention towards the research in genomics & proteomics and the increase in initiatives taken by academic institutions for the creation of protein-based therapeutics will boost the growth of the mass spectrometry market during the forecast period 2023-2032.
Regional Analysis
In 2022, North America accounted for the largest market share of 41.9% owing to its extensive research and development program and well-established research and healthcare infrastructure. The growing emphasis of the region on disease prevention is also boosting the demand for mass spectrometry. Moreover, the substantial government funding of the region is likely to drive the growth of the market. The National Lung, Heart, & Blood Institute, the National Eye Institute, and the National Human Genome Research Institute, among others, provide funding for UniProt. It is a free portal for gaining functional and protein sequencing data. During the forecast period, the Asia-Pacific region is projected to grow at the fastest CAGR owing to the availability of a large population and growing emphasis on healthcare systems.
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 5,264 Million |
| Market Size (2032) | USD 11,351 Million |
| CAGR (from 2023 to 2032) | 8.2% |
| North America Revenue Share | 41.9% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The market for mass spectrometry will grow at a faster rate, along with the advancements in technology. Technology innovations such as the creation of novel hybrid spectrometers are also chief growth-inducing key factors. These spectrometers provide high-speed, high-resolution testing, along with increased accuracy and precision.
Market Restraints
Spectrometry instruments cost more due to their more complex functions and features. It is quite expensive to adapt the system to industry standards, in addition to the cost of purchasing the system. System prices have increased as a result of technological advancements. Purchasing decisions of the end, users are influenced by the price of a spectrometer.
Market Opportunities
The mass spectrometry market has many opportunities to develop in developing nations like India and China. The growth of the mass spectrometry market will benefit from the growing number of evolving markets. Hybrid spectrometry and single-mass spectrometer equipment are in great demand in both India as well as China because of greenfield projects being built in various end-user sectors. Furthermore, the mass spectrometry market will benefit from the rise in product launches, new collaborations, and research and development activities during the forecast period.
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Report Segmentation of the Mass Spectrometry Market
Technology Insight
Hybrid mass spectrometers dominated the technology segment owing to their advantages, like the ability to test quickly at high resolution with more precise results. Hence, it drives the demand for high-throughput screening mass spectrometry equipment. Fourier transform mass spectrometry (FTMS), Triple quadrupole, and quadrupole TOF (Q-ToF) are additional segments of the hybrid mass spectrometry category.
Application Insight
It is projected that the life science research segment will expand at a significant CAGR during the forecast period. The use of mass spectrometry techniques to investigate the intricate signatures of biomolecules has grown its demand in the field of molecular life science research. By using a variety of mass spectrometry-based omics technologies, it is now possible to monitor quantitative and qualitative changes in hundreds or thousands of biologically active components, such as lipids, proteins/peptides, and metabolites. The market for this segment is projected to develop because of the growing use of omics technology in biomarker identification & diagnostics and the growing investment in R&D and funding by the government for proteomics.
End-User Insight
The pharmaceutical & biotechnology companies segment dominated the market owing to its extensive adoption of protein sequencing using mass spectrometry for drug discovery and development processes. It is estimated that the rising demand for biomolecule analysis and drug component analysis will further propel market segment growth. The sector is expected to experience lucrative growth during the forecast period due to the rising R&D opportunities in the proteomics domain and increasing investments in biopharmaceutical research.
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Market Segmentation
By Technology
- Single Mass Spectrometry
- Hybrid Mass Spectrometry
- Other Technologies
By Application
- Drug Discovery
- Life Science Research
- Clinical Diagnostics
- Food Testing
- Applied Industries
- Environmental Testing
- Other Applications
By End-User
- Biotechnology Industry
- Environmental Testing Industry
- Pharmaceutical Industry
- Petrochemical Industry
- Research & Academic Institutes
- Food & Beverage Testing Industry
- Other End Users
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Prominent market players have taken numerous strategic initiatives to expand their company’s growth with factors including new product launches and regional expansion. For instance, Thermo Fisher Scientific, Inc. introduced new products to its portfolio of chromatography and mass spectrometry offerings at the American Society for Mass Spectrometry Conference in Pennsylvania, United States.
Market Key Players:
- Agilent Technologies, Inc.
- Thermo Fisher Scientific Inc.
- Waters Corporation
- Shimadzu Corporation
- PerkinElmer Inc.
- Rigaku Corporation
- LECO Corporation
- Danaher Corporation
- Other Key Players
Recent Development of the Mass Spectrometry Market
- In June 2022- The LCMS-2050 liquid chromatography quadrupole mass spectrometer was introduced by Shimadzu Scientific Instruments. It offers high-speed and sensitivity analysis at a significantly reduced size.
- In March 2022- The compact and highly sensitive benchtop tandem mass spectrometer known as the Xevo TQ Absolute system was introduced by Waters Corporation. The company claims that this most recent mass spectrometer is up to 15 times more sensitive than its predecessor at quantifying compounds with negative ions, is 45% smaller, and uses up to 50% less gas and electricity.
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