Wilmington, Delaware, United States, May 31, 2023 (GLOBE NEWSWIRE) -- The global mass spectrometer market stood at US$ 6.2 billion in 2021 and the global market is projected to reach US$ 13.5 billion in 2031. The global mass spectrometer market is anticipated to expand at a CAGR of 8.2% between 2022 and 2031.
The global mass spectrometer market is also estimated to witness growth on account of the rising expansion of the life science industry. In 2021, VC investments in United States life sciences companies amounted to approximately US$ 52 billion, a significant increase from the previous year, amounting to a compound annual growth rate (CAGR) of nearly 16 percent. Increasing technological advancements allow spectrometers to offer higher resolution and advanced throughput, which is anticipated to fuel the growth of the market.
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Increasing trend of miniaturization of mass spectrometers is contributing to the growth of the global mass spectrometer market in the coming years. Machine prices have increased due to technological advancements. Rate of a spectrometer influences the acquisition selection of quit users. Pharmaceutical companies will require many of these structures, raising the capital cost significantly. Educational research laboratories find it difficult to raise funds for such structures due to tight budgets, therefore such major factors limit the growth of the mass spectrometry market.
Possibilities for advancement in developing markets because of the Greenfield initiatives being installed in numerous end-user industries in those international locations, China and India significantly demand single mass spectrometers and hybrid spectrometry devices. International sites biopharmaceutical companies are powerful, and they must be contributing significantly to the growth of the spectrometry and chromatography markets.
Global Mass Spectrometer Market: Key Takeaways
- Global mass spectrometer market to generate a valuation worth US$ 13.5 billion until 2031.
- Global mass spectrometer market generated worth US$ 6.2 billion in 2021.
- Global mass spectrometer market yielded a valuation worth US$ 6.64 billion in 2022.
- Global mass spectrometer market is anticipated to expand at a CAGR of 8.2% during the forecast period
- Global mass spectrometer market was at a CAGR of 7.5% from 2018-2021
- Market in the North American region captured the largest market share of 38%
- Pharmaceutical industry sub-segment remains prominent in the end users segment
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Mass Spectrometer Market: Growth Drivers
- Driving force is increased investment in the pharmaceutical and biotechnology industries. Pharmaceutical and biotechnology industries will be driven by investments in critical areas such as the pharmaceutical and personalized medicine markets. Mass spectrometry is crucial in the pharmaceutical industry, from drug discovery to late-stage development and clinical trials. Mass spectrometry market is expected to benefit from increased funding from the pharmaceutical and biotechnology industries.
- Environmental testing assists in identifying pollutants and taking control of them. Government initiatives for pollution control and environmental testing, rising spending on pharmaceutical Research & Development worldwide, government regulations on drug safety, a growing focus on food quality, and an increase in crude and shale gas production all contribute to the market's growth.
Mass Spectrometer Market: Regional Landscape
- Market in the North American region captured the largest market share of 38% in the year 2022 as this can be accredited to the rising investments in the pharmaceutical industries along with growing technological advancements in the region, availability of advanced technologies, and well-established healthcare facilities. Increasing the percentage of healthcare expenses in overall GDP in the region is also expected to be an important factor to boost the growth of the market in the region. Current health expenditure in North America accounted for 16.32% of regional GDP as per the data by the World Bank. Easy availability of better medical facilities, backed by the favorable medical policies in the region is estimated to fuel the mass spectrometer market’s growth.
- Asia Pacific region in the mass spectrometer market is expected to witness significant growth over the projected period on the back of a rapid increase in the population and more expenditure on health infrastructure in countries such as India and China. Rising health awareness among the population and increasing expenditure on research related to pharmaceutical treatment in this region are further expected to boost market growth.
Mass Spectrometer Market: Key Players
- Thermo Fisher Company
New Products
The company announced the official launch of the world’s first net-zero IsoFootprint initiative to tackle CO2 emissions for more sustainable science. In June 2021, the company announced the official launch of the next-generation MS-based solution called Orbitrap IQ-X Tribrid Mass spectrometer.
- Bruker Corporation
New Developments
The company announced for the supply of NMR spectrometers for protein research to the three world leading institutions, which are accelerating their research into functional structural biology and human disease.
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Mass Spectrometer Market: Segmentation
- Product Type
Liquid Chromatography- MS
ICP- MS
Gas Chromatography
MALDI- TOF
Others
- Application
Pharmaceuticals
Biotechnology
Industrial Chemistry
Environmental Chemistry
Food & Beverage Testing
Others
- Regions Covered
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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