New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Mass Spectrometer Market’ for the forecast period, i.e. 2023 – 2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global Mass Spectrometer Market Size:
The global mass spectrometer market is estimated to garner a revenue of nearly USD 16.02 billion by the end of 2033 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of around USD 6.87 billion in the year 2022. The market is estimated to grow on the back of rising application of mass spectrometer in pharmaceutical industry. Increasing innovation and development along with investments in the pharmaceutical industry are contributing in the growth of the market. According to the data, the total cumulative foreign direct investment (FDI) received by the Indian drugs and pharmaceutical sector between 2021-22 was around USD 1,400 million. The global market is further expected to be propelled by factors such as, growth of biotechnology industry, increased research & development expenditure, rising government support through various initiatives & policies, expansion petrochemical industry, and rising number of clinical laboratories globally over the forecast period.
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Global Mass Spectrometer Market: Key Takeaways
- The North America region to gain the largest share of the revenue in the year 2022
- The drug discovery segment to dominate the revenue graph
- Pharmaceutical industry sub-segment remains prominent in the end users segment
Increasing Investment in Life Science Industry to Boost Market Growth
The global mass spectrometer market is also estimated to witness growth on the account of the rising expansion of life science industry. The value of venture capital invested in the life sciences industry in the United States generally increased from 2009 to 2021. In 2021, VC investments in the U.S. life sciences companies amounted to approximately USD 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. Moreover, the increasing trend of miniaturization of mass spectrometer is contributing to the growth of global mass spectrometer market in the coming years.
In addition to this, increased research & development expenditure is also adding to the global mass spectrometer market significantly and is expected to continue to do so over the forecast period. As per data by The World Bank, global research and development expenditure in proportion with gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018. Moreover, expansion petrochemical industry is another expected major factor to fuel the market. Mass spectrometers help in the analysis of petrochemicals by identifying and quantifying the individual chemical constituents found in petroleum samples. The global mass spectrometer market is anticipated to grow with increasing production of petrochemicals. For instance, the production capacity of petrochemicals across the globe amounted to roughly 2.5 billion metric tons in the year 2021.
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Global Mass Spectrometer Market: Regional Overview
The global mass spectrometer market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Advanced Healthcare Facilities to Favor Market Growth in the North America Region
The market in the North America region captured the largest market share of ~38% in the year 2022. This can be accredited to the rising investments in the pharmaceutical industries along with growing technical advancements in the region, availability of advance technologies, and well-established healthcare facilities. Moreover, increasing percentage of healthcare expense in overall GDP in the region is also expected to be an important factor to boost the growth of the market in the region. As per the data by The World Bank, as of 2019, current health expenditure in North America accounted to 16.32% in regional GDP. Further, the easy availability of better medical facilities, backed by the favorable medical policies in the region are estimated to fuel the mass spectrometer market’s growth.
Rapidly Growing Population Expected to Fuel Market Growth in the Asia Pacific Region
The Asia Pacific region in the mass spectrometer market is expected to witness significant growth over the projected period on the back of rapid increase in the population, and more expenditure on health infrastructure in countries such as India and China. According to the World Bank, China and India are among the countries with the largest population, having 1.41 and 1.39 billion population respectively, in 2021, and their numbers are increasing on a yearly basis. Additionally, the rising health awareness among the population and increasing expenditure on research related to pharmaceutical treatment in this region are further expected to boost the market growth.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Mass Spectrometer Market, Segmentation by Application
- Life Science Research
- Drug Discovery
- Environmental Testing
- Food Testing
- Applied Industries
- Clinical Diagnostics
- Others
The drug discovery segment is anticipated to garner the significant market share owing to the rising investment in the research and development of new drugs, and notable growth of the pharmaceutical industry around the globe. It was observed that, the U.S. pharmaceutical industry garnered USD 551 billion in annual revenue in 2021. Moreover, Americans spent nearly USD 578 billion on medicine in the year 2021.
Global Mass Spectrometer Market, Segmentation by End Users
- Pharmaceutical Industry
- Biotechnology Industry
- Research & Academic Institutes
- Environmental Testing Industry
- Food & Beverage Testing Industry
- Petrochemical Industry
- Others
The pharmaceutical industry sub-segment is expected to witness a modest growth in the global mass spectrometer market over the forecast period. The growth of this segment can be accredited to the existence of a huge patient pool requiring pharmaceutical treatment. Moreover, rising healthcare expenditure per capita worldwide is also estimated to propel the growth of this segment. According to the data by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
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Global Mass Spectrometer Market, Segmentation by Product Type
- Hybrid Mass Spectrometry
- Single Mass Spectrometry
Few of the well-known market leaders in the global mass spectrometer market that are profiled by Research Nester are Agilent Technologies, Waters Corporation, Thermo Fisher Scientific Inc., PerkinElmer, Shimadzu Corporation, Analytik Jena, JEOL, Regaku, DANI Instruments, Bruker Corporation, and others.
Recent Developments in the Global Mass Spectrometer Market
- In June 2022, Agilent Technologies Inc. unveiled new quadrupole mass spectrometers for LC/MS and GC/MS applications. Agilent's 6457 triple quadrupole LC/MS system, 5977C GC/MSD, 7000E GC/TQ, and 7010C GC/TQ will streamline lab operations and support the resolution of significant performance issues.
- In June 2022, Thermo Fisher Scientific In., Thermo Scientific has added to its Tox Explorer Collection to create the Thermo Scientific Orbitrap Exploris Mass Spectrometer Platform, which gives users access to an LC-MS toxicology solution with ultra-high resolution to boost lab productivity and enhance toxicology analysis.
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