Redding, California, July 04, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Mass Spectrometry Market by Offering (Instrument, Software) Technology (Quadrupole, LC MS, Ion Trap, GC MS, TOF MS, MALDI, Integrated) Application (Impurity, Forensic, Toxicology Testing) End User (Pharma, F&B, Academic, Chemical) - Global Forecast to 2030,’ published by Meticulous Research®, the mass spectrometry market is projected to reach $10.4 billion by 2030, at a CAGR of 8.30% from 2023 to 2030.
Mass Spectrometry has been widely adopted in research and development processes owing to its applications in structure elucidation, impurity testing, drug metabolism testing, clinical toxicological testing, forensic testing, and other applications. The growth of this market is driven by technological advancements in mass spectrometry technology, increasing applications of mass spectrometry, increasing food safety concerns, increasing R&D expenditure by pharmaceutical and biotechnology companies, and high reliability and sensitivity of mass spectrometers. However, the high costs of instruments are restraining the growth of this market.
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Furthermore, the rising adoption of mass spectrometers in emerging markets is a significant opportunity for mass spectrometry market players. However, the lack of skilled professionals is a challenge to the growth of this market. Additionally, the rising adoption of portable mass spectroscopy devices is a trend prevailing in the market.
Increasing R&D Expenditure by Pharmaceutical and Biotechnology Companies Boost the Growth of the Mass Spectrometry Market
Pharmaceutical and biotechnology companies allocate significant resources to their research activities. Mass spectrometry has become increasingly important in maintaining precision and accuracy in research and development and reducing the time required for research purposes.
One of the major applications of mass spectrometry is in the drug testing processes of pharmaceutical and biotechnology companies. Pharmaceutical companies are constantly focused on R&D as it is a core aspect of drug development processes. The biotechnology industry also continues to witness substantial growth due to increased investments in R&D to cater to the growing demand for innovation and new medical breakthroughs. The importance of R&D is evident due to the rising number of drug approvals. For instance, in 2020, the FDA’s Center for Drug Evaluation and Research (CDER) approved 53 novel drugs, an increase from 48 novel drugs approved in 2019. High R&D investments in the pharmaceutical and biotechnology industries are expected to drive the mass spectrometry market due to the importance of mass spectrometry in the drug discovery & metabolism process.
According to the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), global expenditure on pharmaceutical R&D is expected to grow from 129 billion in 2012 to 213 billion in 2026. This increase in global pharmaceutical R&D expenditure can enable laboratories to acquire advanced technologies such as portable mass spectrometers, which is expected to propel the growth of the mass spectrometry market.
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Additionally, the increasing technological advancements of mass spectrometry in high throughput screening and automation is expected to revolutionize the use of mass spectrometry in the future and enhance the capabilities and adoption of mass spectrometry in drug discovery and development.
The mass spectrometry market is segmented based on Offering [Instrument, Software, Services], Technology [Quadrupole Mass Spectrometry, Time of Flight Mass Spectrometry, Chromatography Mass Spectrometry (GC MS, LC MS), Matrix-assisted Laser Desorption Ionization (MALDI) Mass Spectroscopy, Magnetic Sector Mass Spectrometry, Fourier Transform Mass Spectrometry, Ion Trap Spectrometry, Portable Mass Spectrometry, Integrated Technologies], Application [Structure Elucidation, Impurity Testing, Drug Metabolism Testing, Clinical Toxicological Testing, Forensic Testing, Other Applications], End User [Pharmaceutical & Biotechnology Industry, Academic and Research Institutes, Environmental Agencies, Food & Beverage Companies, Chemical Industry, Other End Users], and Geography. The study also evaluates industry competitors and analyzes their market shares at the country and regional levels.
The report also includes an extensive assessment of the key growth strategies adopted by leading market players in the last three to four years. Some of the key players operating in the mass spectrometry market are Agilent Technologies, Inc. (U.S.), Bruker Corporation (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Waters Corporation (U.S.), Perkin Elmer Inc. (U.S.), INFICON Holding AG (Switzerland), Pfeiffer Vacuum GmbH (Germany), LECO Corporation (U.S.), Rigaku Corporation (Japan), Shimadzu Corporation (Japan), SCIEX (A subsidiary of Danaher Corporation) (U.S.), LECO CORPORATION (U.S.), and Advion, Inc. (U.S.).
Based on offerings, in 2023, the instruments segment is expected to account for the largest share of the mass spectrometry market. Factors such as increasing demand for mass spectrometry by pharmaceutical and biotechnology companies for R&D purposes, increasing applications of mass spectrometry, high purchasing power in developed markets for advanced instruments, and high sensitivity and reliability of mass spectrometers than other instruments contribute to the large market share of this segment.
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Based on technology, the mass spectrometry market is segmented into quadrupole mass spectrometry, time of flight mass spectrometry, chromatography-mass spectrometry, matrix-assisted laser desorption ionization (MALDI) mass spectroscopy, magnetic sector mass spectrometry, Fourier transform mass spectrometry, ion trap spectrometry, portable mass spectrometry, and integrated technologies. In 2023, the quadrupole mass spectrometry segment is expected to account for the largest share of the mass spectrometry market. Quadrupole mass spectrometry has a high resolution of quadrupole mass spectrometry, high abundance sensitivity, and excellent mass stability and provides fast and high-resolution scans.
Based on application, the mass spectrometry market is segmented into structure elucidation, impurity testing, drug metabolism testing, clinical toxicological testing, forensic testing, and other applications. In 2023, the drug metabolism testing segment is expected to account for the largest share of the mass spectrometry market due to the wide usage of mass spectrometry in metabolite identification, toxicology, metabolic stability, and efficacy profiles. Additionally, the availability of mass analyzers and data mining tools has accelerated the process of metabolite identification and changed the landscape of drug metabolism, leading to the growth of the market.
Based on end user, the mass spectrometry market is segmented into pharmaceutical & biotechnology industry, academic and research institutes, environmental agencies, food & beverage companies, chemical industry, and other end users. In 2023, the pharmaceutical & biotechnology industry segment is expected to account for the largest share of the mass spectrometry market due to the rising drug research development, increasing pharmaceutical R&D expenditure, and increasing applications of mass spectrometers in research studies.
Based on geography, in 2023, North America is expected to account for the largest share of the mass spectrometry market, followed by Europe and Asia-Pacific. Furthermore, in 2023, the U.S. is expected to be the largest market shareholder in North America. The growth of this market is primarily attributed to the increasing R&D expenditures in the pharmaceutical & biotechnology industries, favorable government initiatives supporting research, growing applications of mass spectrometry-based research, and high adoption of advanced technologies.
However, Asia-Pacifc is expected to witnesss rapid growth during the forecast period. The rapid growth of this region is mainly attributed to the increasing focus of government bodies of Asia-Pacific countries such as China, India, Singapore, and South Korea on the healthcare sector in terms of increased investment for the adoption of advanced technology, to build better healthcare infrastructure and the increasing applications of mass spectrometry. Furthermore, rising investments in healthcare and a surge in research activities by key pharmaceutical and biotechnology companies are also boosting the growth of this regional market.
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Scope of the Report:
Mass Spectrometry Market Size & Trend Analysis, by Offering
- Instrument
- Software
- Services
Mass Spectrometry Market Size & Trend Analysis, by Technology
- Quadrupole Mass Spectrometry
- Time of Flight Mass spectrometry
- Chromatography Mass Spectrometry
- GC MS
- LC MS
- Matrix-assisted Laser Desorption Ionization (MALDI) Mass Spectroscopy
- Magnetic Sector Mass Spectrometry
- Fourier Transform Mass Spectrometry
- Ion Trap Spectrometry
- Portable Mass Spectrometry
- Integrated Technologies
Mass Spectrometry Market Size & Trend Analysis, by Application
- Structure Elucidation
- Impurity Testing
- Drug Metabolism Testing
- Clinical Toxicological Testing
- Forensic Testing
- Other Applications
Note: Other applications include pesticide residue analysis, isotope ratio determination, protein identification, and carbon dating.
Mass Spectrometry Market Size & Trend Analysis, by End User
- Pharmaceutical & Biotechnology Industry
- Academic and Research Institutes
- Environmental Agencies
- Food & Beverage Companies
- Petrochemical Industry
- Other End Users
Note: Other end users include forensics, nutraceuticals, cosmeceutical industry.
Mass Spectrometry Market Size & Trend Analysis, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Rest of Europe (RoE)
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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