Vancouver, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The global mass spectrometry market size reached USD 4.36 Billion in 2021 and is expected to register a revenue CAGR of 6.1% during the forecast period, according to latest analysis by Emergen Research. Increased spending by pharmaceutical companies on research & development activities is a major factor driving market revenue growth. These research activities are also facilitating developments and drawing in investments in biopharmaceutical and personalized medicine. Pharmaceutical and biotechnology sectors account for 18.9% of total global research & development expenditure, according to the 2018 European (EU) Industrial Research & Development Investment Scoreboard. Mass spectrometry is used extensively in the pharmaceutical industry, ranging from drug discovery to late-stage development and clinical trials. As a result, increasing funding in pharmaceutical and biotechnology industries is expected to continue to support revenue growth of the market over the forecast period.
However, cost of spectrometry instruments is high owing to presence of more advanced features and functionalities and technological advancements. Also, the cost of conforming these systems to industry standards is significantly high. In addition, demand for mass spectrometers has increased over time as a result of technological advancements and increased operational efficiencies. Pharmaceutical companies require a large number of such systems, which raises capital cost significantly. In addition, because academic research laboratories have limited budgets, such systems are out of reach. These are some primary factors limiting high end-user adoption of mass spectrometry systems. Moreover, skilled personnel with relevant experience and knowledge are required for efficient use of spectrometry equipment. Errors such as misplacing a sample, fingerprints, or bubbles in the solution can have an impact on final product quality. Sample preparation is an important step in isolating the analyte of interest in mass spectrometry. It eliminates interferences that may have an impact on the precision of the result. Lack of knowledge about the best technology to use also has an impact on results and may result in direct and indirect costs to end-users. The current shortage of skilled personnel for method development, validation, operation, and troubleshooting activities is expected to limit market revenue growth.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 4.36 Billion |
| CAGR (2022–2030) | 6.1% |
| Revenue forecast to 2030 | USD 7.48 Billion |
| Base year for estimation | 2021 |
| Historical data | 2019–2020 |
| Forecast period | 2022–2030 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Technology, application, end-user, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Thermo Fisher Scientific, Sciex, Agilent Technologies, Waters Corporation, Shimadzu Corporation, Bruker, Jeol Ltd., Teledyne FLIR LLC, MKS Instruments, Analytik Jena GmbH, Applied Rigaku Technologies, Inc., and Kore Technology |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global mass spectrometry market is fairly fragmented, with many large and medium-sized players accounting for majority market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective mass spectrometry products. Some major companies included in the global mass spectrometry market report are:
- Thermo Fisher Scientific
- Sciex
- Agilent Technologies
- Waters Corporation
- Shimadzu Corporation
- Bruker
- Jeol Ltd.
- Teledyne FLIR LLC
- MKS Instruments
- Analytic Jena GmbH
- Applied Rigaku Technologies, Inc.
- Kore Technology
Strategic Development
- On 10 December 2021, Shimadzu Corporation, which is a global supplier of analytical or measuring instruments and industrial machinery headquartered in Kyoto, Japan, announced entering into the high-end market through introduction of various new models of analytical balances. The new AP-AD series models not only provide excellent performance, such as fast weighing times, high measurement stability, and minimized errors, but also include new convenience features, such as automatic doors and touchless sensors. These sensors allow the entire range of weighing operations to be performed without touching the main unit's operating panel, which prevents infection and reduces risk of foreign matter contaminating analytical samples. In addition, the new series includes an ionizer for removing static electricity from samples and containers, as well as a movable internal windbreak plate for reducing weighing times.
- On 7 April 2022, Waters Corporation, which is a leading manufacturer and provider of High-Performance Liquid Chromatography (HPLC), ultra-performance liquid chromatography, and mass spectrometry systems and support products headquartered in Massachusetts, U.S., announced the release of its Xevo TQ Absolute high-performance mass spectrometer. The device is 15-times faster and more sensitive than its predecessors for quantifying negatively ionizing compounds, and it is 45 percent smaller, saving space. It also consumes 50% less electricity and gas than other high-performance tandem quadrupole mass spectrometers on the market. The Xevo TQ Absolute is intended to assist pharmaceutical, food and beverage, and environmental analytical laboratories in meeting regulatory requirements for trace-level quantitative mass spectrometry analyses for a wide range of applications.
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Some Key Highlights From the Report
- Hybrid mass spectrometry segment accounted for significantly robust revenue share in 2021. High investments in providing solutions that enable end-users to decipher complex mixtures is a key factor contributing to revenue growth of this segment. On 15 June 2022 for instance, Thermo Fisher Scientific, which is a leading manufacturer of innovative medical technologies announced offering its Direct Mass Technology mode to enable simultaneous charge detection for analysis of previously unmeasurable analytes. Also, it will complement laboratories and medical research institutes by providing proteomics and aid in deciphering complex mixtures of large macromolecules. Increasing demand can also be attributed to the various greenfield projects executed in countries such as India and China.
- Life science research segment accounted for significantly large revenue share in 2021. Strategic initiatives are undertaken in various countries due to increasing prevalence of chronic diseases and significant investments being made by biopharmaceutical companies in the formulation of new drugs. These factors are driving revenue growth of this segment to a major extent. In addition, companies are providing innovative solutions and investing in the manufacturing of medical technologies that aid medical industry professionals in simplifying diagnostic and treatment processes. This is another factor contributing to revenue growth of this segment.
Browse the complete Global Mass Spectrometry Market Research Report – Industry Analysis, Size, Share, Growth, Trends @ https://www.emergenresearch.com/industry-report/mass-spectrometry-market
Emergen Research has segmented the global mass spectrometry market on the basis of technology, application, end-use, and region:
- Technology Outlook (Revenue, USD Billion; 2019-2030)
- Hybrid Mass Spectrometry
- Single Mass Spectrometry
- Others
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Life Science Research
- Drug Discovery
- Environmental Testing
- Food Testing
- Clinical Diagnostics
- Others
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Pharmaceutical Industry
- Biotechnology Industry
- Research & Academic Institutes
- Food & Beverages Industry
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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