According to the deep-dive market assessment study by Growth + Reports, the global mass spectrometry market was valued at ~US$ 15.20 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of ~7.80% from 2022 to 2030.
Spectrometry technology has emerged as a key tool used in a wide range of analytical applications, including drug development, proteomics, metabolomics, forensic analysis, and pharmaceutical analysis. The R&D spending of pharmaceutical companies has increased significantly over the last 20 years. Investments in critical areas such as biopharmaceuticals and personalized medicine drive analysis activities in the pharmaceutical and biotechnology industries. From the early stages of drug discovery to late-stage development and clinical trials, mass spectrometry plays a vital role in the pharmaceutical industry. Thus, rising funding in the pharmaceutical and biotechnology industries is expected to propel the mass spectrometry market forward.
The increasing demand for automation in diagnostic techniques, as well as the need for a cost-effective platform for sample analysis, will be another market growth facilitator. The demand for automated technologies has encouraged vendors to prioritize product development and innovation. Furthermore, rising funding in the pharmaceutical and biotechnology industries is expected to propel innovation in this space. Technological advances in mass spectrometers are expected to influence market trends. Advanced technologies such as ion mobility spectrometry and capillary electrophoresis are used to separate complex biological mixtures, such as derived peptide products. Furthermore, miniaturization is expected to drive this market's growth. For instance, in June 2020, The MALDI MS imaging technique can be used to analyze tissues' quantitative, physical, or physiologic properties, according to a published study. As a result, the method can be applied to cancer proteomics research, diagnosis, prognosis, and treatment.
The growing use of mass spectrometry in the proteomics, metabolomics, and pharmaceutical sectors, as well as miniaturization trends, are expected to drive the growth of this market. The capital investment required for installing and maintaining these devices is expected to limit the global market growth. Mass spectrometers are generally very expensive for small diagnostic clinics and laboratories, particularly in developing countries. Furthermore, mass spectrometry is a labor-intensive process requiring a skilled workforce to operate the instruments. The lack of experienced operators is expected to stymie market growth. Additionally, premium product pricing and a scarcity of qualified professionals to operate these devices limit the market growth.
Among the product types, the hybrid mass spectrometers occupy the largest revenue share in the global mass spectrometry market. Benefits such as quick, high resolution outcomes, with greater accuracy are increasing the adoption of hybrid mass spectrometers, particularly in the developed markets. Fourier Transform Mass Spectometry, Triple Quadrupole, and Quadrupole ToF are the types of hybrid mass spectrometry.
North America dominated the global mass spectrometry market and had the largest revenue share, due to the presence of a large number of key players, including Thermo Fisher Scientific, Agilent Technologies, Waters Corporation, and others. Furthermore, several organizations and associations in this region take the initiative to develop and disseminate information about new advanced spectrometry products and technology. Moreover, the region's dominant share is attributed to an increase in R&D activities by prominent players for novel diseases. Agilent Technologies, Inc., for example, is constantly engaged in extensive research and development to develop new resins for the isolation and purification of vaccines. Currently, Agilent Technologies is developing and separating COVID-19 vaccines using chromatography and mass spectrometry methods.
Because of a strong research base for new drug development, the Asia Pacific market is expected to grow at the fastest rate. This is expected to increase the region's adoption of this technique. Due to increased spectrometry service providers, Asian countries such as China, Japan, and India have significantly contributed to market growth.
Some prominent global spectrometry market players include Agilent Technologies, Thermo Fisher Scientific, Inc., PerkinElmer, Inc., Waters Corporation, Bruker Corporation, MKS Instruments, Inc., Endress+Hauser Group, JEOL Ltd., FLIR Systems, Inc., Shimadzu Corporation among others. Furthermore, market leaders use organic growth strategies to strengthen their market position. For instance, in December 2020, Agilent Technologies Inc. announced the release of the 7850 ICP-MS mass spectrometry instrument. The new ICP-MS instrument includes an intelligent software feature that will improve the ICP-MS laboratory's capability. Shimadzu Scientific Instruments introduced the LCMS-2050 liquid chromatography quadrupole mass spectrometer in June 2022. It has a substantially smaller footprint and offers high-speed and high-sensitivity analysis. In March 2022, Waters Corporation introduced a tabletop tandem mass spectrometer that is extremely sensitive and as small as the Xevo TQ Absolute instrument. According to the manufacturer, its most recent mass spectrometer is 45% smaller. It uses up to 50% less gas and electricity than its predecessor. It is up to 15X more sensitive for assessing negatively ionizing chemicals.