Mass Spectrometry Market

Report Overview

The global mass spectrometry market was valued at ~US$ 15.20 billion in 2021 and is expected to progress at a compound annual growth rate (CAGR) of ~7.80% from 2022 to 2030, states Growth+ Reports.

Mass spectrometry is an analytical technique that involves the use of instruments such as chromatography to determine the mass of a specific molecule. In general, chromatography aids in the resolution of the analysis. The mass spectrometer is one of the most precise instruments for measuring an analyst's molecular weight, and this is one of the primary reasons for its increased use. The equipment for mass spectroscopy are primarily employed in research and development projects in a variety of industrial sectors, including food, life sciences, pharmaceuticals, and others. Two of the main drivers of the mass spectrometry market are the advancement of mass spectrometer technology and growing global concerns about food safety. The major industry players are perpetually focusing on enhancing their current offerings and launching brand-new, state-of-the-art mass spectrometer gadgets. For instance, the launch of TRACER 1000, a desktop research and development of new therapeutic molecules by 1st detect Corporation, in June 2019 increased the reliance on accurate analytical experiments, leading to a preference for equipment such as mass spectrometers. Furthermore, the comprehensive product offerings from major players have made it easier for consumers to select a specific mass spectrometer based on accuracy requirements.

Market Dynamics

The COVID-19 outbreak has had a positive impact on the global mass spectrometry market. The COVID-19 driving market has resulted in a high demand for multiple spectrometers from the biotechnology and pharmaceutical industries. Researchers at the Delhi-based Institute of Genomics and Integrative Biology (IGIB) and the National Center for Disease Control (NCDC) used a mass spectrometer to identify a novel coronavirus (COVID-19) with 95 percent sensitivity and 100 percent precision in comparison to RT-PCR. MAP Sciences, a U.K.-based  diagnostics firm, announced the development of a rapid test for the COVID-19 virus in April 2020. This technology detects different proteins in COVID-19 using multiple spectrometry and is designed to provide test results in 30 minutes. These developments are anticipated to boom the market growth.

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Market Ecosystem

The global mass spectrometry market has been analyzed from four perspectives: product type, application, end-user, and region. 

Mass Spectrometry Market by Product Type

Based on product type, the global mass spectrometry market has been segmented into hybrid, single, and others. The largest market share was held by hybrid mass spectrometry, which is expected to grow at the fastest CAGR during the forecast period. A hybrid mass spectrometer merges two or more different types of m/z separation devices for tandem mass spectrometry. A hybrid mass spectrometer’s different m/z separation element can be represented by a shorthand symbol. Hybrid mass spectrometers are made up of at least two different types of "mass" analyzers (selectors) that are arranged sequentially from the ion source to the ion detector. Hybrid mass spectrometers in tandem mass spectrometry investigations use different types of analyzers for the first and second stages of mass analysis. Hybrid mass spectrometers are growing, especially in developed countries, because of advantages, such as rapid, high-resolution results with improved precision. Three examples of hybrid mass spectrometry include quadrupole ToF, triple quadrupole, and Fourier transform mass spectrometry.

Mass Spectrometry Market by Application

The global mass spectrometry market has been segmented based on application areas into pharmaceutical analysis, forensic analysis, proteomics, and metabolomics. The pharmaceutical analysis segment held the largest market share and is expected to grow during the forecast period. This is attributed to the fact that mass spectrometry aids in the precise identification of a component in a mixture, which is critical because incorrect identification of individual elements can lead to dangerous situations. Mass spectrometers are now widely used in the pharmaceutical industry for a variety of applications ranging from the early stages of drug discovery to the final stages of development and clinical trials.

Mass Spectrometry Market by End User

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The global mass spectrometry market has been segmented in terms of end-users into pharmaceutical & biotechnology, food & beverage testing, and environmental testing. The pharmaceutical & biotechnology segment dominated the market, accounting for the highest revenue share, and is expected to grow at the fastest CAGR during the forecast period. Pharmaceutical analysis is a group of processes that determine, identify, purify, and quantify a substance, determine the structure of chemical compounds, or separate the components of a solution or mixture.

Mass Spectrometry Market by Region

North America dominates the global mass spectrometry market due to a strong base of healthcare facilities, rising investment from key players in the development of advanced devices, an increasing number of drug development processes, favorable government funding programmed for research studies that use mass spectrometry, a stringent regulatory scenario in the pharmaceutical industry, and an increasing number of research activities in this region.

The Asia Pacific region is expected to grow swiftly, as a result of increased government initiatives to support the domestic biotechnology and pharmaceuticals industry, an increase in the medical tourism business, growing research activities in the region, rising utilization rates of mass spectrometry in pharmaceutical industries and food testing processes, and a growing demand for quality healthcare in the region. Growing regulations in terms of environment and food safety are also facilitating the growth in demand for mass spectrometry technologies in the Asia Pacific region. 

Competitive Landscape

Some of the prominent players in the global mass spectrometry market include: 

• Agilent Technologies, Inc.
• Thermo Fisher Scientific, Inc.
• PerkinElmer, Inc.
• Waters Corporation
• Bruker Corporation 
• MKS Instruments, Inc. 
• Endress+Hauser Group 
• JEOL Ltd.
•  FLIR Systems, Inc.
• Shimadzu Corporation 

Strategic Developments

• In March 2022, the Multi-omics analysis package has been released by the Shinmadzu Company. It is a metabolic engineering software that generates metabolic maps automatically, performs data analysis, and generates a large amount of mass spectrometry data in the fields of proteomics, metabolism, and flux analysis.
• In November 2021, Thermo Fisher Scientific, Inc. introduced new mass spectrometry and chromatography products at the American Society for Mass Spectrometry Conference in Pennsylvania, USA.
• In January 2021, Agilent released updated mass spectrometry and automation software solutions, including MassHunter Workstation Plus 11.0, MassHunter Networked Workstation 11.0, and MassHunter BioConfirm.
• In March 2022, a desktop tandem mass spectrometer that is as sensitive and compact as the Xevo TQ Absolute equipment was unveiled by Waters Corporation. The latest mass spectrometer, according to the manufacturer, is 45% smaller. Compared to its predecessor, it uses up to 50% less gas and energy. It is up to 15X more sensitive when evaluating compounds that are negatively ionized.

Thermo Fisher Scientific will introduce the Orbitrap Exploris 120 mass spectrometer in May 2020. This sophisticated high-resolution mass spectrometer boasts quick polarity switching and fast scanning modes.

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