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Mass Spectrometry Market Expected to Reach $14.6 Billion by 2032—Allied Market Research

 
2022
Mass Spectrometry Market

Report Code : A02307

quote The growth of mass spectrometry market is driven by the widespread use of mass spectrometry in various industries such as forensic, food and beverages, clinical, and others, technological advancement in the mass spectrometry, and development of new portable mass spectrometers. quote

Roshan Deshmukh - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Mass Spectrometry Market," The mass spectrometry industry size valued at $6.9 billion in 2022, and is estimated to reach $14.6 billion by 2032, growing at a CAGR of 7.7% from 2023 to 2032. Mass spectrometry is an analytical tool used for the quantitative analysis of very low concentration compounds. They automate the process of measuring potassium, sodium, and chloride levels in the body. It is used to identify the existence of suspected compound and data regarding molecular weight of the compound in the mixture, and provide data about isotopic abundance of elements. Mass spectrometry is used in the study of metabolomics and proteomics, clinical research, and in other domains. Mass spectrometry can be combined with other analytical techniques such as gas chromatography or liquid chromatography for more effective analysis of components.

Mass spectrometry market trends include increase in demand for technologically advanced mass spectrometers, expansion of mass spectrometry applications, and surge in R&D activities. Newly launched mass spectrometry provides increased sensitivity over the other analytical systems. For instance, in June 2023, Thermo Fisher Scientific Inc., a biotechnology research company introduced its Thermo Scientific Orbitrap Astral mass spectrometer. The new Astral analyzer combines fast throughput, high sensitivity, and deep proteome coverage that allow researchers to identify new clinical biomarkers and develop new interventions from cardiovascular disease to cancer.

In addition, Waters Corporation, a biotechnology research company, launched its next generation Xevo TQ Absolute IVD mass spectrometer for clinical diagnostic application, in April 2023. This mass spectrometer is five times more sensitive for quantitative analysis of clinical analytes and traces the analytes at very low detection levels. Thus, the launch of technologically advanced mass spectrometers is the key factor that drives the market growth. Furthermore, surge in innovation and growth of pharmaceutical and biotechnology industries has increased demand for the mass spectrometry for drug discovery and drug development research which further drives the growth of mass spectrometry market.

Mass spectrometry is a crucial tool in these industries for the analysis of molecular composition and structure of complex compounds. For instance, mass spectrometry analysis is necessary in the development of the biosimilars to confirm the structural and functional similarity of these products.  In addition, it is employed in the analysis of metabolic pathways in cancer research and other diseases. Thus, surge in adoption of mass spectrometers in pharmaceutical and biotechnology industries further contributes towards the growth of mass spectrometry industry.

However, high cost of mass spectrometry isntruments, inadequate laboratory facilities in underdeveloped countries, and lack of skilled professionals negatively impact the market growth. Lack of skilled and experienced analysts limited the adoption of technologically advanced mass spectrometry instruments. Thus, high cost of mass spectrometry and lack of skilled analysts restrain the market growth.

On the basis of technology, the market is segmented into hybrid mass spectrometry, single mass spectrometry, and others. The hybrid mass spectrometry segment accounted for the largest mass spectrometry market share, and is the fastest growing segment during the forecast period. It offers improved analytical performance for the detection of components in a sample. In addition, it is a hybrid instrument that combines features such as accurate mass determination, high resolution, and are employed or the analysis of complex samples.

On the basis of application, the market is classified into pharmaceutical, biotechnology, security, industrial chemistry, environmental testing, food & beverage testing, forensic, clinical, and others. The pharmaceutical segment held the highest mass spectrometry market share in 2022. This is attributed to increase in R&D activities for the development of new drugs by pharmaceutical companies and rise in biopharmaceutical studies. In addition, stringent regulatory rules for the testing and validation of pharmaceuticals also drive the demand for mass spectrometry and boost the market growth. However, biotechnology is expected to register fastest CAGR during the mass spectrometry market forecast period, owing to increase in use of mass spectrometry in the proteomics and biomarker discovery.

Region-wise, the mass spectrometry market analysis is done across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for largest mass spectrometry market size in 2022, and is expected to maintain its lead during the forecast period, owing to rise in adoption of technologically advanced mass spectrometry, increase in prevalence of chronic diseases, and increase in R&D in various industry sectors. However, Asia-Pacific is expected to exhibit the fastest growth during the forecast period, owing to development of healthcare systems and facilities, emergence of new technologies in this region, and high growth potentials in the developing countries such as China and India.

Key Findings of the Study

  • By technology, the hybrid mass spectrometry segment dominated the market in 2022.
  • By application, the pharmaceutical segment dominated the market in 2022
  • By region, North America dominated the market in 2022. However, Asia-Pacific is the fastest growing segment during the forecast period with CAGR of 8.6%

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quote Mass Spectrometry Market by Technology (Hybrid Mass Spectrometry, Single Mass Spectrometry, Others), by Application (Pharmaceutical, Biotechnology, Industrial Chemistry, Environmental Testing, Food and Beverage Testing, Forensic, Clinical, Other Applications): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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