According to a new report published by Allied Market Research, titled, “Mass Spectrometry Market by Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global mass spectrometry market size was valued at $6,523.00 million in 2020, and is projected to reach $15,061.63 million by 2030, registering a CAGR of 8.62% from 2021 to 2030.
Mass spectrometry is an analytical technique that determines and identifies quantities of a compound within a sample, and it can also identify traces of components at minute concentrations. It is utilized both quantitatively and qualitatively to detect unknown compounds and calculate isotopic composition of a particular element in a molecule. It can also be used to observe fragments of a compound to determine its structure.
Mass spectrometry provides increased sensitivity over other analytical systems, owing to reduced background intrusion and superior specificity from characteristic fragmentation patterns to detect unknown compounds. In addition, it can also identify existence of suspected compound and data regarding molecular weight of the compound in the mixture, and provides data about isotopic abundance of elements and chemical data determined for a short term. The pharmaceutical segment was the highest revenue generator in 2020, and is anticipated to continue this trend in future, owing to high need of accurate analytical techniques. Hybrid mass spectrometry is expected to grow at highest rate in the technology segment due to development in hybrid mass spectrometry sector.
By technology, the hybrid mass spectrometry segment dominated the mass spectrometry market in 2020, and is anticipated to grow owing to the technological advancement in spectrometry technologies and upsurge in demand of comprehensive analytical techniques.
By application, the pharmaceuticals segment dominated the market in 2020, and is expected to rise in awareness among population regarding food safety and increased application of mass spectrometry in food & beverages.
By distribution channel, the hospital pharmacy segment dominated the global human growth hormone market in 2020 and is anticipated to maintain its dominance throughout the forecast period. This is attributed to the preference and ease of availability of artificial or recombinant human growth hormone in hospital pharmacies
In 2020, North America accounted for highest contribution of about $2,648.34 million to the total revenue generated, owing to the technological advancements in spectrometry techniques and integration of advanced hardware and software processes in spectrometry devices. However, Asia-Pacific is expected to witness the highest CAGR of 9.2% during the analysis period, attributable to increase in demand for advanced MS devices along with surging awareness.
The COVID-19 outbreak has impacted the global mass spectrometry market positively. There has been a high demand for multiple spectrometers from the biotechnology and pharmaceutical industries due to the COVID-19 driving market. By 2020, in India, researchers at the Delhi-based Institute of Genomics and Integrative Biology (IGIB) and the National Center for Disease Control (NCDC) were able to find a novel coronavirus (COVID-19) with 95% sensitivity and 100% precision with respect to RT-PCR using a mass spectrometer. In April 2020, UK diagnostics firm MAP Sciences announced the development of a rapid test for the COVID-19 virus. This technology uses multiple spectrometry to detect different proteins in COVID-19 and is intended to deliver test results within 30 minutes. These developments are expected to stimulate growth in the study market.
Key Findings Of The Study
- By technology, the hybrid mass spectrometry segment dominated the mass spectrometry market in 2020 and is anticipated to continue the same during the forecast period.
- By application, the pharmaceuticals segment dominated the mass spectrometry market in 2020, and is anticipated to continue the same during the forecast period.
- By distribution channel, the hospital pharmacy segment dominated the mass spectrometry market in 2020, and is anticipated to continue the same during the forecast period.
- By region, North America was the major shareholder and accounted for the highest share of XX% in 2020.