Mass Spectrometry Market Expected to Reach $12,697.21 Million by 2030

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 $5,885.28 million in 2020, and is projected to reach $12,697.21 million by 2030 from 2021 to 2030.

Mass spectrometry (MS) is an analytical technique that is used to measure the mass-to-charge ratio of ions. This technique basically studies the effect of ionizing energy on molecules. It depends upon chemical reactions in the gas phase in which sample molecules are consumed during the formation of ionic and neutral species. A mass spectrometer generates multiple ions from the sample under investigation, it then separates them according to their specific mass-to-charge ratio (m/z), and then records the relative abundance of each ion type. The results are presented as a mass spectrum, a plot of intensity as a function of the mass-to-charge ratio. It 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. Specific applications of mass spectrometry include drug testing and discovery, food contamination detection, pesticide residue analysis, isotope ratio determination, protein identification, and carbon dating. 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. Other uses include quantifying the amount of a compound in a sample or studying the fundamentals of gas phase ion chemistry (the chemistry of ions and neutrals in a vacuum). MS is now commonly used in analytical laboratories that study physical, chemical, or biological properties of a great variety of compounds. 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 due to increase in number of advantages of hybrid mass spectrometer such as rapid and high-resolution testing abilities, and surge in demand for accurate, precise result.

By application, the pharmaceuticals segment dominated the market in 2020, and is expected to rise in prevalence of chronic disease, advancement in research activities for drug development, and surge in need for metabolite screening analysis. The increase in prevalence of chronic disease, surge the need for new drug candidate and propel the growth of the mass spectrometry market.

In 2020, North America accounted for highest contribution of about $2,389.42 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 8.50% 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 foster the growth of the mass spectrometry market..

Key Findings Of The Study

• Depending on technology, the hybrid mass spectrometry segment held 55% share in the global mass spectrometry market in 2020.
• By application, the pharma segment accounted for the largest market share in 2020, and is expected to remain dominant throughout the forecast period.
• Region wise, Asia-Pacific is expected to exhibit highest CAGR of 8.50% during the forecast period.