Report Overview

According to the deep-dive market assessment study by Growth Plus Reports, the global mass spectrometry market was valued at US$ 15.20 billion in 2021 and is expected to register a revenue CAGR of 7.80% to reach US$ 32.23 billion by 2030.

Mass Spectrometry Market Fundamentals

Mass spectrometry is a technique for determining the mass-to-charge ratio (m/z) of one or more molecules in a sample. These data are frequently used to compute the precise molecular weight of the sample components. Mass spectrometers are often used to identify unknown chemicals by determining molecular weight, quantifying known compounds, and analyzing the structure and chemical characteristics of molecules. Mass spectroscopy is primarily employed in R&D projects in a variety of industrial sectors, such as food, life sciences, and pharmaceuticals.

Key factors driving revenue growth in the mass spectrometry market include advancements in mass spectrometer technology and growing global concerns about food safety. The major industry players are focusing on enhancing their current offerings and launching brand-new, state-of-the-art mass spectrometer gadgets. Furthermore, the comprehensive product offerings from major players have made it easier for consumers to select a specific mass spectrometer based on their accuracy requirements.

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Mass Spectrometry Market Dynamics

The COVID-19 outbreak had a positive impact on the global mass spectrometry market. The pandemic resulted in high demand for multiple spectrometers from the biotechnology and pharmaceutical industries. Researchers at the Institute of Genomics and Integrative Biology (IGIB), Delhi, and the National Center for Disease Control (NCDC) used a mass spectrometer to identify a novel coronavirus (COVID-19) with 95% sensitivity and 100% precision in comparison to RT-PCR. MAP Sciences, a UK-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 projected to fuel revenue growth in the market.

Mass Spectrometry Market Ecosystem

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

Mass Spectrometry Market by Product Type

Based on the product type, the global mass spectrometry market is segmented into hybrid, single, and others. 

The hybrid segment accounts for the largest revenue share of the market, and it is expected to register the fastest revenue CAGR during the forecast period. Demand for a hybrid mass spectrometer is growing, especially in developed countries, due to its advantages, such as rapid, high-resolution results with improved precision. This factor is expected to fuel revenue growth in the segment during the forecast period.

Mass Spectrometry Market by Application

Based on the application, the global mass spectrometry market is segmented into pharmaceutical analysis, forensic analysis, proteomics, and metabolomics. 

The pharmaceutical analysis segment accounts for the largest revenue share of the market. This is attributed to rise in the usage of mass spectrometry in the precise identification of a component in a mixture, which is critical as 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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Based on the end-user, the global mass spectrometry market is segmented into pharmaceutical & biotechnology, food & beverage testing, and environmental testing.

The pharmaceutical & biotechnology segment dominates the market with the largest revenue share and is expected to register the highest revenue 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

Based on the region, the global mass spectrometry market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).

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, increasing number of drug development processes, favorable government funding programs for research studies that use mass spectrometry, stringent regulations in the pharmaceutical industry, and increasing number of R&D activities in this region.

The market in Asia Pacific is expected to grow swiftly, due to increased government initiatives to support the regional biotechnology and pharmaceuticals industry, expansion of the medical tourism industry, growth in the R&D activities in the region, rise in the utilization of mass spectrometry in the pharmaceutical industry and in food testing processes, and increase in demand for quality healthcare in the region. Growing regulations in terms of environment and food safety are also facilitating the revenue growth in demand for mass spectrometry technologies in Asia Pacific. 

Mass Spectrometry Market Competitive Landscape

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 

Mass Spectrometry Market Strategic Developments

• In March 2022, Shinmadzu Company released a multi-omics analysis package, which 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 March 2022, Waters Corporation unveiled a desktop tandem mass spectrometer that is as sensitive and compact as the Xevo TQ Absolute equipment 
• 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 May 2020, Thermo Fisher Scientific introduced the Orbitrap Exploris 120 mass spectrometer, which is a sophisticated high-resolution mass spectrometer that boasts quick polarity switching and fast scanning modes

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