Mass Spectrometry Market Size to Attain Around USD 14.47 Billion By 2032

The global mass spectrometry market size surpassed USD 6.39 billion in 2022, and it is anticipated to attain around USD 14.47 billion by 2032, expanding at a CAGR of 8.52% between 2023 and 2032.

The rising prevalence of chronic diseases and rising R&D expenditures for the development of new diagnostic procedures are driving the mass spectrometry market's growth. The demand for mass spectrometry is anticipated to increase soon.

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Market Overview

The mass-to-charge ratio of ions is measured analytically using the mass spectrometry method. The findings are displayed as a mass spectrum, which is a plot of intensity against the mass-to-charge ratio. Mass spectrometry is used in many academic fields and is capable of analyzing both complex mixtures and pure materials. Rising technological advancements and a variety of mass spectrometry applications are the main factors driving the global mass spectrometry market. More and more hybrid mass spectrometers are being employed in the search for new drugs.

The primary factors driving the mass?spectrometry market?are rising global spending on pharmaceutical R&D, government restrictions on drug safety, a growing emphasis on the quality of food products, and technological developments in mass spectrometers. Mass spectrometry offers greater sensitivity than other analytical technologies because of lower background interference and better specificity from recognizable fragmentation patterns to identify unidentified substances. In addition, it can detect the presence of suspicious compounds, offer information on the molecular weight of the suspected substance in the mixture, as well as information on the isotopic abundance of elements and short-term chemical data.

The improvements in space microscopy techniques have improved variables such as quick experiment results with high precision. The development of new tools and software can facilitate mass detection in a variety of fields, including drug development,?proteomics, pharmaceuticals, meat security testing, and many others.

Regional Insights

The United States will have the biggest market share in North America for mass spectrometry due to significant government and private sector investment in research and development. For instance, the US government will spend USD 165,463 million on research and development, of which USD 40,663 million will go to the National Institutes of Health, according to an estimate by the American Association for the Advancement of Science. Additionally, the pharmaceutical industry spent about USD 83 billion on R&D activities in 2019, which will also help the country's research market grow, according to the Congressional Budget Office's April 2021 estimate. Also, the region has very significant government backing, which will probably support market expansion. For instance, the National Eye Institute, National Heart, Lung, and Blood Institute, and National Human Genome Research Institute all promote UniProt, a free portal for finding protein sequencing and functional information.

On the other hand, the Asia Pacific region will expand at the fastest CAGR throughout the projection period due to the availability of a sizeable population and increasing emphasis on healthcare systems. Similar to this, the increasing interest in proteomics and?genomics?research, as well as the rise in academic institutions' activities for the development of protein-based treatments, has created sizable growth prospects for the market in the Asia Pacific region.

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Report Highlights

• By Product, the instruments section had the biggest revenue share in 2022 at 78%. The biotechnology sector has various applications for spectrometers, and mass spectrometry techniques are growing in use. These instruments can be used in clinical and preclinical testing, biomedical research, and drug development for the pharmaceutical business. For instance, high-resolution hybrid mass spectrometry can be used to design cell therapies for the treatment of cancer. For proteomics-based research applications like the identification of peptide sequences and molecular weights, the approach has acquired importance recently.
• By Technology, Quadrupole liquid chromatography-mass spectrometry held the top spot in 2022 with a market share of 39%. Demand has grown significantly over the last few years as a result of the advantages this technology offers. For instance, the triple quadrupole technique, which can identify minute quantities of?biomarkers?in complex biological fluid matrices, is one of the essential analytical techniques for clinical research analysis. In this market, several important players have developed offerings. Waters Corporation, a renowned supplier of mass spectrometry products for the characterization of biomolecules for use in biotherapeutics, metabolomics, extracts, and leaching, is one notable manufacturer of this technology.
• End Use, Due to the increasing use of protein sequencing employing mass spectrometry in the pharmaceutical industry for drug research and development operations, the pharmaceutical and biotechnology businesses segment dominated the market in 2022 with a share of 45%. It is anticipated that the sector would continue to expand due to the rising need for biomolecule analysis and study of the components of medications. As a result of increased investments in biopharmaceutical research and expanding potential for research and development in the proteomics sector, the category is anticipated to witness lucrative expansion in the upcoming years.

Market Dynamics:

Drivers:

R&D activities increase the industries of Biotech and Pharma

The pharmaceutical and biotech industries are receiving more funding. As numerous current and emerging pharma and biotech companies concentrate on research and the invention of new techniques and instruments like mass spectrometry, this trend is likely to persist soon. For instance, metabolomic, lipidomic, and proteomic analyses are being improved using Ion Mobility Mass Spectrometry (IMS-MS), which is gaining popularity quickly. Thus, an increase in R&D spending is anticipated to fuel demand for the mass spectrometer on the global market. Businesses make investments in crucial fields like biopharmaceuticals and personalized medicine. They are making investments in cutting-edge goods like mass spectrometers.

Restraints:

Incapability to image

MS is known to identify compounds based on the measured mass-to-charge ratios. Additionally, these molecules are displayed or plotted on a spectrum with an X-Y axis that contrasts the relative intensity of the molecules with their relative mass-to-charge ratio on the left. Each molecule is represented by a peak on a graph, and the height of the peak corresponds to the concentration of that molecule in the sample. In pharmaceutical research and the creation of biomarkers (small detectable substances, typically a fluid injected into the body), molecular imaging techniques have become extremely popular because they allow researchers to examine the biological and anatomical characteristics of these molecules.

Opportunities:

Increasing the?importance of drug development and discovery

Spending on end-user R&D has increased because of the acceleration of disease rates caused by the most prevalent chronic diseases. The mass spectrometer is very useful in the search for new drugs because it provides distinctive and significant information on molecular interactions and protein functions. The use of MS in the discovery and development of medications is a result of the improved molecular understanding of the disease process. Due to the rapid development of mass spectrometry methodology, it is anticipated that the sensitivity and resolution of MS will produce greater quality and increase the likelihood of its use in large protein targets.

Recent Development:

• March 2022, the multi-omics analysis package has been made available by the Shimadzu Corporation. It is a program for metabolic engineering that automatically creates metabolic maps, carries out numerous data analyses, and generates a significant amount of mass spectrometry data in the areas of proteomics, metabolism, and flux analysis.
• December 2021, Thermo Fisher Scientific has completed the purchase of PPD. With this acquisition, PPD's proficiency in overseeing clinical trials and drug discovery is added, enhancing Thermo Fisher Scientific's mass spectrometry solutions.

Key Players in the Report:

• BrU.K.er Corporation
• Danaher Corporation
• JEOL Ltd.
• Rigaku Corporation
• Thermo Fisher Scientific, Inc.
• Shimadzu Corporation
• LECO Corporation
• Agilent Technologies, Inc.
• PerkinElmer, Inc.
• Waters Corporation
• Shimadzu Corporation

Market Segmentation:

By Product

• Instruments
• Consumables & services

By Technology

• Quadrupole Liquid Chromatography-Mass Spectrometry
• Fourier Transform-Mass Spectrometry (FT-MS)
• Gas Chromatography-Mass Spectrometry (GC-MS)
• Matrix-Assisted Laser Desorption/Ionization-Time-of-Flight Mass Spectrometry (MALDI-TOF)
• Time-of-Flight Mass Spectrometry (TOFMS)
• Magnetic Sector Mass Spectrometry
• Others

By Application

• Proteomics
• Glycomics
• Metabolomics
• Others

By End-use

• Government And Academic Institutions
• Pharmaceuticals And Biotechnology Companies
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

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