Meticulous Research®—a leading global market research company, published a research report titled ‘Mass Spectrometry Market by Offering (Instrument, Software) Technology (Quadrupole, LC MS, Ion Trap, GC MS, TOF MS, MALDI, Integrated) Application (Impurity, Forensic, Toxicology Testing) End User (Pharma, F&B, Academic, Chemical) - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the Mass Spectrometry Market is projected to reach $10.4 billion by 2030, at a CAGR of 8.3% during the forecast period. The growth of this market is driven by technological advancements in the mass spectrometry technology, increasing applications of mass spectrometry, increasing food safety concerns, increasing R&D expenditure by pharmaceutical and biotechnology companies, and high reliability and sensitivity of mass spectrometers. However, the high costs of instruments are restraining the growth of this market.
Furthermore, the rising adoption of mass spectrometers in emerging markets is a significant opportunity for mass spectrometry market players. However, the lack of skilled professionals is a challenge to the growth of this market. Additionally, the rising adoption of portable mass spectroscopy devices is a trend prevailing in the market.
The key players operating in the mass spectrometry market are Agilent Technologies, Inc. (U.S.), Bruker Corporation (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Waters Corporation (U.S.), Perkin Elmer Inc. (U.S.), INFICON Holding AG (Switzerland), Pfeiffer Vacuum GmbH (Germany), LECO Corporation (U.S.), Rigaku Corporation (Japan), Shimadzu Corporation (Japan), SCIEX (A subsidiary of Danaher Corporation) (U.S.), LECO CORPORATION (U.S.), and Advion, Inc. (U.S.).
Mass Spectrometry Market: Future Outlook
The mass spectrometry market is segmented based on Offering [Instrument, Software, Services], Technology [Quadrupole Mass Spectrometry, Time of Flight Mass Spectrometry, Chromatography Mass Spectrometry (GC MS, LC MS), Matrix-assisted Laser Desorption Ionization (MALDI) Mass Spectroscopy, Magnetic Sector Mass Spectrometry, Fourier Transform Mass Spectrometry, Ion Trap Spectrometry, Portable Mass Spectrometry, Integrated Technologies], Application [Structure Elucidation, Impurity Testing, Drug Metabolism Testing, Clinical Toxicological Testing, Forensic Testing, Other Applications], End User [Pharmaceutical & Biotechnology Industry, Academic and Research Institutes, Environmental Agencies, Food & Beverage Companies, Chemical Industry, Other End Users], and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offerings, in 2023, the instruments segment is expected to account for the largest share of the mass spectrometry market. Mass spectrometers can analyze a variety of compounds with high efficiency and accuracy, enabling simultaneous multicomponent analysis and increasing applications in the analysis of biological molecules for drug discovery and diagnosis and analysis of hazardous substances in the environment, such as pesticides, dioxins, volatile organic compounds (VOCs), and veterinary drugs.
Based on technology, the mass spectrometry market is segmented into quadrupole mass spectrometry, time of flight mass spectrometry, chromatography mass spectrometry, matrix-assisted laser desorption ionization (MALDI) mass spectroscopy, magnetic sector mass spectrometry, Fourier transform mass spectrometry, ion trap spectrometry, portable mass spectrometry, and integrated technologies. In 2023, the quadrupole mass spectrometry segment is expected to account for the largest share of the mass spectrometry market. Quadrupole mass spectrometry does not require a very high vacuum and has a simple and fast operation for high throughput analysis, higher selectivity, accuracy, and reproducibility. Additionally, quadrupole mass spectrometry offers better detection and quantification compared to other technologies. These factors contribute to the large market share of this segment.
Based on application, the mass spectrometry market is segmented into structure elucidation, impurity testing, drug metabolism testing, clinical toxicological testing, forensic testing, and other applications. In 2023, the drug metabolism testing segment is expected to account for the largest share of the mass spectrometry market due to the wide use of mass spectrometers in detecting drugs for overdose patients, superior and highly accurate drug confirmation, and increasing use of mass spectrometers in drug discovery and testing.
Based on end user, the mass spectrometry market is segmented into pharmaceutical & biotechnology industry, academic and research institutes, environmental agencies, food & beverage companies, chemical industry, and other end users. In 2023, the pharmaceutical & biotechnology industry is expected to account for the largest share of the mass spectrometry market due to increasing R&D expenditure, increasing applications of mass spectrometry in drug metabolism testing and drug toxicological studies, and the reliability on mass spectrometry for molecular weight determination.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the mass spectrometry market, followed by Europe and Asia-Pacific. Furthermore, in 2023, the U.S. is expected to be the largest market shareholder in North America. The growth of this market is primarily attributed to the increasing R&D expenditures in the pharmaceutical & biotechnology industries, favorable government initiatives supporting research, growing applications of mass spectrometry-based research, and high adoption of advanced technologies.
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