Mass Spectrometry Market Demand, Growth, Value, Trends and Market Forecast 2023-2030

Mass Spectrometry Market is segmented By Product Type  (Liquid Chromatography Spectrometer, Gas chromatography Spectrometer, Tandem Mass Spectrometer, Matrix-Assisted Laser Desorption Ionization Time-Of-Flight, Ion-Mobility Mass Spectrometry), By Application (Forensic Toxicology, Proteomics Research, Diagnostics, Clinical Research, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Mass Spectrometry Market Overview

The Global [150 Pages Report] Mass Spectrometry Market is projected to grow at a high CAGR of 10.7% during the forecast period (2023-2030). Mass spectrometry is a sensitive technique used to detect, identify and quantify molecules based on the ion-charge ratio. Because of its sensitivity in these techniques, mass spectrometry emerged as a powerful tool for testing in many biopharmaceutical industries and research organizations. Latest innovative technologies in mass spectrometry such as mobility spectrometry and capillary electrophoresis are being used in the separation of complex mixtures such as derived peptide products.

Mass Spectrometry Market Summary and Scope

Mass Spectrometry Market Dynamics and Trends

The global mass spectrometry market growth is driven by the increase in usage of mass spectrometry in proteomics, metabolomics, hospitals, and pharmaceutical sectors for drug discovery and growing trends in the miniaturization of spectrometers.

The rising R&D expenditure by the pharmaceutical industry will drive the market growth    

Rising R&D expenditure by the pharmaceutical industry and government research organizations will drive market growth in the forecast period. According to the Organization for Economic Co-operation and Development (OECD), in 2018, in Germany, approximately 3.13% of GDP was spent on research and development, which was an increase from 3.07% of GDP in 2017 and 2.94% of GDP in 2016, respectively. Increasing investments in research and development activities are expected to increase the demand for mass spectrometers in drug development, proteomics, and pharmaceuticals, thereby driving the market growth.

Furthermore, advancements in mass spectroscopy technology were able to increase the factors like rapid test results with high resolution. The discovery of new tools has the potential to stimulate the usage of mass spectroscopy across drug development, pharmaceuticals, food safety testing, proteomics, and other fields.

The demands of life sciences applications have led to the improvement of mass spectrometry technologies. The mass spectrometry MALDI-ToF is used as a clinical diagnostic platform utilizing a highly advanced method of protein pattern recognition to diagnose diseases. Hence, with the increasing technological advancements, the market is expected to grow over the forecast period.

The premium product pricing will hamper the growth of the market

However, spectrometry instruments are equipped with advanced features and functionalities and are thus priced at a premium. Apart from the system’s cost, the cost of compliance the system to industry standards is also very high. Owing to technological advancements and increased operational efficiencies, the demand for mass spectrometers has grown over the years. However, technological developments have increased system prices. The price of a spectrometer influences the purchase decision of end-users. These are the major factors hampering the mass spectrometry market.

COVID-19 Impact Analysis on Mass Spectrometry Market

The unexpected outbreak of COVID-19 has significantly affected the mass spectrometry market. The market is expected to witness a diverse set of adoption in 2020. Mass spectroscopy adoption for testing applications is high in healthcare & pharmaceuticals, biological research, and food & beverages industries. New drug development, drug repurposing, and the increasing production of pharma formulations have led to an increasing need for safety and quality measures in the pharma industry. Stringent government regulations and increased demand for quality maintenance in these industries drive the adoption of mass spectrometry. However, supply chain disruptions in the petrochemical industry and regulatory relaxation in pollution monitoring are expected to limit the adoption of mass spectrometers.

Mass Spectrometry Market Segmentation Analysis

The tandem segment is expected to grow at the fastest CAGR during the forecast period (2023-2030)        

Tandem mass spectrometry performs mass analysis at least twice while performing a dissociation process or chemical reaction to change the mass or charge of an ion. MS/MS improves specificity beyond separation by molecular weight and provides insight into structure elucidation and identifying elementary composition.

For instance, according to a research article by Malin Källsten et al., published in the Analytical and Bioanalytical Chemistry Journal 2019, there has been a trend in the mass spectrometry-based characterization of antibody-drug conjugates (ADCs) toward the use of high-resolving mass spectrometry for many of these analyses. Quadrupole mass spectrometers represent a viable alternative for the characterization of antibody-drug conjugates (ADCs) in early-stage drug development.

As per the Patented Medicine Prices Review Board 2018 report, in 2018, total R&D spending by the pharmaceutical industry was around CAD 0.89 billion, which was an increase from CAD 0.87 billion in 2017. Thus, the increasing R&D spending on pharmaceuticals is expected to drive the growth of the segment in the forecast period.

Mass Spectrometry Market Geographical Share

North America region holds the largest market share of the global mass spectrometry market

North America dominates the market for mass spectrometry and is expected to show a similar trend over the forecast period, owing to the growing funding for research and government initiatives in the United States, widespread usage of mass spectrometry in the metabolomics and petroleum sectors, and the presence of key market players.

The US government spends a significant percentage of its GDP on R&D. According to a 2018 report published by the Organization for Economic Co-operation and Development (OECD), about 2.82% of the country’s GDP was spent on R&D. In addition, in 2019, the research and development (R&D) expenditure of the US pharmaceutical industry was around USD 83 billion up from USD 79.6 billion in 2018 and USD 71.4 billion in 2017. Thus, increasing R&D activities increase the demand for mass spectrometers and drive market growth.

Drug development is an expensive and lengthy process, and the failure rate is also high. Factors such as long time periods, high failure rates, and high costs are forcing researchers to look for newer technologies.

Additionally, mass spectroscopy is also being used in clinical laboratories to measure small sample volumes with improved confidence across an expanding range of healthcare applications, from toxicology to personalized medicine. These factors are driving the growth of the market in the forecast period.  

Mass Spectrometry Companies and Competitive Landscape

The mass spectrometry market is a moderately competitive presence of local as well as global companies.  Some of the key players which are contributing to the growth of the market include Agilent Technologies, Bruker Corporation, Danaher Corporation, Hitachi Ltd, JEOL Ltd, LECO Corporation, MKS Instruments, PerkinElmer Inc., Shimadzu Corporation, and Thermo Fisher Scientific among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Mass Spectrometry Market globally. For instance, in October 2020, Shimadzu expanded its operation by establishing its branch office in Copenhagen, Denmark. This expansion allowed the company to focus on providing its full range of analytical instrumentation solutions in the region.

Agilent Technologies, Inc

Overview:

Agilent Technologies, Inc. provides core bio-analytical and electronic measurement solutions to the communications, electronics, life sciences, and chemical analysis industries. The Company offers electronic and bio-analytical measurement, semiconductor, and board testing.     

Product Portfolio:

Liquid Chromatography/Mass Spectrometry (LC/MS):  Agilent liquid chromatography/mass spectrometry (LC/MS) brings the powerful analytical capability to a wide range of applications. Complete LC/MS workflows feature sample preparation, Infinity Lab chromatography, and Agilent mass spectrometry, as well as software to acquire high-quality data and turn it into definitive answers.