Press release
Mass Spectrometer Market Opportunities and Growth Challenges Report 2031
Mass Spectrometer Market Outlook 2031The global mass spectrometer market was valued at US$ 6.2 Bn in 2021
The global market is projected to grow at a CAGR of 8.2% from 2022 to 2031
The global mass spectrometer market is anticipated to reach US$ 13.5 Bn by the end of 2031
Global Mass Spectrometer Market Introduction
Mass spectrometer is an instrument used to identify unknown compounds via molecular weight determination to quantify or identify the known compounds from a given sample and determine the structure and chemical properties of molecules. The particles are ionized and beamed through electromagnetic fields and the way they are reflected indicates that these can be identified. The mass spectrometer market includes liquid chromatography, ICP-MS (inductively coupled plasma-mass spectrometry), gas chromatography, and MALDI-TOF. Mass spectrometer has applications in pharmaceuticals, biotechnology, industrial chemistry, environmental testing, and food & beverage testing.
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Increase in R&D Activities in Biotech and Pharma Industries to Boost Market
Funding in the pharmaceutical and biotechnology industry has increased. This trend is likely to continue in the near future, as various existing and new pharma and biotech companies are focusing on research and innovation of new techniques and tools such as mass spectrometers. For instance, Ion Mobility Mass Spectrometry (IMS-MS) is rapidly gaining attention for improving metabolomic, lipidomic, and proteomic analyses. Thus, rise in R&D expenditure is expected to drive the global market demand for mass spectrometer. Companies invest in key areas such as personalized medicine and biopharmaceuticals. They are also investing in innovative products such as mass spectrophotometer.
According to the Congressional Budget Office, a federal agency within the legislative branch of the U.S. Government, the pharmaceutical industry spent around US$ 83 Bn specifically on R&D in 2019. Moreover, according to information published by the EU industrial R&D investment scoreboard 2018, the pharmaceutical & biotechnology segment constitutes 18.9% of overall global R&D expenditure.
Surge in Adoption of Mass Spectrometers in Food & Beverage Industry to Drive Demand for Mass Spectrometers
Mass spectrometry is a versatile technology for the analysis of food and beverages combined with food contact materials such as packaging. It offers key advantages of high selectivity, sensitivity, and least response time. It enables direct molecular characterization of various raw food samples with minimal/no sample pre-treatment. Having the excellent specificity and sensitivity of analysis, it has been significantly used in food science and industries. Hazards ranging from heavy metals to pesticides and toxins can be identified using mass spectrometry, even if present in low quantity. In April 2019, Agilent Technologies, Inc., an analytical instrumentation development and manufacturing company, introduced a new mass spectrometry solution, '6546 quadrupole time-of-flight LC/MS system.' This spectrometer enables rapid testing for food authenticity, with results that are easier and more convenient to check.
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High Demand for Liquid Chromatography
In terms of product, the global mass spectrometer market has been classified into liquid chromatography, ICP-MS (inductively coupled plasma mass spectrometry), gas chromatography, and MALDI-TOF. The liquid chromatography segment accounted for large market share for mass spectrometer in 2021. The segment is expected to grow at a high CAGR from 2022 to 2031. Technological advancements in mass spectrometry, rise in demand for qualitative & quantitative analysis of the molecules used for drug discovery, and increase in analysis of contaminants in the environment & food are expected to drive the mass spectrometer market in the near future.
Growth in Usage of Mass Spectrometers in Production of Active Pharmaceutical Ingredients Augmenting Pharmaceuticals Segment
Based on application, key market segments in mass spectrometer are pharmaceuticals, biotechnology, industrial chemistry, environmental testing, and food & beverages testing. The pharmaceuticals segment held major share of the global market in terms of revenue in 2021. This trend is likely to continue during the forecast period. Rise in usage of mass spectrometers in the production of active pharmaceutical ingredients is a key factor propelling the segment.
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Regional Outlook of Global Mass Spectrometer Market
North America dominated the global mass spectrometer market in 2020. The market in the region is mature and technically more developed compared to that in other regions. Additionally, rise in usage of spectrometers in various industries is fueling the market in the region. The market in Europe is anticipated to grow at a rapid pace during the forecast period. This is attributed to rise in research activities or research collaborations that enable the exchange of technical information among research scientists, industry professionals, and technical professionals. Technological innovations in new mass spectrometer devices is another factor boosting the market in Europe.
Asia Pacific is anticipated to be an emerging market for mass spectrometers during the forecast period. The region presents significant opportunities in the mass spectrometer market due to the increase in acceptance of these technological platforms across various fields.
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Analysis of Key Players in Global Mass Spectrometer Market
The global mass spectrometer market is fragmented, with a large number of large-scale players accounting for majority of the share. Key players operating in the global mass spectrometer market include Bio-Rad Laboratories, Inc., Agilent Technologies, Thermo Fisher Scientific, Inc., Waters Corporation, Shimadzu Corporation, Bruker Corporation, Sciex (Danaher Corporation), PerkinElmer, Inc., bioMérieux SA, and Charles River Laboratories International, Inc. These players are adopting growth strategies such as new product development, product launches, product approval, agreements, partnerships, and mergers and acquisitions.
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