Press release
Global Mass Spectrometry Market Overview 2033 : Forecasted Market Size And Growth Rate
Mass Spectrometry Global Market Report 2024
According to The Business Research Company's, The mass spectrometry market size has grown strongly in recent years. It will grow from $6.11 billion in 2023 to $6.67 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to regulatory compliance, increased research and development investments, increased pharmaceutical and biotechnology demand, environmental monitoring, clinical diagnostics have shaped historical growth..
The mass spectrometry market size is expected to see strong growth in the next few years. It will grow to $9.5 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing healthcare expenditure, expanding applications in food safety, emerging markets adoption, advancements in precision medicine, cross-industry collaborations .. Major trends in the forecast period include advances in ionization techniques, growing role in food and beverage testing, collaboration for multi-omics research, enhanced data accessibility and cloud-based solutions..
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the mass spectrometry market going forward. Chronic diseases refer to a condition that usually lasts for three months or longer and gets worse over time. Mass spectrometry techniques are used to identify, quantify, and analyze biomarkers and metabolites associated with chronic diseases. For instance, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Furthermore, in 2023, according to a report published by the National Institutes of Health (NIH), a US-based biomedical research agency, the number of people aged 50 and older with at least one chronic illness is predicted to rise by 99.5%, from 71.522 million in 2020 to 142.66 million in 2050. Therefore, the increasing prevalence of chronic diseases is driving the growth of the mass spectrometry market.
Product innovation is the key trend gaining popularity in the mass spectrometry market. Major companies involved in the mass spectrometry market are focused on developing innovative products with advanced features to strengthen their position in the market. For instance, in June 2022, Agilent Technologies Inc., a US-based company providing instruments, software, services, and laboratory consumables, launched LC/MS and GC/MS quadrupole mass spectrometers. The Agilent 6475 triple quadrupole LC/MS system is a sensitive, robust, and rugged mass spectrometer with a unique superheated Agilent Jet Stream (AJS) ion source, curved and tapered collision cell, ± 20 kV high-energy dynode detector system, and heated hyperbolic quadrupoles. The 6475 LC/TQ also features early maintenance feedback, intelligent secondary injection workflows, and scheduled tune and check-tune.
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Major Key Players of the Market:
Agilent Technologies Inc.; Bruker Corporation; JEOL Ltd.; LECO Corporation; PerkinElmer Inc.; Shimadzu Corporation; Thermo Fisher Scientific Inc.; Waters Corporation; AB Sciex Pte Ltd.; Danaher Corporation; Hitachi Ltd.; Rigaku Corporation; Advion Inc.; AMETEK. Inc.; Analytik Jena GmbH; DANI Instruments S.p.A.; Eurofins Scientific SE; FLIR Systems Inc.; MKS Instruments; Elementar Analysensysteme GmbH; Hiden Analytical Europe GmbH; SPECTRO Analytical Instruments GmbH; EXUM INSTRUMENTS INC.; 908 Devices Inc.; MassTech Inc.; Newomics Inc.; Microsaic Systems plc; SCIEX AB; Kore Technologies Ltd.; IonSense Inc.
Mass Spectrometry Market 2024 Key Insights:
• The mass spectrometry market will grow to $9.5 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Growing Prevalence Of Chronic Diseases Propel Mass Spectrometry Market
• Innovative Product Launches Propel Growth In The Mass Spectrometry Market
• North America was the largest region in the mass spectrometry market in 2023
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