Global Mass Spectrometer Market By Product Type(Accelerator Mass Spectrometry (MS), Gas Chromatography-MS, Liquid Chromatography-MS, Inductively Coupled Plasma-MS, Isotope Ratio-MS, Ion Mobility Spectrometry-MS, and Other Product Types), By Application, By End-User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Mass Spectrometer Market size is expected to be worth around USD 10.0 Billion by 2032 from USD 5.00 Billion in 2022, growing at a CAGR of 7.40% during the forecast period from 2023 to 2032.

Mass spectrometry is a popular analytical technique for omics-related research that is used to describe large biomolecules like DNA and proteins. Mass spectrometry is primarily used in the area of drug discovery, where it is used to screen for metabolites in biological systems as well as identify the chemical structures of drugs and metabolites.

Therefore, demand for mass spectrometry is anticipated to increase shortly due to the rise in the prevalence of chronic diseases and increasing R&D expenditures for the development of new diagnostic methods.

Over the projection period, it is anticipated that the mass spectrometer market will grow quickly. As a crucial analytical instrument in the pharmaceutical and healthcare sectors, mass spectrometry has gained popularity.

Advanced techniques are being used to sort complex biological mixtures like derived peptide products, including ion mobility spectrometry and capillary electrophoresis. Miniaturization patterns and growing mass spectrometry use in the pharmaceutical, proteomics, and metabolomics sectors are expected to drive mass spectrometers market growth.

Key Takeaways

• Analytical Precision: Mass spectrometers are widely renowned for their exceptional analytical precision. They can distinguish, identify, and quantify molecules with exceptional accuracy – making them invaluable tools across various scientific fields such as chemistry, biology, and environmental science.
• Mass Spectrometers Are Utilized In Numerous Fields: Mass spectrometers can be utilized in many different fields, from drug discovery and proteomics, environmental analysis, and forensic science to drug development and environmental protection. Their versatility allows them to detect various compounds including small molecules, proteins, and complex organic substances.
• Technology Advancements: Mass spectrometry has seen numerous technological innovations over time, such as tandem mass spectrometry (MS/MS) and high-resolution mass spectrometry, that have expanded their capabilities significantly and enabled researchers to better investigate complex samples. These innovations now allow them to conduct investigations that would otherwise take too much time and resources for individual analysis.
• Biomedical and Clinical Use: Mass spectrometers have become essential tools in biomedical and clinical research, playing an integral part in biomarker discovery, pharmacokinetics analysis, and metabolic profiling; making them indispensable in comprehending disease processes and drug development.
• Market Growth: Mass spectrometers have seen steady expansion due to growing demand from research laboratories, pharmaceutical companies, and environmental monitoring agencies. As demand for precise yet comprehensive analytical tools increases, so too should mass spectrometer sales grow accordingly.

Driving Factors

• Increasing technological advancement will drive the market’s growth rate

The mass spectrometer market will expand more slowly as a result of increased technological advancement. Other significant factors that stimulate development include technological innovations like the creation of new hybrid spectrometers. These spectrometers offer testing that is high-speed, high-resolution, and more precise and accurate.

• Rising R&D investments in the pharmaceutical and biotechnology industry will propel the market’s growth rate during the forecast period

Spending on R&D by pharmaceutical companies has increased significantly over the past 20 years. Research in the pharmaceutical and biotechnology sectors is fueled by investments in important fields like biopharmaceuticals and personalized medicine.

Environmental monitoring is also becoming more crucial for managing pollution, which is accelerating market expansion. Accordingly, the mass spectrometer market is being driven forward by the rising use of mass spectrometry to identify toxins, pathogens, microbes, and chemicals to guarantee food purity and safety.

Furthermore, the market’s development rate will be accelerated by the increase in crude and shale gas production. The major mass spectrometer market factors that will further accelerate the growth of the mass spectrometry market are government rules on drug safety and a growing emphasis on the quality of food products.

Restraining Factors

• High costs associated with instruments will hamper the market’s growth rate

spectrometry instruments have more complex features and functions, and they are more costly. In addition to the system’s buying price, there are additional significant costs associated with bringing the system up to industry standards. The cost of systems has increased due to technological developments.

The price of a spectrometer affects the choices made by end consumers. These are the primary reasons why end users don’t adopt mass spectrometry technology.

• The lack of skilled professionals will pose a major challenge to the market’s growth rate

Sophisticated workers with the necessary experience and knowledge are needed for the effective operation of spectrometry apparatus. Errors, such as misplacing a sample in GC-MS OLC-MS, or challenges, such as fingerprints or solution bubbles, can affect the end product’s quality.

The future expansion of the mass spectrometer market is anticipated to be constrained by the present lack of qualified workers for method development, validation, operation, and troubleshooting tasks.

Growth Opportunities

• Emerging markets will boost many market opportunities during the forecast period

Additionally, the expansion of the mass spectrometry industry will benefit from the increasing number of emerging markets. There are numerous opportunities for the mass spectrometry industry to grow in developing nations like China and India.

China and India together generate a sizable demand for single mass spectrometers and hybrid spectrometry equipment as a result of the Greenfield projects that are developing in various end-user industries in these countries.

Additionally, the rise in new product launches, partnerships, and research and development efforts will create more favorable conditions for the expansion of the mass spectrometer market throughout the forecast period.

Trending Factors

Because of their numerous applications and simplicity of use, mass spectrometry equipment is presently in high demand. Clinical chemistry and immunoassay methods, which call for analyte-specific chemicals and antibodies, are the foundation of traditional hospital diagnostic assays. Traces of antibiotics and antibacterial agents can be identified in complicated biological matrices using tandem mass spectrometry and liquid chromatography.

The market is expanding as a result of growing genetics studies, particularly proteomics, and Tandem MS applications. Numerous industries, including clinical diagnostics, environmental water sampling (detection of contaminants, pesticides), and others offer tremendous possibilities for the tandem mass spectrometry market.

One of the factors contributing to the segment’s development is the key players in the market launching new products in response to technological advancements in mass spectrometry and other analytics techniques.

Mass spectrometer technology advancements and significant pharmaceutical and biotechnology company expenditure in R&D will both contribute to the studied market’s expansion over the forecast period.

Application Analysis

In 2022, the segment’s income share from proteomics was 46.69%, which was the highest. A complete method for protein-protein interactions research and quantitative protein profiling is mass spectrometry-based proteomics research. The field of study of protein function, structure, transformation, and overall protein dynamics has been broadened by developments and the extensive availability of quantitative proteomics workflows.

Additionally, advances in the field of mass spectrometry are creating new possibilities for single-cell analysis and clinical uses. The technology is expected to take a leading place in several uses, such as the discovery of novel biomarkers, the mapping of molecular tissue, and the advancement of disease diagnosis. These developments are expected to boost the mass spectrometer market growth prospects.

Because mass spectrometry has so many different uses in cancer diagnosis and screening, metabolomics is expected to expand at the fastest rate during the forecast period. The method allows the analysis of numerous sample constituents in a single run by allowing the study of a very large number of compounds in a single sample.

The market is anticipated to grow significantly as metabolomics gains popularity as a crucial omics technology for diagnostic and prognostic applications in several chronic and infectious illnesses.

Product Type Analysis

Due to advancements in infrared spectroscopy systems that boost productivity and lower overall process costs, molecular spectroscopy has grown in popularity and become a crucial tool in the biotechnology, pharmaceutical, and forensic sectors. Throughout the forecast period, it is expected that the Mass Spectrometry (MS) segment will expand at a profitable rate.

MS is a potent instrument frequently used in forensic, biotechnology, pharmaceutical, and clinical research for the analysis of a broad variety of molecules. Mass spectroscopy process improvements have made it possible to give test results quickly and with high resolution.

Technology Analysis

With a mass spectrometer market share of 37.09% in 2022, quadrupole liquid chromatography-mass spectrometry was in first place. Due to the benefits this technology provides, demand has increased considerably over the last few years. For instance, one of the crucial analytical methods for clinical research analysis is the triple quadrupole procedure, which can detect minute amounts of biomarkers in intricate biological fluid matrices.

In this market, several important companies have developed offerings. One major manufacturer of this technology is Waters Corporation, which provides mass spectrometry products for the characterization of biomolecules for use in biotherapeutics, metabolomics, extracts, and leachables.

The category with the fastest rate of growth is Fourier transform-mass spectrometry (FT-MS), which is anticipated to expand at a CAGR of 8.78% during the forecast period. This is explained by the technique’s high resolving power, low error rate, high precision, and simplicity of use.

The technology can also be used in forensic labs to identify drugs and illegal substances like cocaine. Such a wide variety of applications may create new opportunities for the segment’s growth in the ensuing years.

End-User Analysis

Due to the widespread adoption of protein sequencing using mass spectrometry in the pharmaceutical sector for drug discovery and development processes, the pharmaceutical and biotechnology companies segment dominated the mass spectrometer market in 2022 with a share of 43.98%.

The segment development for the market is anticipated to be further fueled by the rising demand for biomolecule analysis and drug component analysis. The sector is anticipated to experience profitable growth in the coming years due to rising investments in biopharmaceutical research and expanding research and development opportunities in the proteomics domain.

Due to the increase in healthcare spending, the global increase in government funding for research activities, and the expanding role of mass spectrometry techniques for disease surveillance and epidemiological research, the government & academic institutions segment is anticipated to grow at a rapid CAGR of 8.02% over the forecast period.

Similarly to this, an increase in COVID-19 testing operations and chances for the creation of high throughput testing techniques can greatly improve mass spectrometer market prospects.

Key Market Segments:

Product Type

• AMS (Accelerator Mass Spectrometry)
• Gas Chromatography-MS
• Liquid Chromatography-MS
• ICP-MS (Inductively Coupled Plasma-Mass Spectrometry)
• IRMS (Isotope Ratio Mass Spectrometry)
• Ion Mobility Spectrometry-MS
• Other Product Types

Application

• Pharmaceutical
• Biotechnology
• Industrial Chemistry
• Environmental Testing
• Food & Beverage Testing
• Other Applications

Technology

• Hybrid Mass Spectrometry
  • Triple Quadrupole (Tandem)
  • Quadrupole TOF (Q-TOF)
  • FTMS (Fourier Transform Mass Spectrometry)
• Single Mass Spectrometry
  • Time-of-Flight (TOF) Mass Spectrometry
  • Orbitrap Mass Spectrometry
  • Quadrupole
  • Other Single Mass Spectrometries
  • Other Technologies

By End-User

• Pharmaceutical Industry
• Biotechnology Industry
• Research & Academic Institutes
• Environmental Testing Industry
• Food & Beverage Testing Industry
• Petrochemical Industry
• Other End-Users

COVID-19 Impact on Mass Spectrometry Market

The COVID-19 epidemic had a positive effect on the mass spectrometry industry worldwide. The biotechnology and pharmaceutical sectors have seen a significant increase in demand for numerous spectrometers as a result of the COVID-19 driving market.

By 2020, scientists from the National Center for Disease Control (NCDC) in Atlanta and the Institute of Genomics and Integrative Biology (IGIB) in Delhi will have developed a mass spectrometer that is 95% sensitive and 100% precise at detecting a new coronavirus (COVID-19).

In April 2020, the UK diagnostics company MAP Sciences revealed that it had developed a quick test for the COVID-19 virus. This technique uses multiple spectrometries to identify different proteins in COVID-19 and is intended to deliver test results in 30 minutes. These developments are expected to increase the industry.

Regional Analysis

The mass spectrometry market is dominated by North America due to the presence of advanced technologies in this area. The market’s growth rate in this area will also be boosted by favorable government funding programs for research studies that employ mass spectroscopy.

Because of the region’s growing use of mass spectroscopy in the pharmaceutical and food testing processes, Asia-Pacific is predicted to expand during the forecast period.

In the country section of the report, specific market-impacting factors and local market regulatory changes are also listed. These changes have an impact on both the current and future trends of the market.

Technical trends, Porter’s Five Forces analysis, case studies, and analyses of the upstream and downstream value chains are just a few examples of the data points used to predict the market situation for particular countries.

It also considers the presence and accessibility of foreign brands, the challenges they face from either fierce or mild domestic brand competition, the impact of domestic tariffs, and trade routes when giving forecast analysis of the country data.

Key Regions & Countries Covered in the World

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis

Due to numerous strategic actions taken by major market players to broaden their global reach, including new product launches, mergers and acquisitions, and regional growth, the market is extremely competitive.

For instance, at the American Society for Mass Spectrometry Conference in Pennsylvania, U.S., in November 2021, Thermo Fisher Scientific, Inc. unveiled new additions to its array of mass spectrometry and chromatography offerings.

Key Market Players

• Agilent Technologies, Inc.
• Danaher Corporation
• Waters Corporation
• Bruker Corporation
• Thermo Fisher Scientific, Inc.
• Perkinelmer, Inc.
• Shimadzu Corporation
• Kore Technologies, Ltd.
• Hiden Analytical
• Leco Corporation
• FLIR Systems, Inc.
• Eurofins Scientific
• Rigaku Corporation
• Other Key Market Players

Recent Developments:

• In January 2021, Bruker Corporation announced the supply of NMR spectrometers for Protein Research to three world-leading institutions, which are accelerating their research into functional structural biology and human disease.
• In September 2021, Thermo Fisher Company announced the official launch of the world’s first net-zero mass spectrometer. This product is the first spectrometer developed under the ground-breaking IsoFootprint initiative to tackle CO₂ emissions for more sustainable science. In June 2021, the company announced the official launch of the next-generation MS-based solution Called Orbitrap IQ-X Tribrid mass spectrometer
• In February 2022, waters Corporation announced the acquisition of charge detection mass spectrometry technology to strengthen its application in cell and gene therapy. The company acquired the intellectual property rights (IPR) technology assets of Megadalton Solution, a notable player in the manufacture of charge detection mass spectrometry (CDMS).

Report Scope: