Global Mass Spectrometry Market- By Technology (Hybrid Mass Spectrometry, Single Mass Spectrometry, and Other Technologies), By Application (Drug Discovery, Life Science Research, Clinical Diagnostics, Food Testing, Applied Industries, Environmental Testing, and Other Applications), By End-User (Biotechnology Industry, Environmental Testing Industry, Pharmaceutical Industry, Petrochemical Industry, Research & Academic Institutes, Food & Beverage Testing Industry, and Other End Users), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032. 

Report Overview

The Global Mass Spectrometry Market size is expected to be worth around USD 11,351 Million by 2032 from USD 5,264 Million in 2022, growing at a CAGR of 8.20% during the forecast period from 2023 to 2032.

Mass spectrometry is widely used in omics-related research as an analytical method for characterizing large biomolecules like DNA and proteins. The primary use of mass spectrometry is in drug discovery, where it is used to screen metabolites in biological systems and determine the structures of metabolites and drugs. As a result, demand for mass spectrometry is anticipated to rise in the near future with an increase in the incidence of chronic diseases and an increase in research and development expenditures for the creation of novel diagnostic methods.

Another major factor driving the market’s expansion is the existence of established recommendations and guidelines for the application of mass spectrometry in proteomics by organizations and regulatory bodies. For instance, the Human Proteome Project (HPP) of The Human Proteome Organization updated the guidelines for mass spectrometry data interpretation.

The HUPO Proteomics Standards Initiative’s new data-independent acquisition (DIA) workflows and Universal Spectrum Identifier system are the subjects of the additional guidelines. Mass spectrometry workflows are expected to become more efficient as a result of these guidelines, which are intended to guarantee low false-positive protein identification rates and high accuracy.

*Actual Numbers Might Vary In The Final Report

Key Takeaways

• By 2032, the mass spectrometry market size is expected to reach $11,351 million.
• The market is set to grow at an annual rate of 8.2% (CAGR) by 2032.
• In 2022, North America was the market leader with a 41.9% revenue share of the global market’s growth.
• The Asia-Pacific region is expected to grow at the fastest rate from 2023 to 2032.
• Mass spectrometry is a technology seeing fast growth due to advanced developments in mass spectrometer devices.
• Its primary application is in drug discovery, helping screen metabolites and regulate drug structures.
• Hybrid mass spectrometry technology led the market in revenue in 2022.
• Life science research is the dominant application, with the highest growth rate.
• Pharmaceutical and biotechnology companies hold the largest market share by end-users.
• The market demand is predicted to rise due to more chronic diseases and increased R&D spending.
• Established guidelines support market expansion.
• Technological advancements in mass spectrometer devices will drive market growth.
• Triple-quadrupole mass spectrometry is expected to gain significant market share due to its advanced capabilities.

Driving Factors

Increasing Technological Advancement Will Drive the Market’s Growth Rate

The market for mass spectrometry will expand at a faster rate as technology advances. Technology innovations like the creation of novel hybrid spectrometers are also important growth-inducing key factors. With increased accuracy and precision, these spectrometers provide high-speed, high-resolution testing.

Restraining factors

High Cost Associated with Instruments Will Hamper the Market’s Growth Rate

Due to their more intricate functions and features, spectrometry instruments cost more. In addition to the cost of purchasing the system, it is quite expensive to adapt the system to industry standards. As a result of technological advancements, system prices have increased. End users’ purchasing decisions are influenced by the price of a spectrometer. Mass spectrometry devices aren’t being used by end users for these main reasons.

Growth Opportunities

Emerging Markets Will Boost Many Market Opportunities during the Forecast Period 

Additionally, the expansion of the mass spectrometry market will benefit from the rising number of emerging markets. The mass spectrometry market has many opportunities to grow in developing nations like India and China. Hybrid spectrometry and single-mass spectrometer equipment are in high demand in India and China due to greenfield projects being built in various end-user sectors.

Additionally, during the forecast period, the mass spectrometry market will benefit from the rise in new collaborations, product launches, and research and development activities.

Trending Factors

It is anticipated that the Triple Quadrupole (Tandem) Will Hold the Largest Share of the Market.

Triple-quadrupole mass spectrometry, or QqQ, is a tandem mass spectrometry method in which the 1^st and 3^rd quadrupoles act as mass filters, while the second fragment the analyte by interacting with a collision gas. It is a radiofrequency-only quadrupole and can be used in SIM or scan modes. It is expected that the triple quadrupole mass spectrometer will hold a significant market share during the forecast period. Due to the fact that triple quadrupole mass spectrometers are considered one of the most high-end instruments, there is an increase in demand for them.

One of the reasons for the segment’s expansion is that major players in the market are introducing new products as a result of advances in mass spectrometry and other analytics methods. At the 70th ASMS Conference on Mass Spectrometry and Allied Topics, Agilent Technologies Inc. introduced its triple quadrupole LC/MS system. The Agilent 6475 triple quadrupole LC/MS system is the next generation of sensitive, rugged, robust mass spectrometers, according to the company. With intelligent reflex, the 6475 automatically injects new samples based on specific analysis conditions, providing instant verification of results.

As a result, analysis is faster and operator involvement is reduced. Therefore, it is anticipated that the Triple Quadrupole mass spectrometer will experience steady growth over the forecast period as a result of the above-mentioned factors. During the forecast period, the growth of the studied market will also be aided by new technological advancements in these devices and pharmaceutical and biotechnology companies’ high investments in R&D activities.

Technology Analysis

The Hybrid Mass Spectrometry is Expected to Grow at the Highest CAGR.

During the forecast period, the segment of hybrid mass spectrometry is anticipated to experience the most rapid growth with 42% of the revenue share. Hybrid mass spectrometers are getting more and more used because of their advantages, like their ability to test quickly and at high resolution with more precise results. As a result, there is an increasing demand for high-throughput screening mass spectrometry equipment. Triple quadrupole, Fourier transform mass spectrometry (FTMS), and quadrupole TOF (Q-ToF) are further segments of the hybrid mass spectrometry category.

Application Analysis

The Life Science Research Segment is Expected to Grow at a Significant CAGR during the Forecast Period.

During the forecast period, it is anticipated that the life science research segment will expand at a significant share of 26.4%. In the field of molecular life science research, the use of mass spectrometry techniques to investigate the intricate signatures of biomolecules has grown in importance. It is now possible to monitor quantitative and qualitative changes in hundreds or thousands of biologically active components, such as lipids, proteins/peptides, and metabolites, using a variety of mass spectrometry-based omics technologies.

These in-depth studies can both track an individual’s response to pharmacological treatment or lifestyle modification and explain the molecular basis of disease progression. The market for this segment is anticipated to expand as a result of the expanding use of omics technology in diagnostics and biomarker identification, as well as the expanding investment in research and development and government funding for proteomics.

End-User Analysis

The Pharmaceutical and Biotechnology Companies Segment Dominated the Market

Due to the widespread adoption of protein sequencing in the pharmaceutical industry for drug discovery and development processes, the pharmaceutical and biotechnology segment dominated this market. It is anticipated that the growing demand for biomolecule analysis and drug component analysis will further propel market segment expansion.

The sector is anticipated to experience lucrative growth in the coming years as a result of growing research and development opportunities in the proteomics domain and rising investments in biopharmaceutical research.

Key Market Segments

Based on Technology

• Hybrid Mass Spectrometry
• Single Mass Spectrometry
• Other Technologies

Based on Application

• Drug Discovery
• Life Science Research
• Clinical Diagnostics
• Food Testing
• Applied Industries
• Environmental Testing
• Other Applications

Based on End-User

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

Regional Analysis

North America Dominates the Global Mass Spectrometry Market During the Forecast Period.

Due to its extensive research and development program and well-established research and healthcare infrastructure, North America held the largest market share in 2022, with 41.9%. The region’s growing emphasis on disease prevention is also driving demand for mass spectrometry.

Additionally, the region’s substantial government funding is likely to drive market expansion. The National Eye Institute, the National Lung, Heart, and Blood Institute, and the National Human Genome Research Institute, among others, provide funding for UniProt, a free portal for obtaining functional and protein sequencing data.

Due to the availability of a large population and growing emphasis on healthcare systems, the Asia-Pacific region is anticipated to grow at the fastest CAGR over the forecast period. In a similar vein, significant growth opportunities for the market in the Asia-Pacific region have emerged as a result of the growing attention paid to research in genomics and proteomics, as well as the rise in initiatives taken by academic institutions for the creation of protein-based therapeutics.

Key Regions

• 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

Key Players Analysis

Thermo Fisher Scientific, Inc. launched new additions to its portfolio of chromatography and mass spectrometry offerings

Key market players have taken several strategic initiatives to expand their global footprints, including new product launches and regional expansion. For instance, Thermo Fisher Scientific, Inc. introduced new products to its portfolio of chromatography and mass spectrometry offerings at the American Society for Mass Spectrometry Conference in Pennsylvania, United States.

A few of the prominent players that hold major shares and are responsible for the market growth are Bruker Corporation, JEOL Ltd., KORE TECHNOLOGY, Teledyne FLIR LLC, Bio-Rad Laboratories, Inc., AMETEK Inc., FLIR Systems Inc., other key players.

Market Key Players

Listed below are some of the most prominent global mass spectrometry market players.

• Agilent Technologies, Inc.
• Thermo Fisher Scientific Inc.
• Waters Corporation
• Shimadzu Corporation
• PerkinElmer Inc.
• Rigaku Corporation
• Danaher Corporation
• LECO Corporation
• Other Key Players

Key Industry Developments

• In June 2022- The LCMS-2050 liquid chromatography quadrupole mass spectrometer was introduced by Shimadzu Scientific Instruments. It offers high-speed and sensitivity analysis at a significantly reduced size.
• In March 2022- The compact and highly sensitive benchtop tandem mass spectrometer known as the Xevo TQ Absolute system was introduced by Waters Corporation. The company claims that this most recent mass spectrometer is up to 15 times more sensitive than its predecessor at quantifying compounds with negative ions, is 45% smaller, and uses up to 50% less gas and electricity.

Report Scope