NEW YORK, Sept. 6, 2024 /PRNewswire/ — Report with market evolution powered by AI- The global mass spectrometry market size is estimated to grow by USD 3.52 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 12.26%during the forecast period. Increase in use of hyphenated technology is driving market growth, with a trend towards increasing demand for mass spectrometers in personalized medicine. However, high cost of mass spectrometry instrumentsposes a challenge. Key market players include 908 Devices Inc., ABB Ltd., Agilent Technologies Inc., Bruker Corp., Endress Hauser Group Services AG, European Virtual Institute for Speciation Analysis, JEOL Ltd., Kore Technology Ltd., LECO Corp., PerkinElmer Inc., Rigaku Corp., Shimadzu Corp., Teledyne Technologies Inc., Thermo Fisher Scientific Inc., and Waters Corp..
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Mass Spectrometry Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 – 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.26% |
Market growth 2024-2028 |
USD 3520 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
10.58 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 43% |
Key countries |
US, Canada, Germany, China, and UK |
Key companies profiled |
908 Devices Inc., ABB Ltd., Agilent Technologies Inc., Bruker Corp., Endress Hauser Group Services AG, European Virtual Institute for Speciation Analysis, JEOL Ltd., Kore Technology Ltd., LECO Corp., PerkinElmer Inc., Rigaku Corp., Shimadzu Corp., Teledyne Technologies Inc., Thermo Fisher Scientific Inc., and Waters Corp. |
Market Driver
Personalized medicine is a patient-centric approach to healthcare that tailors treatment to individual characteristics, improving disease diagnosis and treatment effectiveness. Predictive diagnostics, a key aspect of personalized medicine, can predict human pathologies and aid in early detection and treatment. Misdiagnosis, a significant issue in healthcare, affects millions, leading to delayed or inappropriate treatment and potential harm to patients. Mass spectrometers play a crucial role in personalized medicine by screening biomarkers for disease phenotypes, enabling targeted drug development and individualized therapy. The growing popularity of mass spectrometers in personalized medicine is expected to increase demand, driving market growth. With healthcare spending contributing significantly to overall expenditures in major economies, cost savings through accurate diagnosis are a major incentive. The Thermo Fisher Scientific HDX-Mass spectrometer, with high-quality information and compact, stable ionization technology, is an example of advances in mass spectrometry systems for personalized medicine.
The Mass Spectrometry market is experiencing significant growth, driven by increasing spending on pharmaceuticals and biopharmaceuticals. Drug safety is a key focus area, with assumptions around the importance of personalized medicine and drug discovery in late-stage development and clinical trials. Emerging countries and greenfield projects present new opportunities, requiring skilled professionals for method development, validation, operation, and troubleshooting activities. The market ecosystem includes software & services, with LC-MS, GC-MS, and ICP-MS segments leading the way. Environmental testing, food testing, clinical diagnostics, and applied industries also contribute. Metabolomics, vaccine development, and the petroleum sector are emerging research fields. CFI funding and companies like SCIEX AB and Thermo Fisher Scientific drive innovation in mass spectrometry technology. MS analysis provides high resolution, with background intrusion, fragmentation patterns, isotopic abundance, and chemical data crucial for accurate results. Software tools and algorithms enhance research capabilities, with advanced tools essential for Triple Quadrupole and Quadrupole TOF applications.
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Market Challenges
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Segment Overview
This mass spectrometry market report extensively covers market segmentation by
1.1 Pharmaceutical and biotechnology industries- Mass spectrometry is a valuable analytical tool used in various industries, including pharmaceuticals and biotechnology, to determine the molecular structure and purity of samples. In pharmaceuticals, it is employed to analyze therapeutic agents, characterize intermolecular interactions for drug discovery, and ensure the right compound is manufactured. The increasing demand for personalized medicine and monoclonal antibodies has further boosted the market. In biotechnology, mass spectrometry provides extensive information about biologically important low-molecular-weight species, such as bacteria and viruses, and is used to evaluate the quality of biologics and biosimilars. Additionally, it is used to characterize metabolic status in microbial fermentations. Government investments in the pharmaceutical and biotechnology industries will drive market growth, particularly in emerging countries in APAC, due to the establishment of innovative facilities and cheap labor.
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Research Analysis
The Mass Spectrometry (MS) market is poised for significant growth due to increasing spending on pharmaceutical research and development, with a particular focus on biopharmaceuticals and personalized medicine. MS analysis plays a crucial role in drug safety assessment, providing high-resolution data on fragmentation patterns, isotopic abundance, and chemical data. Background intrusion and accurate mass measurement are key challenges in MS, requiring advanced software tools and algorithms for data processing. MS is also essential in forensics, vaccine development, and laboratory safety measures. Chromatography techniques, such as Liquid Chromatography (LC), are often used in conjunction with MS for sample preparation and separation. Spectroscopy and imaging applications are also expanding the scope of MS technology. Overall, the market for MS components and systems is expected to grow robustly due to the versatility and importance of MS in various industries.
Market Research Overview
The Mass Spectrometry (MS) market is experiencing significant growth due to increasing spending on pharmaceutical research and development, particularly in biopharmaceuticals and drug discovery. The market is driven by the demand for drug safety and personalized medicine, leading to an increase in late-stage development and clinical trials. Emerging countries are also contributing to the growth of the MS market with the establishment of greenfield projects and the availability of skilled professionals. Method development, validation, operation, and troubleshooting activities are key aspects of MS analysis, which includes Liquid Chromatography-Mass Spectrometry (LC-MS), Gas Chromatography-Mass Spectrometry (GC-MS), Inductively Coupled Plasma-Mass Spectrometry (ICP-MS), and other MS techniques. The market ecosystem includes software & services, environmental testing, food testing, clinical diagnostics, applied industries, metabolomics, petroleum sector, and more. MS technology is used in various research fields such as metabolomics, vaccine development, and forensics. Advanced software tools and algorithms are essential for MS analysis, including Triple Quadrupole, Quadrupole TOF, and High Resolution Mass Spectrometry. MS analysis involves identifying fragmentation patterns, isotopic abundance, and chemical data to understand the background intrusion and drug compounds in patient samples. Laboratory safety measures, chromatography, spectroscopy, imaging, and hybrid mass spectrometry are also important aspects of the MS market. Triple quadrupole instruments and Multiple Reaction Monitoring are widely used for precision healthcare, biomarkers, metabolites, and drug compounds. The MS market is expected to continue growing due to the increasing demand for advanced MS technology in various industries.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
SOURCE Technavio
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