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Mass Spectrometer Market Analysis by Technology [Hybrid Mass Spectrometry {Triple Quadrupole, Quadrupole TOF (Q-TOF), Fourier Transform Mass Spectrometry (FTMS)} and Others]; by Application (Life Science Research, Drug Discovery, Food Testing and Others); and by End Users (Pharmaceutical Industry, Biotechnology Industry, Research & Academic Institutes, Environmental Testing Industry and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • June, 2022: Agilent Technologies Inc., new LC/MS and GC/MS quadrupole mass spectrometers have been announced by Agilent Technologies. The Agilent 6457 triple quadrupole LC/MS system, 5977C GC/MSD, plus the 7000E GC/TQ and the 7010C GC/TQ will simplify lab operations and help overcome key performance challenges.

  • June, 2022: Thermo Fisher Scientific Inc., The Thermo Scientific Tox Explorer Collection has been expanded to form the Thermo Scientific Orbitrap Exploris Mass Spectrometer Platform, providing access to ultra-high resolution mass spectrometry (LC-MS) toxicology solution to increase laboratory productivity and improving toxicology analysis. 

Global Mass Spectrometer Market Size, Forecast, and Trends Highlights Over 2022 - 2031

Mass Spectrometer Market Analysis

The global mass spectrometer market is estimated to garner a revenue of ~USD 6 billion by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 4 billion in the year 2021. The market is estimated to grow on the back of rising application of mass spectrometer in pharmaceutical industry. Increasing innovation and development along with investments in the pharmaceutical industry are contributing in the growth of the market. According to the data, the total cumulative foreign direct investment (FDI) received by the Indian drugs and pharmaceutical sector between 2021-22 was around USD 1,400 million.

Mass Spectrometer Market Size

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The global mass spectrometer market is also estimated to witness growth on account of rising expansion of life science industry. According to statistics, in the United States, the value of venture capital invested in the life sciences industry was approximately USD 50 billion in 2021, up from ~USD 37 billion in 2020. Increasing technological advancements allow spectrometers to offer higher resolution and advanced throughput which is anticipated to fuel the growth of the market. Moreover, the increasing trend of miniaturization of mass spectrometer is contributing to the growth of global mass spectrometer market in the coming years.

Global Mass Spectrometer Market: Growth Drivers and Challenges

Growth Drivers

  • Growth of Biotechnology Industry - As per the data, in 2019, the Indian biotechnology industry was valued around USD 60 billion, which is projected to reach around USD 145 billion by the end of 2025.
  • Increased Research & Development Expenditure – As per data by the World Bank, global research and development expenditure in proportion with gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
  • Rising Government Support Through Various Initiatives & Policies – According to recent data, in March 2022, a total financial outlay of ~USD 660 million was announced for India's pharmaceutical industry under the Strengthening of Pharmaceutical Industry (SPI) scheme. This financial outlay is proposed for a period of next five years.
  • Expansion Petrochemical Industry Mass spectrometers help in the analysis of petrochemicals by identifying and quantifying the individual chemical constituents found in petroleum samples. The global mass spectrometer market is anticipated to grow with increasing production of petrochemicals. According to the data, the global production of petrochemicals was estimated to be around 2 billion metric tons in 2021, an increase of 38% compared to 2018.
  • Rising Number of Clinical Laboratories Globally – As per recent data, there are approximately 200,000 clinical laboratories in the United States, which comprises of hospital laboratories, independent laboratories and other labs. 

Challenges

  • High Price of Mass Spectrometers
  • Lack of Skilled Professionals to Operate such Devices
  • Less Awareness about the Benefits of Mass Spectrometer

The global mass spectrometer market is segmented and analyzed for demand and supply by application into life science research, drug discovery, environmental testing, food testing, applied industries, clinical diagnostics and others. Out of these segments, drug discovery segment is anticipated to garner the largest market share over the forecast period, owing to the rising investment in the research and development of new drugs. According to recent figures, the United States is estimated to spend around USD 610 billion on medicine in 2025. Hence, such factor is estimated to foster the growth of the segment in the coming years.

Global Mass Spectrometer Market Regional Synopsis

Regionally, the global mass spectrometer market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited to the rising investments in the pharmaceutical industries along with growing technical advancements in the region. According to statistics, the pharmaceutical industry of the United States spent about USD 80 billion on research and design development in the year 2019. Hence, such factor is therefore estimated to propel the market growth in the region.

Further, the market in the Asia Pacific is estimated to gain significant growth during the forecast period, owing to the rising government support and increasing number of pharmaceutical companies in the region. As per the data, in India, the Department of Biotechnology was allocated ~USD 340 million in the Union Budget for 2022-23. This fund was allocated to drive further development in the biotechnology industry. Hence, such factors are therefore estimated to drive the growth of global mass spectrometer market during the forecast period.

Mass Spectrometer Market Regional Synopsis

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The global mass spectrometer market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global mass spectrometer market includes the following segments:

By Technology

  • Hybrid Mass Spectrometry
  • Triple Quadrupole
  • Quadrupole TOF (Q-TOF)
  • Fourier Transform Mass Spectrometry (FTMS)
  • Single Mass Spectrometry
  • Quadrupole
  • Time of Flight (TOF)
  • Ion Trap
  • Others

By Application

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

By End Users

  • Pharmaceutical Industry
  • Biotechnology Industry
  • Research & Academic Institutes
  • Environmental Testing Industry
  • Food & Beverage Testing Industry
  • Petrochemical Industry
  • Others
 

Top Featured Companies Dominating the Global Mass Spectrometer Market

  • Agilent Technologies
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Waters Corporation
  • Thermo Fisher Scientific Inc.
  • PerkinElmer
  • Shimadzu Corporation
  • Analytik Jena
  • JEOL
  • Regaku
  • DANI Instruments
  • Bruker Corporation

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