Mass Spectrometer Market Size & Share, by Product Type (Hybrid Mass Spectrometry, Single Mass Spectrometry); Application (Life Science Research, Drug Discovery, Food Testing); End-user (Pharmaceutical, Biotechnology, Research & Academic Institutes, Environmental Testing) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4222
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Mass Spectrometer Market size is expected to reach USD 16.02 Billion by the end of 2033, growing at a CAGR of 8% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of mass spectrometer was over USD 6.87 Billion. The market is estimated to grow on the back of rising investments in the pharmaceutical industry and increasing innovation & development industry applications. According to the data, the total cumulative foreign direct investment (FDI) received by the Indian drugs and the pharmaceutical sector between 2021-22 was around USD 1,400 million.

The globa market is also estimated to witness growth on account of the rising expansion of the life science industry. 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 the mass spectrometer is contributing to the growth of the global mass spectrometer market in the coming years.


Global-Mass-Spectromete-Market
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Mass Spectrometer Sector: Growth Drivers and Challenges

Growth Drivers

  • 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 the 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.
  • Growth of the Biotechnology Industry - As per the data, in 2019, the Indian biotechnology industry was valued at 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 to 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.
  • Rising Number of Clinical Laboratories Globally – As per recent data, there are approximately 200,000 clinical laboratories in the United States, which comprise hospital laboratories, independent laboratories, and other labs.

Challenges

  • High Cost of Mass Spectrometers - presents obstacles, especially when dealing with high-resolution, tandem systems and for companies with limited financial capacity. These systems are rather complex and delicate, so any repairs can only be performed by skilled engineers, adding additional costs.
  • Lack of Skilled Professionals to Operate such Devices
  • Less Awareness about the Benefits of Mass Spectrometers

Mass Spectrometer Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

8%

Base Year Market Size (2022)

USD 6.87 Billion

Forecast Year Market Size (2033)

USD 16.02 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Mass Spectrometer Segmentation

Product Type (Hybrid Mass Spectrometry, Single Mass Spectrometry)

The global mass spectrometer market is segmented and analyzed for demand and supply by product type into hybrid mass spectrometry, and single mass spectrometry. Out of these, the hybrid mass spectrometry segment held the largest market share of 62% in the year 2022 owing to the widespread application and higher level of performance compared to other types of spectrometers. Further, the market is divided by application into life science research, drug discovery, food testing, and others. Out of these segments, the drug discovery segment is anticipated to garner a significant market share owing to the rising investment in the research and development of new drugs with the increasing burden of diseases. According to recent figures, the United States is estimated to spend around USD 610 billion on medicine in 2025.

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

         By Product Type

  • Hybrid Mass Spectrometry (62%)
  • Single Mass Spectrometry (38%)

         By Application

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

        By End-Users

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

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Mass Spectrometer Industry - Regional Synopsis

North America Market Forecast

The North America market, amongst the market in all the other regions, is projected to hold the largest market share of ~38% by the end of 2033. This can be accredited to the rising investments in the pharmaceutical industries along with growing technological advancements in the region. According to statistics, the pharmaceutical industry in United States spent about USD 80 billion on research and design development in the year 2019.

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Companies Dominating the Mass Spectrometer Landscape

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

In the News

  • 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.

  • 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. 

Author Credits:  Radhika Pawar


  • Report ID: 4222
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growth of pharmaceutical industry and rising number of clinical laboratories globally are estimated to majorly boost the market growth.

The market is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2023-2033.

High cost of mass spectrometers is estimated to hinder market growth.

The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Agilent Technologies, Inc., Thermo Fisher Scientific Inc., PerkinElmer, Shimadzu Corporation, Analytik Jena, Jeol, Regaku, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product type, application, end-user, and by region.

The hybrid mass spectrometry segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Mass Spectrometer Market Report Scope
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