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.
Growth Drivers
Challenges
|
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 |
|
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 |
|
|
By Application |
|
|
By End-Users |
|
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.
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 Gupta, Shivam Bhutani
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?