Rapid Growth in Mass Spectrometry Market

The global mass spectrometry market is projected to reach USD 7.8 billion by 2028 from USD 5.4 billion in 2023, growing at a CAGR of 7.5%

The global mass spectrometry market is witnessing robust growth, driven by increasing research and development investments in the pharmaceutical and biotechnology sectors. Valued at $5.4 billion in 2023, this market is projected to reach $7.8 billion by 2028, expanding at an impressive compound annual growth rate (CAGR) of 7.5%.

Mass spectrometry plays a crucial role in drug discovery and development processes, from early-stage research to clinical trials. As pharmaceutical companies continue to invest in biopharmaceuticals and personalized medicine, the demand for mass spectrometry instruments and services is expected to surge.

Download a PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=437

While premium pricing for these advanced systems remains a restraint, emerging economies like China and India present lucrative growth opportunities. The flourishing biopharmaceutical industries in these countries are fueling the demand for mass spectrometers and hybrid spectrometry instruments.

However, the market faces a significant challenge in the form of a skilled workforce shortage. Efficient operation and troubleshooting of mass spectrometry equipment require specialized expertise, which is currently in limited supply.

The market is segmented based on products, sample preparation techniques, applications, and end-users. The hybrid mass spectrometry segment dominates the product category, while liquid chromatography-mass spectrometry (LC-MS) leads in sample preparation techniques due to its high sensitivity and minimal sample preparation requirements.

The OMICS research segment, encompassing genomics, proteomics, and metabolomics, is expected to witness substantial growth during the forecast period, driven by advancements in diagnostics and biomarker identification.

Regionally, North America currently holds the largest market share, fueled by robust funding for research, government initiatives, and widespread usage in sectors like metabolomics and petroleum.

Key players in the mass spectrometry market include SCIEX AB, Thermo Fisher Scientific, Agilent Technologies, Waters Corporation, PerkinElmer Inc., Shimadzu Corporation, Bruker Corporation, Analytik Jena, JEOL Ltd., Hiden Analytical, and MKS Instruments, among others.

Thermo Fisher Scientific (US)

Thermo Fisher is a US-based company that offers a complete and integrated portfolio of solutions and services for laboratory research & analysis, healthcare & clinical science, manufacturing, and other fields. The company operates through four business segments, namely, Analytical Instruments, Life Sciences Solutions, Specialty Diagnostics, and Laboratory Products & Services. The Analytical Instruments business segment offers mass spectrometry products. Thermo Fisher being a major player can be attributed to its extensive portfolio of mass spectrometry equipment used for various applications. It focuses on expanding its product portfolio by introducing new and advanced mass spectrometers for customers in biotechnology, pharmaceuticals, toxicology, forensics, and other fields. In 2021, the company launched new mass spectrometry software, MAM 2.0 workflow and Orbitrap Exploris MX mass detector. Thermo Fisher Scientific also engages in collaborations and agreements for growth.

SCIEX (US)

SCIEX, a US-based scientific instrumentation provider, is another major player in the mass spectrometry market. The company provides an elaborate portfolio of liquid chromatography-mass spectrometry instruments & accessories for life science, clinical research, and industrial markets. The company provides products mainly targeted at environmental testing, especially water analysis. It has focused on organic & inorganic growth strategies, including product launches, collaborations, and partnerships. Also, in 2021, the company built a new category of analytical instrumentation with icIEF-MS in collaboration with customer partnerships, which can help SCIEX gain an advantage over its competitors

Agilent Technologies (US)

Agilent Technologies provides a comprehensive portfolio of LC-MS, GC-MS, and ICP-MS in the mass spectrometry market. The company has a strong presence in North America and Europe. Over the last few years, the company has increased its R&D activities with a focus on investing a significant amount of its revenue in R&D; and will continue to have significant research and development expenditures in order to maintain the competitive position with a continuing flow of innovative, high-quality products and services. The company is also focusing on acquisitions, collaborations, and expansions to maintain its position in the market. For instance, in 2018, Agilent acquired its related business from Young In Scientific Co. Ltd. (a distributor of analytical and scientific instruments in South Korea), which helped it expand its presence in the South Korean market. Agilent’s mass spectrometers are reasonably priced in comparison to its competitors.

As the pharmaceutical and biotechnology industries continue to evolve, the mass spectrometry market is poised for significant growth, driven by technological advancements, emerging applications, and increasing demand from both developed and emerging economies.