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% during the forecast period. The growth of the market is largely driven by the global rise in growing focus on the quality of food products, pollution control, environmental testing and increase in crude and shale gas production. Furthermore, the increasing spending on pharmaceutical R&D across the globe is anticipated to further propel market growth.

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Mass Spectrometry Market by Product (Instrument (Triple Quadrupole, Q-TOF, FTMS, Quadrupole, TOF), Services), Sample Preparation (LC-MS, GC-MS), Application (Omics, Clinical, Environmental), End User (Pharma, Academia, F&B) & Region – Forecasts to 2028

Based on the product, the mass spectrometry is segmented into instrument and software & services. During the forecast period, instrument is expected to dominate the mass spectrometry market. The growth of mass spectrometry instruments will be driven by the procedural benefits offered by LC-MS and triple-quadrapole mass spectrometer.

Based on sample preparation technique, the mass spectrometry is segmented into GC-MS, LC-MS, ICP-MS, and others. During the forecast period, LC-MS are expected to dominate the mass spectrometry market. The growth is attributed to its several analytical advantages such as higher accuracy, improved lower detection limits and also its broad applicability to a wide range of rigorous demands of the analytical market.

Based on application, the mass spectrometry market is segmented into OMICS research, drug discovery, environmental testing, food testing, pharma-biopharma manufacturing, clinical diagnostics, applied industries, and other applications. During the forecast period, the OMICS research segment is estimated to hold the largest market share of the mass spectrometry market. The advancements in biological research in proteomics and genomics being the major driver for growth. The segment includes life science related research like Genomics, Proteomics and Metabolomics.

The mass spectrometry market covers five key geographies—North America, Europe, Asia Pacific, Latin America and Middle East. The market in North America accounted for the largest share of market in 2022. The large share of the market can be attributed to the strong presence of major pharmaceutical companies and the large number of life science research studies conducted in the region. Europe is expected to account for the second-largest share of the global mass spectrometry market. Factors such as the flourishing biotechnology industry and favourable R&D scenarios are driving the growth of the mass spectrometry market in Europe.

The mass spectrometry business is very competitive, with both established companies and newcomers competing for the same market share. As of 2022, the key players operating in the global mass spectrometry market are SCIEX AB (US), Thermo Fisher Scientific (US), Agilent Technologies (US), Waters Corporation (US), PerkinElmer Inc. (US), Shimadzu Corporation (Japan) and Bruker Corporation (US) among others.

Recent Developments of Mass Spectrometry Industry

In January 2022, Thermo Fisher and Symphogen extended their collaborative partnership with aim to deliver workflows for simplified characterization and quality monitoring of complex therapeutic proteins using the Thermo Scientific Q Exactive Plus Orbitrap LC-MS/MS system.
In February 2023, SCIEX announced collaboration with HighRes Biosolutions to bring customizable automation solutions powered by Cellario software, which would add automation benefits to the Echo MS system.
In February 2022, Waters Corporation acquired Charge Detection Mass Spectrometry technology assets and intellectual property rights of Megadalton Solutions, Inc., to broaden its application in Cell and Gene Therapy.
In September 2022, Agilent Technologies partnered with MOBILion Systems for ion mobility separation technology called Structures for Lossless Ion Manipulation (SLIM) on its Q-TOF mass spectrometers.

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.

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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.

The rise in advantages offered by mass spectrometry to be used in therapeutics is one of the major factors anticipated to boost market growth in the forecasting years.

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Mass Spectrometry Key Market Players:

Based on product, the mass spectrometry market is segmented into instrument and software & services. Instruments are expected to dominate the mass spectrometry market during the forecast period. Due to its excellent high throughput screening, ability of rapid and high-resolution testing, and usage for various applications is highly advantageous.

Based on sample preparation technique, the mass spectrometry is segmented into GC-MS, LC-MS, ICP-MS, and others. LC-MS are expected to dominate the mass spectrometry market during the forecast period. The growth is attributed to its broad applicability to a wide range of rigorous demands of the analytical market and industries.

Based on applications, the mass spectrometry market is segmented into OMICS research, drug discovery, environmental testing, food testing, pharma-biopharma manufacturing, clinical diagnostics, applied industries, and other applications. The OMICS research segment is estimated to hold the largest market share of the mass spectrometry market during the forecast period. The segment includes life science related research like Genomics, Proteomics and Metabolomics.

The end-user market is segmented pharmaceutical companies, biotechnology companies, research labs & academic institutes, environmental testing labs, F&B industry, forensic labs, petrochemical industry and other end users. Pharmaceutical companies accounted for the largest share of the global mass spectrometry market in 2022. This end-user segment is also estimated to grow at the highest CAGR during the forecast period. This can be attributed to the factors such as presence of stringent regulatory guidelines for drug development and safety and availability of government and corporate funding for pharmaceutical research.

The mass spectrometry market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The market in the North America region is expected to hold significant market share for mass spectrometry in 2022. The growth of the mass spectrometry market in this region can be attributed to the increasing investments in pharmaceutical R&D and government funding for R&D activities.

Recent Developments:

In January 2022, Thermo Fisher and Symphogen extended their collaborative partnership with aim to deliver workflows for simplified characterization and quality monitoring of complex therapeutic proteins using the Thermo Scientific Q Exactive Plus Orbitrap LC-MS/MS system.
In February 2023, SCIEX announced collaboration with HighRes Biosolutions to bring customizable automation solutions powered by Cellario software, which would add automation benefits to the Echo MS system.
In February 2022, Waters Corporation acquired Charge Detection Mass Spectrometry technology assets and intellectual property rights of Megadalton Solutions, Inc., to broaden its application in Cell and Gene Therapy.
In September 2022, Agilent Technologies partnered with MOBILion Systems for ion mobility separation technology called Structures for Lossless Ion Manipulation (SLIM) on its Q-TOF mass spectrometers.

Factors such as increasing spending on pharmaceutical R&D across the globe, government regulations on drug safety, growing focus on the quality of food products, increase in crude and shale gas production, and growing government initiatives for pollution control and environmental testing are high growth prospects for the mass spectrometry market during the forecast period.

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Mass Spectrometry Key Market Players:

Based on the product, the mass spectrometry is segmented into instrument and software & services. Instruments segment to register significant growth rate over the forecast period of 2023-2028. Advantages offered by instruments, such as rapid and high-resolution testing abilities with more accurate and precise results, are increasing its adoption. Consequently, the demand for mass spectrometry devices for high throughput screening is also growing. The instrument segment is further divided into hybrid mass spectrometry, single mass spectrometry and other technologies.

Based on sample preparation technique, the mass spectrometry is segmented into GC-MS, LC-MS, ICP-MS, and others. The LC-MS segment is estimated to hold the largest market share of the mass spectrometry market during the forecast period. The large share of this segment can be attributed to its ability to identify and measure a broader range of compounds with minimal sample preparation. LC-MS can identify a broader range of compounds. LC-MS is applied in many industries such as pharmaceuticals, biopharmaceuticals, forensic, industrial, food and environmental sector. For clinical research, the analysis of drugs, vitamins and minerals in whole blood, plasma, serum and urine is conducted routinely using LCMS. It is a more sensitive instrument.

Based on application, the mass spectrometry is segmented into OMICS research, drug discovery, environmental testing, food testing, pharma-biopharma manufacturing, clinical diagnostics, applied industries, and other applications. The OMICS research segment is estimated to hold the largest market share of the mass spectrometry market during the forecast period. The large share of this segment can be attributed to the increasing application of omics technology in diagnostics & biomarker identification and the increasing R&D expenditure and government funding for proteomics are expected to drive the market for this segment.

The major end users in the mass spectrometry market are pharmaceutical companies, biotechnology companies, research labs & academic institutes, environmental testing labs, F&B industry, forensic labs, petrochemical industry and other end users. Pharmaceutical companies are expected to dominate the market during the forecast period. The availability of government and corporate funding for pharmaceutical research, growth of the pharmaceutical industry, and the presence of stringent regulatory guidelines for drug development and safety are some of the key factors driving the growth of this segment during the forecast period.

In 2023, Asia Pacific is expected to register a significant growth in the market during the forecast period. Asia Pacific comprises the China, Japan, India, South Korea, Australia, ASEAN Region, rest of APAC. Factors such as the significant funding for mass spectrometry and environmental monitoring regulations are driving the growth of the Asia Pacific mass spectrometry market.

Mass Spectrometry Market Dynamics:

Drivers:

Increasing R&D investments in the pharmaceutical and biotechnology industry

Restraints:

Premium Product Pricing

Opportunities:

Growth opportunities in emerging countries

Challenges:

Dearth of Skilled Professionals

Mass Spectrometry Market in terms of revenue was estimated to be worth $5.4 billion in 2023 and is poised to reach $7.8 billion by 2028, growing at a CAGR of 7.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as increasing spending on pharmaceutical R&D across the globe, government regulations on drug safety, growing focus on the quality of food products, increase in crude and shale gas production, and growing government initiatives for pollution control and environmental testing are high growth prospects for the mass spectrometry market during the forecast period.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=437

Mass Spectrometry Key Market Players:

Instruments segment to register significant growth rate over the forecast period of 2023-2028

LC-MS segment accounted for the largest share of the mass spectrometry in 2023-2028

OMICS research segment accounted for the largest share of the mass spectrometry in 2023-2028

Pharmaceutical companies’ segment to register for the highest growth rate of the mass spectrometry in 2023-2028

Asia Pacific to register a significant growth in the market during the forecast period

Mass Spectrometry Market Dynamics:

Drivers:

Technological advancements in mass spectrometers
Government initiatives for pollution control and environmental testing
Increasing spending on pharmaceutical R&D
Government regulations on drug safety
Growing focus on quality of food products
Increase in crude and shale gas production

Restraints:

Premium Product Pricing

Opportunities:

Growing opportunities in emerging markets

Challenges:

Dearth of Skilled Professionals