Mass Spectrometry Market by Platform (Hybrid Mass Spectrometry, Single Mass Spectrometry, Other Platforms), Application (Pharmaceutical & Biotechnology, Environmental Testing, Food & Beverage Testing, Petrochemicals, Other Applications): Global Market Size Estimates and Forecast (2022-2030)

The market crossed the US$ 5.0 billion mark in 2022 and is expected to hit US$ 6.0 billion by 2030, recording a CAGR of 6.5% during the forecast period.

Increasing R&D investments in the pharmaceutical and biotechnology industry

Mass spectrometry plays a key role in the pharmaceutical industry, from the early stages of drug discovery to late-stage development and clinical trials. Thus, increasing funding in the pharmaceutical and biotechnology industry is expected to drive the growth of the market. The R&D expenditure of pharmaceutical companies has increased significantly over the last two decades. Research activities in the pharmaceutical and biotechnology industries are driven by investments in key areas, such as biopharmaceuticals and personalized medicine. For Instance: According to the 2018 EU Industrial R&D Investment Scoreboard, the pharmaceutical and biotechnology sector amounts to 18.9% of total global R&D expenditure. Thus, increasing funding in the pharmaceutical and biotechnology industry is expected to drive the growth of the mass spectrometry market.  The hybrid mass spectrometry segment is expected to pace up with the advantages offered by hybrid mass spectrometers, such as rapid and high-resolution testing abilities with more accurate and precise results thereby, leading to its increased adoption.

Within the report, the market is segmented into platform, application, and geography. Basedon the platform, the market is segmented into hybrid mass spectrometry, single mass spectrometry, and other platforms. Further, by application, the market is segmented into pharmaceutical and biotechnology, environmental testing, food & beverage testing, petrochemicals, and other applications. Geographically, the market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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The COVID-19 pandemic has resulted in a global healthcare crisis and widespread economic impact since January 2020. However, the global mass spectrometry market was impacted positively. There has been an inflated demand for multiple spectrometers from the biotechnology and pharmaceutical industries due to the COVID-19 driving market. By September 2020, in India, researchers at the National Center for Disease Control (NCDC), and the Delhi-based Institute of Genomics and Integrative Biology (IGIB) were able to find a novel coronavirus (COVID-19) with 95% sensitivity and 100% precision concerning RT-PCR using a mass spectrometer. Furthermore, in April 2020, UK diagnostics firm MAP Sciences announced the development of a rapid test for the COVID-19 virus. This technology uses multiple spectrometries to detect different proteins in COVID-19 and is intended to deliver test results within 30 minutes. These developments are expected to foster the growth of the market during the forecast period.

The pharmaceutical and Biotechnology segment showcases the high growth of the mass spectrometry market.

Based on application, pharmaceutical and biotechnology can be attributed to accounting highest market share during the analysis period. Mass spectrometers are massively utilized in the pharmaceutical and biotechnology industry for various applications from the primary phases of drug discovery through the final stages of development and clinical trials. The availability of government and corporate funding for pharmaceutical research, the growth of the pharmaceutical industry, and the presence of stringent regulatory guidelines for drug development and safety thereby drive the overall market growth of pharmaceutical and biotechnology during the forecast period.

Recent strategic developments in the mass spectrometry market

The mass spectrometry market has undergone several significant developments, and a few of these have been mentioned below:

• In June 2022, Bruker Corporation extends the power of mass spectrometry inside and outside the laboratory to Point-of-Need (PoN) analysis with the introduction of the DART-EVOQ triple quadrupole mass spectrometer for high-throughput quantitative analyses. The DART-EVOQ does not require chromatography separations for applied market analysis in food/beverage, forensics, industrial, security, environmental and pharmaceutical workflows.
• In April 2020, Perkin Elmer has expanded its analysis and automation portfolio for quality, safety, and content testing by introducing spectroscopy systems to help streamline workflows, sharpen insights and performance, and provide ease of use. The portfolio includes the following systems- NexION 5000 Multi-Quadruple ICP-MS, Spectrum 3 spectrometer, Spectrum Two + spectrometer, and S20 Autosamplers Series.

The mass spectrometry market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. AB Sciex Pte. Ltd., Bio-Rad Laboratories, Bruker, JEOL Ltd., Kore Technology Limited, LECO Corporation, MKS Instruments, PerkinElmer Inc., Rigaku Corporation, and Thermo Fisher Scientific are among the prominent players operating in the market.

Target audience for the report:

• Mass Spectrometers providers
• Mass spectroscopy-related associations, organizations, forums, and alliances
• Government bodies, such as regulating authorities
• Venture capitalists, private equity firms, and start-up companies
• End users of mass spectrometers
• Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on:

• Type:
  • Diagnostic Devices
  • Diagnostic Tests

• Application
  • Breast Cancer
  • Infectious Disease Testing
  • Osteoporosis Testing
  • Pregnancy and Fertility Testing
  • Sexually Transmitted Disease Testing
  • Others

• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa

• Companies profiled
  • Abbott Laboratories
  • Becton Dickinson and Company
  • bioMérieux SA
  • Cardinal Health
  • F. Hoffmann-La Roche AG
  • GE Healthcare
  • Hologic, Inc.
  • Koninklijke Philips N.V.
  • Quest Diagnostics Inc.
  • Siemens AG