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Singapore, Feb. 02, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Growth Plus Reports, the global mass spectrometry market is expected to clock US$ 32.23 billion by 2030 and to grow at a CAGR of 7.80% during the forecast period. owing to increasing funding for research activities, favorable government initiatives, and collaborations with industry players. This exclusive information is published by Growth Plus Reports in its report titled“Mass Spectrometry Market – Global Outlook & Forecast 2022-2030”
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One of the major factors driving the global mass spectrometry market growth is the rapid advancement of technology in mass spectrometers. The pharmaceutical industry relies heavily on mass spectroscopy. As a result, increased funding for pharma infrastructure development will directly impact market growth. Rising R&D spending, particularly in developed and developing economies, will open up new market opportunities for medical instruments and devices. Additionally, pharmaceutical and biopharmaceutical companies' research and development capabilities for integrating advanced technologies in healthcare facilities are also boosting market growth rates.
Excerpts from 'By End-user Segmentation'
Based on end-user, the global mass spectrometry market has been segmented into:
Pharmaceutical & Biotechnology Food & Beverage Testing Environmental Testing
The pharmaceutical & biotechnology segment dominated the market in 2021, accounting for the largest revenue share, and is expected to grow at the fastest CAGR during the forecast period. Pharmaceutical & biotechnology analysis includes the collection of processes for determining, identifying, purifying, and quantifying a substance, determining the structure of chemical compounds, or separating the components of a solution or mixture.
Some key players provide specialized instruments for pharmaceutical analysis. Agilent Technologies, Inc., for example, offers Raman pharmaceutical analysis systems - TRS100 quantitative pharmaceutical analysis system. The TRS100 system enables quick and simple whole-content uniformity and polymorph screening for pharmaceutical finished-product testing and formulation development, such as capsule, tablet, or other dosage forms. Spectrometry technology is used in the pharmaceutical & biotechnology industry to quantify drugs for novel applications. For example, liquid chromatography-mass spectrometry (LC-MS) technology was used to quantify the anti-COVID-19 drug 'remdesivir' in patients and determine its efficacy in treating disease.
Excerpts from 'By Region Segmentation'
Based on the region, the global mass spectrometry market has been segmented into:
North America Europe Asia Pacific Rest of the World
North America is expected to dominate the market. Mass spectrometry is used in pharmaceutical, biotechnology, and industrial chemistry. North America has a strong presence in the chemical industry. Market players in North America are constantly working to introduce advanced mass spectrometer products. In 2019, Bruker, a mass spectrometer manufacturer, announced the 'timsTOF flex' mass spectrometer at the American Society for Mass Spectrometry Conference (ASMS). A desktop tandem mass spectrometer that is as sensitive and compact as the Xevo TQ Absolute equipment was unveiled by Waters Corporation in March 2022. The latest mass spectrometer, according to the manufacturer, is 45% smaller. Compared to its predecessor, it uses up to 50% less gas and energy. It is up to 15X more sensitive when evaluating compounds that are negatively ionized. The LCMS-2050 liquid chromatography quadrupole mass spectrometer was released by Shimadzu Scientific Instruments in June 2022. High-speed and highly sensitive analysis are also offered, with a significantly smaller footprint.
The mass spectrometry market is also expected to expand significantly in Europe. In Europe, biotechnology is a major industry. As a result, more than half of the companies increased their biotechnology R&D spending. These factors are expected to benefit the mass spectrometry market. The mass spectrometry market in Europe is further expanding due to the high penetration of mass spectrometers in industrial and non-industrial research as well as technological advancements. The United Kingdom held the largest share of the European mass spectrometry market. Growing food safety concerns and increased pharmaceutical investment have accelerated the growth of the mass spectrometry market in the United Kingdom.
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Some of the prominent players of the global spectrometry market include:
Agilent Technologies Thermo Fisher Scientific, Inc. PerkinElmer, Inc. Waters Corporation Bruker Corporation MKS Instruments, Inc. Endress+Hauser Group, JEOL Ltd. FLIR Systems, Inc. Shimadzu Corporation
Furthermore, market leaders use organic growth strategies to strengthen their market position. These activities have paved the way for market participants to expand their business and customer base. With the rising demand for in mass spectrometry market in the global market, market players in the market are expected to benefit from lucrative growth opportunities in the future. For instance, in June 2022, Thermo Fisher Scientific, a leading manufacturer of innovative medical technologies, announced the availability of its Direct Mass Technology mode for simultaneous charge detection for analysis of previously unmeasurable analytes. It will also help laboratories and medical research institutes decipher complex mixtures of large macromolecules by providing proteomics.
Table of Content INTRODUCTION Market Ecosystem Timeline Under Consideration Historical Years – 2020 Base Year – 2021 Forecasted Years – 2022 to 2030 Currency Used in the Report RESEARCH METHODOLOGY Research Approach Data Collection Methodology Data Sources Secondary Sources Primary Sources Market Estimation Approach Bottom Up Top Down Market Forecasting Model Limitations and Assumptions PREMIUM INSIGHTS Current Market Trend (COVID-19 Perspective) Key Players & Competitive Positioning (2021) MARKET DYNAMICS Drivers Restraints Opportunities GLOBAL MASS SPECTROMETRY MARKET- ANALYSIS & FORECAST, BY PRODUCT TYPE Hybrid Single Others
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