Mass Spectrometry Market

01

Executive Summary

Global Mass Spectrometry Market Size, 2017-2026 (USD Billion)

The global mass spectrometry market size is expected to grow from USD 4.08 billion in 2020 to USD 5.89 billion by 2026 at a CAGR of 6.3%.

Increased spending on pharmaceutical R&D worldwide, government regulations on drug safety, growing focus on the quality of food products, increased production of crude gas and shale, and growing government pollution control and environmental testing programs have high prospects for growing large market of mass spectrometry over time.

Unexpected outbreaks of COVID-19 have had a profound effect on the mass spectrometry market. The market is expected to see a different acquisition set by 2020. The widespread acceptance of a variety of testing applications is very high in the healthcare and pharmaceutical industry, biological research, and the food and beverage industries. New drug development, drug duplication, and increased production of pharma formations have led to an increasing need for safety and quality measures in the pharma industry. Strict government regulations and increased demand for quality maintenance in these industries drive the adoption of greater spectrometry. However, disruption of procurement in the petrochemical industry, as well as regulatory relaxation in pollution control are expected to reduce the adoption of mass spectrometers.

The use of R&D in pharmaceutical companies has skyrocketed over the past two decades. Research activities in the pharmaceutical and biotechnology industry are being invested in key areas, such as biopharmaceuticals and customized pharmaceuticals. According to the 2018 EU R&D Investment Scoreboard 2018, the pharmaceutical and biotechnology sector accounts for 18.9% of global R&D spending. Mass spectrometry plays a major role in the pharmaceutical industry, from the early stages of drug discovery to late-stage development and clinical trials. Therefore, the increase in investment in the pharmaceutical and biotechnology industry is expected to encourage the growth of the mass spectrometry market.

Spectrometry instruments are equipped with advanced features and performance and thus cost less. Apart from program costs, system compliance costs at industry levels are also very high. As a result of technological advances and increasing efficiency, demand for more spectrometers has grown over the years. However, advances in technology have increased the prices of the system. The price of an influential display affects the purchase decision of end-users. Pharmaceutical companies need many such programs, and therefore, the cost of capital is very high. In addition, subject research labs find it difficult to pay for these programs, as they control the budget. These are the major factors that limit the acceptance of mass spectrometry systems among end-users.

Developing countries such as China and India present various opportunities for large-scale spectrometry market growth. Together, China and India are in dire need of more tram strokes and hybrid spectrometry instruments thanks to Greenfield projects developed in various user industries in these countries. The biopharmaceutical industry in these countries is strong and is expected to contribute significantly to the growth of the spectrometry and chromatography markets. Key industry players are establishing new facilities, R&D centers, and new facilities to take advantage of this opportunity and partner with players in the Asian market.

Skilled and knowledgeable staff are needed for the optimal use of spectrometry equipment. Errors such as improperly inserting a sample into GC-MS or LC-MS or issues such as fingerprints or foams in the solution may affect the quality of the final result. In addition, in large spectrometry, sample preparation (including aliquoting, dilution, and extraction) is an important step in separating the analyst's interest. It removes distractions that can affect the accuracy of the result. Lack of information about the right technology choices also affects outcomes and can create direct and indirect costs for end-users. There is currently a shortage of skilled workers to improve approach, validation, performance, and problem-solving activities, which are expected to hinder the growth of the mass spectrometry market to some extent in the coming years.

By end-user, the mass spectrometry market is divided into the pharmaceutical industry, biotechnology industry, research & academic institutes, environmental testing industry, food & beverage testing industry, petrochemical industry among and other end users. The pharmaceutical industry is among the largest end-users of mass spectrometers. The availability of government and corporate funding for pharmaceutical research, the growth of the pharmaceutical industry, and the existence of robust drug and safety management guidelines are some of the factors contributing to the growth of this sector during the forecast period.

By product, the market for mass spectrometry is divided into hybrid mass spectrometry, single mass spectrometry and other technologies. The hybrid mass spectrometry component is expected to see very rapid growth during the forecast period. The benefits offered by hybrid mass spectrometers, such as the ability to quickly test and solve high-resolution and precise results, increase its acceptance. As a result, the demand for spectrometry devices for the majority of advanced tests is also growing. The hybrid mass spectrometry component is further subdivided into Triple Quadrupole, Quadrupole ToF (Q-ToF), and Fourier Transform Mass Spectrometry (FTMS).

By application, the mass spectrometry market is divided into life science research, drug discovery, environmental testing, food testing, applied industries, clinical diagnostics, and other applications. Among these, life science research segment dominated the market in 2020. The increasing use of omics technology in the identification and identification of biomarkers and the increase in R&D spending and government proteomics funding are expected to create markets for this segment.

North America is estimated to be the largest market for mass spectrometry market during the forecast period. The North American mass spectrometry market is largely driven by factors such as growing research funding and government programs in the US, widespread use of large-scale spectrometry in the field of metabolomics and petroleum, and CFI funding for spectrometry projects in Canada. In addition, regulatory agencies in the US, such as the Food and Drug Administration (FDA), encourage the use of analytical methods to ensure that pharmaceutical products released on the market comply with quality requirements. Recently, the US has seen a significant increase in shale gas and crude oil production by growing oil fields and this has led to a subsequent increase in the use of analytical tools such as mass spectrometers.

The major players in the mass spectrometry market are Thermo Fisher Scientific (US), PerkinElmer (US), Agilent Technologies (US), Waters Corporation (US), SCIEX (US), Shimadzu Corporation (Japan), JEOL (Japan), Bruker (US), Analytik Jena (Germany), DANI Instruments (Italy), LECO (US), Hiden Analytical (UK), and Rigaku (Japan).

Revenue Share (%), By Technology (2019)
Revenue Share (%), By Application (2019)
Revenue Share (%), By End User (2019)
Revenue Share (%), By Region (2019)

02

Market Overview

The base currency considered was the US Dollar (USD). Conversion of other currencies to USD was considered on the basis of the average exchange rate for the respective review-period years. The exchange rate conversion for forecast period was determined according to the base year’s conversion rates.
The base year was identified based on the availability of annual reports and secondary information. The base year considered for this study is 2027.
The review period considered for this study is from 2018-2027. The CAGR is for the forecast period, 2022-2027.
Market size estimations for the forecast years were in real terms. Inflation is not part of the pricing, and the average selling price (ASP) was kept constant throughout the forecast period for each country.
Distribution of primary interviews conducted was based on the regional share of the market and the presence of key players in each region.
As a result of data triangulation through multiple methodologies and approaches, the weighted averages of resulting estimates were considered to be the final values.

The currency used in this report is USD, with the market size indicated in terms of USD million/billion.
For companies reporting their revenues in USD, the revenues were taken from their respective annual reports/SEC filings.
For companies reporting their revenues in other currencies, the average annual currency conversion rates were used for a particular year to convert the value to USD Market Definition.

03

By Technology

By Technology, The global Mass Spectrometry Market analysis covers Hybrid Mass Spectrometry, Other Mass Spectrometry Technologies, Single Mass Spectrometry.

The Hybrid Mass Spectrometry segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Hybrid Mass Spectrometry: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Other Mass Spectrometry Technologies segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Other Mass Spectrometry Technologies: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Single Mass Spectrometry segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Single Mass Spectrometry: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

04

By Region

By Region, The global Mass Spectrometry Market analysis covers Asia-Pacific, Europe, Latin America, Middle East & Africa, North America.

The Asia-Pacific segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Asia-Pacific: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Europe segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Europe: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Latin America segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Latin America: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Middle East & Africa segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Middle East & Africa: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The North America segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

North America: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

05

By Application

By Application, The global Mass Spectrometry Market analysis covers Applied Industries, Clinical Diagnostics, Drug Discovery, Environmental Testing, Food Testing, Life Science Research, Other Applications.

The Applied Industries segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Applied Industries: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Clinical Diagnostics segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Clinical Diagnostics: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Drug Discovery segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Drug Discovery: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Environmental Testing segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Environmental Testing: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Food Testing segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Food Testing: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Life Science Research segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Life Science Research: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Other Applications segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Other Applications: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

06

By End-user

By End-user, The global Mass Spectrometry Market analysis covers Biotechnology Industry, Environmental Testing Industry, Food & Beverage Testing Industry, Other End-users, Petrochemical Industry, Pharmaceutical Industry, Research & Academic Institutes.

The Biotechnology Industry segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Biotechnology Industry: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Environmental Testing Industry segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Environmental Testing Industry: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Food & Beverage Testing Industry segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Food & Beverage Testing Industry: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Other End-users segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Other End-users: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Petrochemical Industry segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Petrochemical Industry: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Pharmaceutical Industry segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Pharmaceutical Industry: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

The Research & Academic Institutes segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Research & Academic Institutes: global Mass Spectrometry Market Revenue Opportunity (Us$ Mn)

08

Asia-Pacific

Based on the Asia-Pacific, the Mass Spectrometry Market analysis covers China, Japan, India, Southeast Asia, Australia & New Zealand, Rest of Asia-Pacific.