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).