Mass Spectrometry Market Size, Share & Trends Analysis Report By Product (Instruments, Consumables & Services), By Technology, By Application (Proteomics, Metabolomics), By End-use, By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Mass Spectrometry market size is evaluated at USD 6.95 billion in 2022 and is expected to hit around USD 11.53 billion by 2030, growing at a CAGR of 7.99% from 2022 to 2030. 

Key Takeaways:

  • The instruments segment held the largest revenue share of 77.65% in 2021. This instrument segment drives the mass spectrometry industry as spectrometers offer a wide range of applications in the biotechnology sector for diagnostics and drug development
  • Quadrupole liquid chromatography-mass spectrometry dominated the market in 2021 with a share of 36.33%. This is due to the significant advantages in accuracy and in-depth analysis offered by the technology
  • By application, proteomics accounted for the largest share of 46.37% in 2021. The rising prevalence of infectious disease globally and efficient testing alternatives offered by mass spectrometry-based diagnostic techniques are driving the segment
  • North America held the largest revenue share of 41.71% in 2021, due to the presence of an established healthcare sector and key players such as Thermo Fisher Scientific, Inc.; Agilent Technologies, Inc.; Bruker Corporation; Danaher Corporation, and others in the region
  • The pharmaceutical and biotechnology companies segment held the largest revenue share of 43.61% in 2021. This is due to the rapid increase in research and development activities in recent years

Rising awareness regarding early detection of chronic and infectious diseases and emerging technological advancements in diagnostic instruments are expected to significantly drive the market growth. In addition, there has been an increase in demand for cost-effective and automated techniques for disease diagnosis which is anticipated to increase the demand for mass spectrometry techniques and positively affect the growth.

The COVID-19 pandemic has boosted the demand for vaccine development due to recent advancements in virology-based research. Here, mass spectrometry has applications for the study of viral structure for SARS-CoV-2. The technique can also be used to study complex protein structures and protein-protein interactions associated with the virus. Hence, various pharmaceutical and biotechnology companies involved in COVID-19 vaccine and drug development efforts are anticipated to increase the demand for instruments and consumables.

In addition, various academic institutions and companies are indulging in product development strategies to support the demand for mass spectrometry from the proteomic market. For instance, in September 2022, the director of Northwestern’s Proteomics Center of Excellence published a paper on the development of a new imaging approach to enhance the identification of intact proteoforms. The team of researchers has built a Proteoform Imaging Mass Spectrometry (PiMS) system which is anticipated to assist mass spectrometry in various applications, including the detection of novel biomarkers, mapping of molecular tissue, and improvement in disease diagnosis.

Similarly, in October 2022, Thermo Fisher Scientific, Inc. announced the launch of mass spectrometry consumables and instrument that allows end-users in proteomics and biopharma to achieve significant breakthroughs. The instrument, known as Thermo Scientific Orbitrap Ascend Tribrid mass spectrometer, provides a new capability to direct multiple ions and enables to gain deeper insights into samples, along with rapid detection.

Report Scope of the Mass Spectrometry Market

Report Coverage

Details

Market Size

USD 11.53 Billion by 2030

Growth Rate

CAGR of 7.99% from 2022 to 2030

Largest Market

North America

Fastest Growing Market

Asia Pacific

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

Product, technology, application, end-use and Region,

Companies Mentioned

Thermo Fisher Scientific, Inc.; Agilent Technologies, Inc; Danaher Corporation; Waters Corporation; BrU.K.er Corporation; Shimadzu Corporation; PerkinElmer, Inc.; Rigaku Corporation; LECO Corporation; JEOL Ltd.

 

Product Insights

The instruments segment held the largest revenue share of 77.65% in 2021. Spectrometers offer a wide range of applications in the biotechnology sector and are witnessing rising awareness about the benefits of mass spectrometry workflows. These instruments can be used in clinical and preclinical testing for drug discovery as well as for biomedical research in the pharmaceutical industries.

For instance, high-resolution hybrid mass spectrometry can be used in the development of cell therapies for cancer treatment. Over the past few years, the technique has become important for proteomics-based research applications such as the determination of the molecular mass of peptides, and peptide sequences. Such advancements in mass spectrometry applications are anticipated to fuel the segment.

The consumables & services segment is projected to record a rapid CAGR over the forecast period due to the increasing demand for such products from various academic institutions and research centers. Such institutions offer researchers access to mass spectrometry systems in their labs at a nominal cost, and in turn, drive the demand for consumables. In addition, revenue from services such as maintenance and analytical testing is expected to grow with the increasing adoption of the technique for various academic and pharmaceutical research and development activities.

Technology Insights

Quadrupole liquid chromatography-mass spectrometry led with the largest share of 36.33% in 2021. Demand for this technology has grown significantly in the past few years due to the advantages offered by the technique. For instance, the triple quadrupole technology is one of the essential analytical techniques for clinical research analysis and can measure trace levels of biomarkers in complex matrices of biological fluids. Several key players have established offerings in this domain. For instance, Waters Corporation, a leading producer of this technology, offers mass spectrometry products used for the characterization of biomolecules for application in biotherapeutics, metabolomics, extracts, and leachable.

The Fourier transform-mass spectrometry (FT-MS) is the fastest-growing segment and is expected to grow at a CAGR of 8.78% over the forecast period. This can be attributed to the high resolving power, minimal error rate, high accuracy, and ease of operations offered by the technique. The technology also has applications in forensic laboratories for the identification of drugs and contraband substances such as cocaine. Such a broad range of applications can open new avenues for the growth of the segment in the coming years.

Application Insights

The proteomics segment held the largest revenue share of 46.37% in 2021. Mass spectrometry-based proteomics research is a comprehensive technique for quantitative profiling of proteins and studying protein-protein interactions. Advancements and the widespread availability of quantitative proteomics workflows have expanded the scope for studying protein function, structure, transformation, and overall protein dynamics.

In addition, developments in mass spectrometry technology are opening opportunities in single-cell analysis and clinical applications. The technology is anticipated to establish a strong position in various applications, including detecting novel biomarkers, mapping molecular tissue, and improving disease diagnosis. Such advancements are likely to fuel the growth prospects for the mass spectrometry market.

Metabolomics is projected to be the fastest-growing segment over the forecast period due to the wide range of applications of mass spectrometry in cancer screening and diagnosis. The technique can be used to study a vast number of compounds in a single sample which enables the analysis of multiple sample constituents in a single run. As metabolomics is gaining traction as an important omics technology for diagnostic and prognostic applications in several chronic and infectious diseases, the segment is expected to witness significant growth.

End-use Insights

The pharmaceutical and biotechnology companies segment dominated the market in 2021 due to the extensive adoption of protein sequencing using mass spectrometry in the pharmaceutical industry for drug discovery and development processes. The growing demand for biomolecule analysis and drug component analysis is expected to further drive the segment growth for the market. With increasing investments in biopharmaceutical research and growth in research and development prospects in the proteomics domain, the segment is expected to witness lucrative growth in the coming years.

Government & academic institutions segment is expected to grow at a rapid CAGR over the forecast period due to the rise in healthcare expenditure, global increase in government funding for research activities, and increasing role of mass spectrometry techniques for disease surveillance and epidemiological research. Similarly, growth in COVID-19 testing activities and opportunities for the development of high throughput testing methods can considerably boost the market prospects.

Regional Insights

North America accounted for the largest market share in 2021 due to the high extent of research and development activities and the presence of an established research and healthcare infrastructure. Similarly, demand for mass spectrometry is also driven by increasing focus on disease prevention measures in the region. Furthermore, government funding in the region is considerably strong and is likely to fuel market growth. For instance, UniProt, a free-of-cost portal for obtaining protein sequencing and functional information is supported by various government institutions, including the National Eye Institute, National Heart, Lung, and National Human Genome Research Institute.

The Asia Pacific region is expected to grow at the fastest CAGR over the forecast period due to the availability of a large population and rising focus on healthcare systems. Similarly, the rising attention drawn by proteomics and genomics research, as well as the increase in initiatives undertaken by academic institutions for the development of protein-based therapeutics have presented significant growth opportunities for the market in the Asia Pacific region.  

Some of the prominent players in the Mass Spectrometry Market include:

  • Thermo Fisher Scientific, Inc.
  • Agilent Technologies, Inc.
  • Danaher Corporation
  • Waters Corporation
  • BrU.K.er Corporation
  • Shimadzu Corporation
  • PerkinElmer, Inc.
  • Rigaku Corporation
  • LECO Corporation
  • JEOL Ltd.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Mass Spectrometry market

  • Product
    • Instruments
    • Consumables & Services
  • Technology
    • Quadrupole Liquid Chromatography-Mass Spectrometry
    • Gas Chromatography-Mass Spectrometry (GC-MS)
    • Fourier Transform-Mass Spectrometry (FT-MS)
    • Time-of-Flight Mass Spectrometry (TOFMS)
    • Matrix-Assisted Laser Desorption/Ionization-Time-of-Flight Mass Spectrometry (MALDI-TOF)
    • Magnetic Sector Mass Spectrometry
    • Others
  • Application
    • Proteomics  
    • Metabolomics         
    • Glycomics    
    • Others           
  • End-use
    • Government & Academic Institutions
    • Pharmaceutical & Biotechnology Companies
    • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Mass Spectrometry industry analysis from 2022 to 2030 to identify the prevailing Mass Spectrometry industry opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the global Mass Spectrometry industry segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global Mass Spectrometry industry trends, key players, market segments, application areas, and market growth strategies.

Report Detail

  • Report Code:7566
  • No. of Pages:150+
  • Format:PDF/PPT/Excel

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