Mass Spectrometry Market to Grow by USD 3.52 Billion from 2024-2028, Driven by Hyphenated Technology and AI Advancements - Technavio Report

NEW YORK, Sept. 6, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global mass spectrometry market size is estimated to grow by USD 3.52 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 12.26%during the forecast period. Increase in use of hyphenated technology is driving market growth, with a trend towards increasing demand for mass spectrometers in personalized medicine. However, high cost of mass spectrometry instrumentsposes a challenge. Key market players include 908 Devices Inc., ABB Ltd., Agilent Technologies Inc., Bruker Corp., Endress Hauser Group Services AG, European Virtual Institute for Speciation Analysis, JEOL Ltd., Kore Technology Ltd., LECO Corp., PerkinElmer Inc., Rigaku Corp., Shimadzu Corp., Teledyne Technologies Inc., Thermo Fisher Scientific Inc., and Waters Corp..

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Market Driver

Personalized medicine is a patient-centric approach to healthcare that tailors treatment to individual characteristics, improving disease diagnosis and treatment effectiveness. Predictive diagnostics, a key aspect of personalized medicine, can predict human pathologies and aid in early detection and treatment. Misdiagnosis, a significant issue in healthcare, affects millions, leading to delayed or inappropriate treatment and potential harm to patients. Mass spectrometers play a crucial role in personalized medicine by screening biomarkers for disease phenotypes, enabling targeted drug development and individualized therapy. The growing popularity of mass spectrometers in personalized medicine is expected to increase demand, driving market growth. With healthcare spending contributing significantly to overall expenditures in major economies, cost savings through accurate diagnosis are a major incentive. The Thermo Fisher Scientific HDX-Mass spectrometer, with high-quality information and compact, stable ionization technology, is an example of advances in mass spectrometry systems for personalized medicine.

The Mass Spectrometry market is experiencing significant growth, driven by increasing spending on pharmaceuticals and biopharmaceuticals. Drug safety is a key focus area, with assumptions around the importance of personalized medicine and drug discovery in late-stage development and clinical trials. Emerging countries and greenfield projects present new opportunities, requiring skilled professionals for method development, validation, operation, and troubleshooting activities. The market ecosystem includes software & services, with LC-MS, GC-MS, and ICP-MS segments leading the way. Environmental testing, food testing, clinical diagnostics, and applied industries also contribute. Metabolomics, vaccine development, and the petroleum sector are emerging research fields. CFI funding and companies like SCIEX AB and Thermo Fisher Scientific drive innovation in mass spectrometry technology. MS analysis provides high resolution, with background intrusion, fragmentation patterns, isotopic abundance, and chemical data crucial for accurate results. Software tools and algorithms enhance research capabilities, with advanced tools essential for Triple Quadrupole and Quadrupole TOF applications.

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Market Challenges

• Mass spectrometers are essential analytical tools with advanced features that come at a high price tag, averaging between USD1,000 and USD100,000. The cost of ownership goes beyond the initial investment, as maintenance, service, and repair add to the expense. Annual maintenance costs can range from 10% to 20% of the instrument's price, depending on the brand and type. These instruments require regular upkeep due to pressure and temperature changes, mechanical stress, and optical decay. Proper use guidelines are crucial to prevent contamination and maintain performance accuracy. The significant investment and ongoing maintenance costs may hinder the growth of the global mass spectrometry market during the forecast period.
• The Mass Spectrometry (MS) market is a dynamic and growing ecosystem, driven by advancements in MS technology and its applications across various industries. Key segments include Software & Services, LC-MS, GC-MS, ICP-MS, and others. Environmental testing, food testing, clinical diagnostics, applied industries, metabolomics, petroleum sector, and forensics are major application areas. Companies like SCIEX AB and Thermo Fisher Scientific lead the market. Challenges include background intrusion, fragmentation patterns, isotopic abundance, and laboratory safety measures. High-resolution MS analysis is crucial for accurate chemical data. Triple Quadrupole and Quadrupole TOF instruments are popular for MS analysis. Advanced software tools and algorithms are essential for research fields like vaccine development and precision healthcare. Components like chromatography, spectroscopy, imaging, and liquid chromatography (LC) and gas chromatography (GC) are integral to MS technology. Hybrid mass spectrometry, Triple quadrupole instruments, and Multiple Reaction Monitoring are advanced techniques. Biomarkers, metabolites, drug compounds, and patient samples are common MS analysis targets. CFI funding and research collaborations continue to fuel innovation in MS technology.

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Segment Overview

This mass spectrometry market report extensively covers market segmentation by

1. End-user
• 1.1 Pharmaceutical and biotechnology industries
• 1.2 Chemical and petrochemical industries
• 1.3 Others
2. Product
• 2.1 Instruments
• 2.2 Consumables and services
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Pharmaceutical and biotechnology industries- Mass spectrometry is a valuable analytical tool used in various industries, including pharmaceuticals and biotechnology, to determine the molecular structure and purity of samples. In pharmaceuticals, it is employed to analyze therapeutic agents, characterize intermolecular interactions for drug discovery, and ensure the right compound is manufactured. The increasing demand for personalized medicine and monoclonal antibodies has further boosted the market. In biotechnology, mass spectrometry provides extensive information about biologically important low-molecular-weight species, such as bacteria and viruses, and is used to evaluate the quality of biologics and biosimilars. Additionally, it is used to characterize metabolic status in microbial fermentations. Government investments in the pharmaceutical and biotechnology industries will drive market growth, particularly in emerging countries in APAC, due to the establishment of innovative facilities and cheap labor.

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Research Analysis

The Mass Spectrometry (MS) market is poised for significant growth due to increasing spending on pharmaceutical research and development, with a particular focus on biopharmaceuticals and personalized medicine. MS analysis plays a crucial role in drug safety assessment, providing high-resolution data on fragmentation patterns, isotopic abundance, and chemical data. Background intrusion and accurate mass measurement are key challenges in MS, requiring advanced software tools and algorithms for data processing. MS is also essential in forensics, vaccine development, and laboratory safety measures. Chromatography techniques, such as Liquid Chromatography (LC), are often used in conjunction with MS for sample preparation and separation. Spectroscopy and imaging applications are also expanding the scope of MS technology. Overall, the market for MS components and systems is expected to grow robustly due to the versatility and importance of MS in various industries.

Market Research Overview

The Mass Spectrometry (MS) market is experiencing significant growth due to increasing spending on pharmaceutical research and development, particularly in biopharmaceuticals and drug discovery. The market is driven by the demand for drug safety and personalized medicine, leading to an increase in late-stage development and clinical trials. Emerging countries are also contributing to the growth of the MS market with the establishment of greenfield projects and the availability of skilled professionals. Method development, validation, operation, and troubleshooting activities are key aspects of MS analysis, which includes Liquid Chromatography-Mass Spectrometry (LC-MS), Gas Chromatography-Mass Spectrometry (GC-MS), Inductively Coupled Plasma-Mass Spectrometry (ICP-MS), and other MS techniques. The market ecosystem includes software & services, environmental testing, food testing, clinical diagnostics, applied industries, metabolomics, petroleum sector, and more. MS technology is used in various research fields such as metabolomics, vaccine development, and forensics. Advanced software tools and algorithms are essential for MS analysis, including Triple Quadrupole, Quadrupole TOF, and High Resolution Mass Spectrometry. MS analysis involves identifying fragmentation patterns, isotopic abundance, and chemical data to understand the background intrusion and drug compounds in patient samples. Laboratory safety measures, chromatography, spectroscopy, imaging, and hybrid mass spectrometry are also important aspects of the MS market. Triple quadrupole instruments and Multiple Reaction Monitoring are widely used for precision healthcare, biomarkers, metabolites, and drug compounds. The MS market is expected to continue growing due to the increasing demand for advanced MS technology in various industries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Pharmaceutical And Biotechnology Industries
• Chemical And Petrochemical Industries
• Others
• Product
• Instruments
• Consumables And Services
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio