Mass Spectrometry Market Trends Report | Size, Share & Forecasts 2030

Coverage: Mass Spectrometry Market covers analysis By Technology [Simple (Ion Trap, Quadrupole, Time Of Flight, and Others), Hybrid (Triple Quadrupole, Quadrupole TOF, and Fourier Transform Mass Spectroscopy), and Others], Application (Proteomics, Metabolomics, Environmental Analysis, Pharmaceutical Analysis, Forensic Applications, Clinical Applications, and Others), and End Users (Pharmaceutical and Biotechnology Companies, Research Labs and Academic Institutes, Environment Testing Labs, Food And Beverage Industry, Forensic Labs, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)

Publication Month : Apr 2024

  • Report Code : TIPRE00007737
  • Category : Medical Device
  • Status : Upcoming
  • No. of Pages : 150
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[Research Report] The mass spectrometry market size was US$ 4.88 billion in 2022, and the mass spectrometry market size is projected to reach US$ 8.19 billion by 2030. It is expected to register a CAGR of 6.7% in 2022-2030.

Market Insights and Analyst View:

Mass spectrometry is an analytical method used to evaluate the mass-to-charge ratio (m/z) of one or more molecules present in the sample. Such measurements may also be used to decide the exact molecular weight of the sample components. Mass spectrometry is also used to determine a compound's molecular mass and indirectly help establish the identity of isotopes. Increasing drug discovery activities, increasing strategic initiatives by companies, increasing adoption of precision medicines, and increasing clinical activities are fueling the market's growth.

Future Trends and Growth Drivers:

Precision medicine is an emerging practice that utilizes a patient's genetic profile to guide disease prevention, diagnosis, and treatment decisions. Knowledge of a patient's genetic profile can help doctors select the appropriate medication or therapy and administer it using the appropriate dose or regimen. The Human Genome Project was perhaps one of the most important steps towards personalized medicine. In short, it paved the way for medicine to become preventative rather than reactive. Published in 2003, the full sequence of the human genome allowed scientists and clinicians to identify the genetic variations of thousands of diseases ‒ an approach known as genomics. It also paved the way for fast, cheap, and accurate DNA and RNA sequencing, placing genomics at the core of research and treatment efforts for various human diseases. Advances in mass spectrometry (MS)--based disease biomarker discoveries are continuously expanding the clinical diagnostic landscape. Although many MS-based in vitro diagnostics have already been adopted in routine clinical practices, more are expected to transition from bench to bedside in the near future. The ultrahigh sensitivity, specificity, and low turnaround time in molecular detection by MS make this technology highly powerful in disease detection and therapy monitoring.

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Mass Spectrometry Market: Strategic Insights

mass-spectrometry-market
Market Size Value inUS$ 4.88 billion in 2022
Market Size Value byUS$ 8.19 billion by 2030
Growth rateCAGR of 6.7% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Report Segmentation and Scope:

The “Global Mass Spectrometry Market” segmentation is done on the basis of application, technology, end-user, and geography. The mass spectrometry market, by technology, is divided into single, hybrid, and others. Based on a single technology, the market is segmented into ion trap, quadrupole, time of flight, and others. Further, on the basis of hybrid technology, the market is segmented into triple quadrupole (Tandem), Quadrupole TOF, and Fourier transform mass spectroscopy. Based on application, the market is segmented into proteomics, metabolomics, environmental analysis, pharmaceutical analysis, forensic applications, clinical applications, and others. The mass spectroscopy market is divided into pharmaceutical and biotechnology companies, environment testing labs, research labs and academic institutes, the food and beverage industry, forensic labs, and others based on end users. The market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Spain, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, UAE, Saudi Arabia, and the Rest of Middle East & Africa), and the South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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Segmental Analysis:

Based on technology, the mass spectrometry market is segmented into single, hybrid, and more. Based on a single technology, the market is segmented into ion trap, quadrupole, time of flight, and others. Further, on the basis of hybrid technology, the market is segmented into triple quadrupole (Tandem), quadrupole TOF, and Fourier transform mass spectroscopy. In 2022, the hybrid technology segment, by technology, held the largest market share of the mass spectrometry market. Moreover, the same segment is expected to grow at the highest CAGR from 2022 to 2030. Increasing product launches with hybrid mass spectrometry to improve the results of the mass spectrometry devices is mainly fueling the growth of the segment. For instance, in June 2022, Agilent Technologies launched several LC/MS and GC/MS quadrupole mass spectrometers. The Agilent 6475 triple quadrupole LC/MS system, 5977C GC/MSD, plus the 7000E GC/TQ and the 7010C GC/TQ represent the latest revolution in Agilent’s 50-plus year history in mass spectrometry. These new GC/TQ and LC/TQ products have built-in instrument intelligence, simplifying lab operations.

Similarly, in March 2022, bioMerieux received Food and Drug Administration (FDA) 510(k) for VITEK MS PRIME new MALDI-TOF mass spectrometry identification system. VITEK MS PRIME is a compact benchtop system designed to boost laboratory productivity for a greater impact on patient care. VITEK MS PRIME increases Antimicrobial Stewardship (AMS) efficiency and more effective patient therapy. These product launches and the growing focus of companies on combining technologies for proper output are fueling the growth of the hybrid technology segment.

Mass Spectrometry Market, by Technology– 2022 and 2028

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Based on application, the mass spectrometry market is segmented into proteomics, metabolomics, environmental analysis, pharmaceutical analysis, forensic applications, clinical applications, and others. In 2022, the pharmaceutical analysis segment held the largest mass spectrometry market share. However, the clinical analysis segment is anticipated to grow at the highest CAGR during 2022-2030. Mass spectrometry in pharmaceutical analysis is used for drug discovery and absorption, distribution, metabolism, and elimination (ADME) studies, pharmacokinetic and pharmacodynamic analyses, metabolite screening, and preclinical development. Mass spectrometry is a powerful tool that significantly contributes to various stages of drug discovery, a multifaceted process that includes the design, identification, and validation of potential therapeutic compounds. At the outset, during the hit identification phase, mass spectrometry is employed in high-throughput screening. This process aims to pinpoint compounds with potential therapeutic effects. The speed and precision of mass spectrometry make it an ideal tool for rapidly identifying these promising compounds. Once these potential drugs are identified, they undergo a process called hit-to-lead optimization. This involves subtle modifications to their chemical structures to enhance potency and selectivity. At this juncture, mass spectrometry provides valuable insights into the structure of the compounds and the impact of any alterations on their properties. In addition to this, mass spectrometry is also pivotal in target identifications and validations. In the realm of drug discovery, understanding the mechanism of action of a compound is as important as knowing its effect. Protein-ligand binding studies are typically employed for this purpose, and the high-resolution capabilities of mass spectrometry allow for detailed characterization and identification of the target and its interaction with the ligand.

Regional Analysis:

Based on geography, the mass spectrometry market is segmented into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. In 2022, the North American mass spectrometry market held the biggest share of the global mass spectrometry market. The Asia Pacific mass spectrometry market is estimated to show the highest CAGR during the forecast period. The market for mass spectrometry in the North American region is also likely to grow with the presence of various key players. In addition, the adoption of digital tools in healthcare operations for improving quality and reducing costs simultaneously is also responsible for augmenting the growth of this market in the region. In North America, the US is the largest market for mass spectrometry. The growth of the mass spectrometry market is primarily driven by the increasing adoption of drug ADME testing using mass spectrometry, the increasing adoption of hybrid mass spectrometry devices in healthcare facilities for analysis, and support from the federal government to implement digital tools in healthcare.

According to the Food and Drug Administration (FDA) report, US customers benefit from having access to the most advanced and safest pharmaceutical system in the world. For example, the main consumer base in this system is the Center for Drug Evaluation and Research (CDER), aiming to evaluate new drugs before they can be sold. Additionally, a laboratory located in the US is only permitted to participate in Department of Transportation (DOT) drug testing if it is certified by Human Health Services (HHS) under the National Laboratory Certification Program (NLCP). Further, the National Institute of Health (NIH) report states that drug development, from initial discovery to final medication, is a lengthy, expensive, and incremental process. In addition, the US FDA states that it takes about 12 years for an experimental drug to evolve from the initial stage to the final product. The ultimate aim is to identify a molecule with the desired effect on the human body and establish its quality, safety, and efficacy for treating patients. For the record, North American companies invest more than US$20 billion in identifying and developing new drugs, and about 22% is spent on screening assays and toxicity testing, according to the statistics revealed by the NIH report. Mass spectrometry is used at every stage of drug discovery as it can easily track drug activity at every stage. Hence, the increasing focus and investment of the federal government in the drug development process are fueling the growth of the mass spectrometry market in the US.

Industry Developments and Future Opportunities: 

Various programs taken by key players operating in the global mass spectrometry market are listed below:

  1. In February 2023, SCIEX collaborated with Beckman Coulter Life Sciences, to provide comprehensive workflows for high-throughput screening, HT-ADME, and synthetic biology studies. Due to this collaboration, the Echo MS system by SCIEX, built on Acoustic Ejection Mass Spectrometry technology, is compatible with the Biomek and Echo liquid handler lines from Beckman Coulter Life Sciences.
  2. In February 2022, Bruker Corporation launched the timsTOF MALDI PharmaPulse (timsTOF MPP) system, a new high-end solution for unbiased, deep HTS, and uHTS based on label-free mass spectrometry. The timsTOF MPP features the extreme speed and proven robustness of MALDI and, for the first time in HTS, takes advantage of Bruker´s innovative Trapped Ion Mobility Spectrometry (TIMS) technology. TIMS enables rapid gas-phase separation of isobars, and even isomers, by exploiting the molecular collisional cross-section. Combined with routine 50,000 mass resolution at full speed with QTOF-MS detection, this enables revolutionary levels of assay specificity at HTS speed.

Competitive Landscape and Key Companies:

Some of the mass spectrometry market leaders are Bruker Corporation, bioMerieux, Agilent Technologies, Beckman Coulter Life Sciences, Waters Corporation, Thermo Fisher Scientific, Danaher Corporation, PerkinElmer Inc., SCIEX, Joel, and Jasco Corporation. These companies focus on product launches and expansions geographically to meet the increasing customer demand globally and foster their product range in specialty portfolios. These companies have a widespread worldwide presence, providing them with many customers and increasing their market share. The report offers a trend analysis of the mass spectrometry market emphasizing on various parameters such as market dynamics, technological advancements, and competitive landscape analysis of leading market players across the globe.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Technology, Application, and End Users

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies

1. AB Sciex Pte. Ltd.
2. Bio-Rad Laboratories
3. Bruker
4. JEOL Ltd.
5. Kore Technology Limited
6. LECO Corporation
7. MKS Instruments
8. PerkinElmer Inc.
9. Rigaku Corporation
10. Thermo Fisher Scientific

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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