Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "Global Mass Spectrometry Market by Technology (Hybrid (Triple Quadrupole, QTOF, FTMS), Single (Quadrupole, TOF, Ion Trap)), Application (Life Science Research, Clinical Diagnostics, QA/QC), End-User (Pharma-Biotech, Environmental, F&B) - Forecasts to 2028" report has been added to ResearchAndMarkets.com's offering.
The global mass spectrometry market is projected to reach USD 6.8 billion by 2028 from USD 4.7 billion in 2023, growing at a CAGR of 7.5% during the forecast period.
The rise in advantages offered by mass spectrometry to be used in therapeutics is one of the major factors anticipated to boost market growth in the forecasting years.
The instrument segment to hold the largest share of the market in 2023
Based on product, the mass spectrometry market is segmented into instruments and software & services. Instruments are expected to dominate the mass spectrometry market during the forecast period. Due to its excellent high throughput screening, ability of rapid and high-resolution testing, and usage for various applications is highly advantageous.
The LC-MS segment to hold the largest share of the market in 2023
Based on sample preparation technique, the mass spectrometry is segmented into GC-MS, LC-MS, ICP-MS, and others. LC-MS are expected to dominate the mass spectrometry market during the forecast period. The growth is attributed to its broad applicability to a wide range of rigorous demands of the analytical market and industries.
The OMICS research segment is projected to register the highest CAGR during the forecast period
Based on applications, the mass spectrometry market is segmented into OMICS research, drug discovery, environmental testing, food testing, pharma-biopharma manufacturing, clinical diagnostics, applied industries, and other applications. The OMICS research segment is estimated to hold the largest market share of the mass spectrometry market during the forecast period. The segment includes life science related research like Genomics, Proteomics and Metabolomics.
The pharmaceutical companies' segment is projected to register the highest CAGR during the forecast period
The end-user market is segmented pharmaceutical companies, biotechnology companies, research labs & academic institutes, environmental testing labs, F&B industry, forensic labs, petrochemical industry and other end users. Pharmaceutical companies accounted for the largest share of the global mass spectrometry market in 2022. This end-user segment is also estimated to grow at the highest CAGR during the forecast period. This can be attributed to the factors such as presence of stringent regulatory guidelines for drug development and safety and availability of government and corporate funding for pharmaceutical research.
The market in the North America region is expected to hold significant market share for mass spectrometry in 2022
The mass spectrometry market covers five key geographies - North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The market in the North America region is expected to hold significant market share for mass spectrometry in 2022. The growth of the mass spectrometry market in this region can be attributed to the increasing investments in pharmaceutical R&D and government funding for R&D activities.
Competitive Landscape
The prominent players in the mass spectrometry market are SCIEX AB (US), Thermo Fisher Scientific (US), Agilent Technologies (US), Waters Corporation (US), PerkinElmer Inc. (US), Shimadzu Corporation (Japan), among others.
Market Overview and Industry Trends
Drivers
- Technological Advancements in Mass Spectrometers
- Government Initiatives for Pollution Control and Environmental Testing
- Increasing Spending on Pharmaceutical R&D
- Government Regulations on Drug Safety
- Growing Focus on Quality of Food Products
- Increase in Crude and Shale Gas Production
Restraints
- Premium Product Pricing
- Opportunities
- Growing Opportunities in Emerging Markets
Challenges
- Dearth of Skilled Professionals
Industry Trends
- Increasing Adoption of Hyphenated Technologies
- Tie-Ups Between Analytical Instrument Manufacturers and Research Laboratories/Academic Institutions
- Global Regulatory Guidelines
- Key Regulatory Agencies
Companies Mentioned
- Advion
- Agilent Technologies
- Analytik Jena
- Bruker Corporation
- Elementar
- Extrel CMS
- Hiden Analytical
- Hitachi Hi-Tech Group
- Jasco Corporation
- Jeol Ltd.
- Kore Technology
- Leco Instruments
- Masstech
- Microsaic Systems
- Mks Instruments
- Nu Instrument
- Perkinelmer Inc.
- Pfeiffer Vaccum
- Rigaku
- Sciex Ab
- Scion Instruments
- Shimadzu Corporation
- Skyray Instrument
- Spacetek Technology
- Teledyne Flir LLC
- Thermo Fisher Scientific
- Waters Corporation
- Yl Instruments
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 252 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $4.7 Billion |
| Forecasted Market Value (USD) by 2028 | $6.8 Billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/fnexed
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