Mass Spectrometry Market Forecast: Expected to Hit USD 3.52 Billion by 2028

The Global Mass Spectrometry Market is projected to expand by USD 3.52 billion at a compound annual growth rate (CAGR) of 12.26% from 2023 to 2028. This growth is driven by substantial investments from pharmaceutical and biotechnology companies, along with research institutes focusing on drug discovery and development to address the increasing prevalence of chronic diseases worldwide. Mass spectrometry's critical role in providing detailed molecular interaction and protein function data makes it indispensable in drug development, driving the market's growth.

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Market Segmentation 

Mass spectrometry plays a crucial role in industries like forensics by offering chemical data for structural identification and quantification. Advanced software tools and algorithms enhance researchers' ability to characterize intermolecular interactions, aiding in drug discovery and vaccine development. Techniques such as Triple Quadrupole and Quadrupole Time-of-Flight (QTOF) are vital for laboratory safety, chromatography, and spectroscopy.

 Hybrid mass spectrometry methods, including Liquid Chromatography (LC) and Gas Chromatography (GC), are essential for imaging and analyzing biomarkers, metabolites, and drug compounds in patient samples. In the pharmaceutical sector, mass spectrometry helps determine the structural composition of therapeutic agents, analyze protein and carbohydrate dynamics, and ensure the correct compound is produced post-drug test approval.

End-User Insights

Pharmaceutical and Biotechnology Industries

The pharmaceutical and biotechnology industries segment is expected to experience significant growth during the forecast period. Mass spectrometry's applications in these industries include determining molecular structure and purity of samples, and rapidly screening and mapping binding sites of small molecules on various protein targets.

Pharmaceutical Market Impact

In 2018, the pharmaceutical and biotechnology industries segment was valued at USD 1.43 billion. The increasing demand for mass spectrometry in drug development is driven by its ability to reveal the structure, concentration, identity, and behavior of molecules in solid and liquid samples. Key applications include determining the structural composition of therapeutic agents, measuring the dynamics of large molecules, and ensuring the correct compound is manufactured post-approval. These factors are expected to drive the segment's growth during the forecast period.

Market Dynamics and Trends

Key Drivers

One major driver of market growth is the increasing geriatric population, which is more susceptible to diseases requiring diagnostic tests. In 2020, over 727 million people were aged 65 and above, accounting for 9.3% of the global population. The elderly are frequently subjected to diagnostic tests due to their lower immunity and metabolism, driving demand for mass spectrometry in microbial testing and other diagnostic applications.

Emerging Trends

A significant trend is the growing demand for portable mass spectrometers. Companies are developing compact mass spectrometers, such as the Thermo Fisher Scientific Prima BT Bench Top Mass Spectrometer, which offers benefits like easy sample introduction, automatic sample handling, high resolution, variable sample temperature control, and a built-in pressurized air supply. These features are expected to drive market growth.

Market Players and Competitive Landscape

Key market players are adopting strategies like strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches to strengthen their market presence. The report includes detailed analyses of the competitive landscape and information about 20 key market companies, including:

  • 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.
  • Waters Corp.

These analyses help clients understand the broader business environment and the strengths and weaknesses of key market players.

Stay Updated: Download Mass Spectrometry Market Sample PDF!

Market Analyst Overview

The market is witnessing robust growth due to increased spending on pharmaceutical research and development, ensuring drug safety and efficacy. Mass spectrometry plays a crucial role in food product quality analysis, crude and shale gas production, and the rise of biopharmaceuticals and personalized medicine. Technological advancements in clinical mass spectrometry have enabled high-resolution detection and identification of molecules, addressing challenges like background intrusion and interpreting fragmentation patterns.

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Technavio Research

Jesse Maida

Media & Marketing Executive

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UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/


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