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The global mass spectrometry market size is estimated to grow/decline by USD 3.52 billion at a CAGR of 12.26% between 2023 and 2028. Several pharmaceutical and biotechnology companies and research institutes are investing highly in research and development of drug discovery and development in order to tackle the rising prevalence of chronic diseases globally. Mass spectrometry is widely used in drug development as it offers unique and important information on molecular interactions and protein functions. The application of mass spectrometry in drug discovery and development has facilitated a greater understanding of the disease at the molecular level. Hence, such applications are expected to drive the market growth. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges.
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The market plays a pivotal role in various industries, including forensics, by providing chemical data for structural identification and quantification. Advanced software tools and algorithms enable researchers in diverse research fields to characterize intermolecular interactions for drug discovery and vaccine development. MS techniques, such as Triple Quadrupole and Quadrupole Time-of-Flight (QTOF), are integral to laboratory safety measures, Chromatography, and Spectroscopy. Hybrid MS, including Liquid Chromatography (LC) and Gas Chromatography (GC), facilitates imaging and the analysis of biomarkers, metabolites, and drug compounds in patient samples. Pharmaceutical segment applications include defining the structural composition of therapeutic agents, characterizing unfolded proteins and carbohydrates, and measuring the dynamics of large molecules in precision healthcare. Triple quadrupole instruments with Multiple Reaction Monitoring offer high sensitivity and accuracy for drug discovery and development.
The market share growth by the pharmaceutical and biotechnology industries segment will be significant during the forecast period. Some of the key applications of mass spectrometry in pharmaceutical and biotechnology industries include determining the molecular structure and purity of samples and rapidly screening and mapping the binding sites of small molecules of a range of protein targets.
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The pharmaceutical and biotechnology industries segment was valued at USD 1.43 billion in 2018. One of the main reasons for the increase in demand for mass spectrometry from the pharmaceutical industry is to develop new drugs as it uses the inherent mass-to-charge ratio of specific molecules to reveal the structure, concentration, identity, and behavior of molecules in solid and liquid samples. Some of the key applications of mass spectrometry in the pharmaceutical industry include determining the structural composition of therapeutic agents, measuring the dynamics of large molecules and determining their control of biological function in the folding of proteins, and ensuring that the right compound is manufactured after the drug test is approved. Hence, such factors are expected to drive the growth of this segment during the forecast period.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period.
One of the main factors for the significant growth of the global market in North America is the growing focus on drug discovery and development in several pharmaceutical companies. Some of the prominent pharmaceutical companies such as Novartis International AG and Pfizer Inc. invest in many research activities for drug development and vaccine production. Hence, there is an increasing demand for mass spectrometers among these companies which is significantly driving the growth of the market. Additionally, there is a significant increase in R&D development in the market. For instance, the member companies of the Pharmaceutical Research and Manufacturers of America (PhRMA) invested about USD 102.38 billion in R&D activities in 2022, which was an increase of 18.62% from 2019. Hence, such factors are expected to drive the market growth in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 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., and Waters Corp.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Pharmaceutical and Biotechnology industries have seen a significant increase in the adoption of Mass Spectrometry (MS) technologies due to their ability to provide accurate and sensitive analysis of complex biological samples. The MS instruments and consumables are experiencing full growth, driven by the rising demand for personalized medicines and diagnostics. The Drug Discovery and Development sector is a major contributor to this market, as MS is used extensively in the identification and characterization of new drugs and biomarkers. The Clinical Diagnostics segment is also witnessing a surge in demand for MS-based tests, particularly in areas such as oncology and infectious diseases. The Assay and Screening market is another key area where MS is making a significant impact, with applications ranging from food and environmental analysis to forensics and materials science. The Market for MS instruments and consumables is expected to reach new heights in the coming years, fueled by technological advancements, increasing research funding, and growing regulatory requirements. The Asia Pacific region is expected to witness the highest growth in the market due to the increasing focus on research and development activities and the growing demand for personalized medicines in countries like China and India. In summary, the market is poised for substantial growth, driven by the Pharmaceuticals and Biotechnology industries' increasing reliance on MS for drug discovery, development, and diagnostics. There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The rise in the geriatric population is a major factor driving the global market growth during the forecast period. One of the fastest-growing segments of the global population is the geriatric population. For instance, in 2020, there were more than 727 million people aged 65 years and above, which accounted for 9.3% of the global population.
Some of the most frequent microbial diseases impacting the aging population include skin infections, bacterial pneumonia, influenza, urinary tract infections, and gastrointestinal infections. Due to their low immunity and metabolism, the elderly population is subjected to diagnostic tests, such as microbial testing, on a regular basis. Hence, such factors are expected to drive the growth of the global market during the forecast period.
Increasing demand for portable mass spectrometers is a major trend in the market. Due to the emergence of technology, several companies in the market are offering small permanent magnets, which can facilitate the portability of mass spectrometers, unlike traditional mass spectrometer systems which are quite large and bulky.
One of the primary examples of the portable mass spectrometer is the Thermo Fisher Scientific Prima BT Bench Top Mass Spectrometer which provides several benefits such as easy sample introduction, automatic sample, best-in-class resolution, an option for variable sample temperature control, and a built-in pressurized air supply. Hence, such benefits are expected to drive the growth of the global market during the forecast period.
The lack of imaging capabilities is a major challenge restraining the global market growth. Mass spectrometers are known for their ability to recognize molecules based on the recorded measurements of mass-to-charge ratios. But these molecules are mainly represented on a graph with the help of a peak, such that the height of which signifies the quantity of the particular molecules present in the sample.
Molecular imaging techniques have become one of the most commonly used techniques in pharmaceutical research and biomarker (small traceable substances, usually a fluid that is injected into the body) discovery and identification as they facilitate researchers to see the biological and anatomical features of these molecules. But one of the limitations of these spectrometers is that they cannot perform such imaging functions, which can significantly impede the growth of the global market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is witnessing robust growth driven by various factors, including increased spending on pharmaceutical research and development to enhance drug safety and efficacy. Mass spectrometry plays a crucial role in ensuring the quality of food products by enabling accurate analysis of contaminants and additives. Moreover, the expanding crude and shale gas production industry relies on mass spectrometry for precise chemical analysis. With the rise of biopharmaceuticals and personalized medicine, there is a growing demand for advanced mass spectrometry technologies to support research and clinical diagnostics. Technological advancement in the Clinical mass spectrometry market has led to innovations in MS analysis, enabling high resolution detection and identification of molecules, while addressing challenges such as background intrusion and interpreting fragmentation patterns and isotopic abundance.
The market is experiencing significant growth, particularly in late-stage development and clinical trials stages, where mass spectrometry plays a pivotal role in ensuring drug safety and efficacy while maintaining compliance with regulatory standards. This growth is further fueled by the increasing adoption of mass spectrometry technologies in emerging countries, where greenfield projects are on the rise. Meeting the demands of these projects requires a pool of skilled professionals adept at method development, validation, and troubleshooting activities. The market ecosystem offers a range of software & services tailored to different segments such as LC-MS, GC-MS, and ICP-MS, catering to applications like environmental testing and food testing.
Mass Spectrometry Market Scope |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.26% |
Market growth 2024-2028 |
USD 3.52 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
10.58 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 43% |
Key countries |
US, Canada, Germany, China, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
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. |
Market dynamics |
Parent market analysis, market growth and forecasting, market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
Customization purview |
If our market growth analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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