The global mass spectrometry market is projected to generate $7,492.1 million by 2030, advancing at a CAGR of 6.4% during 2021–2030. This will be due to the technological advancements in mass spectrometry (MS), an increase in healthcare spending, the development of healthcare infrastructure, and a rise in crude and shale gas production.
The outbreak of COVID-19 has positively impacted the market, due to the surging usage of mass spectroscopy for testing purposes in the pharmaceutical and research sectors. The demand for safety and quality control measures in the pharmaceutical industry has increased, as a result of drug research, medication repurposing, and the rising manufacturing of pharmaceutical formulations, which, in turn, drives the need for MS technology.
The pharmaceutical category is set to witness the highest CAGR, of around 8%, in the coming years. A mass spectrometer is a robust analytical instrument with numerous uses in the pharmaceutical and biomedical fields. Its increased sensitivity and resolution have opened up new avenues for the investigation of drugs and complex biological system metabolites. The MS is the only method that can predict the molecular formula when compared to other methods for determining molecular weight. Its foundation is the ionization of the material, either with or without fragmentation. Also, rich elemental data is provided by mass spectroscopy, which is a valuable asset for deciphering complicated mixture components. As a result, it is a crucial tool for determining the structures of unidentified molecules in the pharmaceutical sector.
Moreover, hybrid is the largest technology of mass spectroscopy, holding a share of more than 50% in 2021. The use of hybrid mass spectrometers is increasing as a result of their benefits, which include quick and high-resolution testing capabilities with more accurate and exact results. Hence, there is an increase in demand for MS equipment for high throughput screening.
In addition, the proteomics category is predicted to grow at the highest CAGR during the fastest period. This can be primarily attributable to the benefits of mass spectroscopy, including the ability to investigate a wide range of molecules whether or not they belong to the same structural family, and the potential to draw attention to the particular metabolites of a disease. Additionally, it is an automated method that allows for extensive examination.
North America held the largest market share, over 40%, in 2021. This is primarily due to the development of research funding and government initiatives, the extensive use of mass spectrometry in the metabolomics and petroleum industries, CFI financing for MS projects, and the presence of various companies, in the region.
Major players operating in the mass spectrometry market include Thermo Fisher Scientific Inc., AB Sciex Pte Ltd., Agilent Technologies Inc., Waters Corporation, PerkinElmer Inc., Shimadzu Corporation, Bruker Corporation, JEOL Ltd., and LECO Corporation.