Mass Spectrometry Market Size, Share, and Trends 2024 to 2033

Mass Spectrometry Market Size and Growth 2024 to 2033

The global mass spectrometry market size was estimated at USD 6.39 billion in 2023, and it is expected to hit around USD 15.55 billion by 2033, registering a CAGR of 8.39% from 2024 to 2033.

Key Takeaways:

• North America generated more than 43.13% of the revenue share in 2023.
• Asia Pacific is expected to expand at the fastest CAGR from 2024 to 2033.
• By product, the instruments segment dominated the market and contributed more than 78% of the revenue share in 2023.
• By technology, the quadrupole liquid chromatography-mass spectrometry segment accounted for more than 39% of revenue share in 2023.
• By application, the proteomics segment dominated the market and recorded more than 48% of revenue share in 2023.
• By end-use, the pharmaceutical and biotechnology companies segment dominated the market and captured more than 45% of the revenue share in 2023.

Mass Spectrometry Market Size in the U.S. 2024 To 2033

The U.S. mass spectrometry market size reached USD 2.10 billion in 2023 and is anticipated to reach around USD 4.94 billion by 2033, poised to grow at a CAGR of 8.91% from 2024 to 2033.

North America dominated the global mass spectrometry market in 2023. North America has stringent regulations and standards for environmental monitoring and food safety. Mass spectrometry is widely used for the detection and quantification of contaminants, pollutants, pesticides, and toxins in environmental samples and food matrices. The need for reliable and accurate analysis to ensure environmental sustainability and public health drives the demand for mass spectrometry in these sectors. The pharmaceutical and biotechnology sectors in North America are major end-users of mass spectrometry instruments and services. Mass spectrometry is widely used in drug discovery, drug development, and quality control processes.

The pharmaceutical and biotechnology sectors in North America are major end-users of mass spectrometry instruments and services. Mass spectrometry is widely used in drug discovery, drug development, and quality control processes.

Asia Pacific will witness the fastest rate of growth during the predicted timeframe. Asia Pacific is experiencing significant growth in the mass spectrometry market. Factors such as increasing investments in healthcare infrastructure, rising research and development activities, growing pharmaceutical and biotechnology sectors, and expanding applications of mass spectrometry are driving market growth. The region's large population and increasing healthcare expenditures contribute to the expanding market size.

Countries like China and India are emerging as major players in the mass spectrometry market. These countries have a rapidly growing healthcare industry, increasing investments in research and development, and a rising focus on precision medicine and personalized healthcare. The demand for advanced analytical technologies like mass spectrometry is increasing in these economies.

Market Overview:

Mass spectrometry is widely used in life sciences research for proteomics, metabolomics, lipidomic, and other omics-based studies. The ability to analyze complex biological samples and identify and quantify molecules of interest has led to the increased adoption of mass spectrometry in academic research institutions, pharmaceutical companies, and biotechnology firms.

The mass spectrometry market refers to the global industry that encompasses the development, production, distribution, and utilization of mass spectrometry instruments, software, and related services. Mass spectrometry is an analytical technique used to measure the mass-to-charge ratio of ions, providing information about the chemical composition, structure, and quantity of molecules present in a sample. Mass spectrometry plays a vital role in drug discovery and development processes. It is used for drug metabolism studies, pharmacokinetics analysis, and identification of drug metabolites. Mass spectrometry enables researchers to understand the absorption, distribution, metabolism, and excretion of drugs, contributing to efficient drug development and safety assessments.

Growth Factors:

Mass spectrometry has become an indispensable tool in life sciences research, particularly in fields like proteomics, metabolomics, lipidomics, and genomics. The ability to analyze complex biological samples, identify biomarkers, and quantify molecules of interest has driven the adoption of mass spectrometry in academic and research institutions, pharmaceutical companies, and biotechnology firms.

Continuous advancements in mass spectrometry instrumentation, such as high-resolution mass spectrometry (HRMS), tandem mass spectrometry (MS/MS), and hybrid mass spectrometers, have expanded the capabilities and applications of the technology. These advancements have led to improved sensitivity, resolution, speed, and data analysis capabilities, making mass spectrometry more versatile and powerful for various analytical needs.

Mass Spectrometry Market Scope

Market Dynamics:

Driver:

Supportive funding from governments

Supportive government funding plays a crucial role in driving the growth of the mass spectrometry market. Governments often allocate funds to support research and development activities in the healthcare, life sciences, and environmental sectors. Mass spectrometry is a technology that is widely used in these fields for various applications such as proteomics, metabolomics, clinical diagnostics, and environmental testing. Government funding helps researchers and scientists access the necessary resources, equipment, and expertise to advance the capabilities of mass spectrometry and develop innovative applications. Government funding often supports translational research efforts, which aim to bridge the gap between research discoveries and practical applications.

Restraints:

Lack of qualified professionals

The mass spectrometry market is having trouble because there aren't enough qualified workers. Mass spectrometry is an intricate and precise analytical technique that necessitates the expertise of professionals with many years of experience. The lack of qualified professionals is a major obstacle to the market's growth. The need for qualified individuals who can comprehend and operate the complex equipment used in mass spectrometry is growing. To solve this problem, mass spectrometry equipment producers and vendors should focus on developing training programs for staff members. Producers should also consider offering workshops and training sessions to aid users in understanding the nuances of the instruments and their applications.

High-end product cost

The high cost of the products is one of the main factors preventing the mass spectrometry market from growing. Many prospective buyers may not be able to afford the high costs associated with high-end mass spectrometry equipment. Additionally, consumables like sample preparation kits cost a lot of money. The costs associated with hiring and retaining the qualified personnel needed to operate and maintain these systems are a significant barrier as well. These factors limit the market's growth by preventing the widespread use of mass spectrometry systems and services.

Opportunities:

The growing importance of drug development and discovery

Spending on end-user R&D has increased as a result of the acceleration of disease rates caused by the most prevalent chronic diseases. The mass spectrometer is very useful in the search for new drugs because it provides distinctive and significant information on molecular interactions and protein functions. The increased understanding of the disease process at the molecular level has led to the use of MS in medication discovery and development. The sensitivity and resolution of MS are anticipated to produce greater quality and increase the likelihood of its use in large protein targets due to the rapid development of mass spectrometer methodology.

Product Insights:

The instruments segment dominated the market in 2023, the segment will continue to grow at a significant rate during the forecast period. This segment includes various types of mass spectrometry instruments used for analytical purposes. It encompasses different configurations such as quadrupole mass spectrometers, time-of-flight (TOF) mass spectrometers, ion trap mass spectrometers, magnetic sector mass spectrometers, and hybrid mass spectrometers.

Continuous advancements in mass spectrometry technology have led to improved instrument performance, enhanced sensitivity, higher resolution, faster data acquisition, and more sophisticated data analysis capabilities. The demand for instruments arises from the desire to leverage these technological advancements and gain access to state-of-the-art instrumentation.

The consumables and services segments in expected to witness a noticeable growth during the forecast period. The segment comprises accessories and consumables required for operating mass spectrometry instruments. It includes ionization sources (e.g., electrospray ionization, matrix-assisted laser desorption/ionization), sample introduction systems (e.g., autosamplers), chromatography columns (e.g., liquid chromatography columns), calibration standards, sample preparation kits, and other consumables necessary for sample analysis.

The rising focus on cost-effective yet efficient mass spectrometry procedures in the laboratory promotes the growth of the consumables segment. Consumables offer a cost-effective and convenient solution for mass spectrometry laboratories. Instead of investing in expensive equipment, laboratories can purchase consumables as needed. Consumables also save time by simplifying sample preparation and instrument maintenance processes.

Technology Insights:

The quadrupole liquid chromatography-mass spectrometry segment dominated the market in 2023, the segment will continue to witness a significant growth during the forecast period. The multiple advantages offered by the technology have boosted its application in the market. Quadrupole liquid chromatography-mass spectrometry offers fast analysis times, making it suitable for high-throughput applications. The technique allows for rapid separation of compounds by liquid chromatography, combined with fast scanning and data acquisition by the mass spectrometer.

Quadrupole liquid chromatography-mass spectrometry is a versatile analytical technique that can be applied to a broad range of applications in various industries. the rising demand for mass spectrometry in pharmaceuticals, environmental analysis, food and beverage testing, clinical diagnostics, forensics, and metabolomics sectors is anticipated to boost the segment’s growth.

Application Insights:

The proteomics segment has the largest share of the market in 2023. Mass spectrometry-based proteomics has contributed significantly to biomarker discovery, which is crucial for early disease detection, diagnosis, and monitoring. By comparing protein expression profiles between healthy and diseased individuals, mass spectrometry can identify potential biomarkers associated with specific diseases.

A significant rise in research and development activities also contributed to the segment’s growth in recent years. Mass spectrometry-based proteomics allows researchers to explore the complete proteome of an organism, tissue, or cell and provides insights into protein expression patterns, post-translational modifications, and protein-protein interactions.

The metabolomics segment will witness noticeable growth during the forecast period. Metabolomics allows for the profiling and identification of a broad range of metabolites present in biological samples, including endogenous metabolites, drug metabolites, and environmental metabolites. The rising biomarker discovery and research activities promote the growth of the metabolomics segment.

End Use Insights:

The pharmaceutical and biotechnology segment led the market in 2023, the segment will continue to grow at a noticeable pace owing to the increasing rate of discovery, research, and development-based mass spectrometry activities in the industries. The improving infrastructure at biotechnology and pharmaceutical companies along with the significant technological advancements play a crucial role in the segment’s development.

On the other hand, the government and academic institutions segment is experiencing significant growth with the rising investment in research and development activities by governments. Moreover, the rising focus on research and testing activities, especially focused on therapeutics discovery will promote the segment’s growth.

Recent Development:

• In March 2022, a tabletop tandem mass spectrometer that is extremely sensitive and small was introduced by Waters Corporation as the Xevo TQ Absolute instrument.  According to the manufacturer, its most recent mass spectrometer is 45% smaller and uses up to 50% less gas and electricity than its predecessor while being up to 15X more sensitive for assessing negatively ionizing chemicals.
• September 2021, the first net-zero mass spectrometer in the entire globe has been officially launched, according to Thermo Fisher. This product is the first spectrometer created as part of the revolutionary ISOFootprint program to reduce CO2 emissions for more environmentally friendly science.

Mass Spectrometry Market Companies

• BrU.K.er Corporation
• Danaher Corporation
• JEOL Ltd.
• Rigaku Corporation
• Thermo Fisher Scientific, Inc.
• Shimadzu Corporation
• LECO Corporation
• Agilent Technologies, Inc.
• PerkinElmer, Inc.
• Waters Corporation
• Shimadzu Corporation

Segments Covered in the Report:

By Product

• Instruments
• Consumables & services

By Technology

• Quadrupole Liquid Chromatography-Mass Spectrometry
• Fourier Transform-Mass Spectrometry (FT-MS)
• Gas Chromatography-Mass Spectrometry (GC-MS)
• Matrix-Assisted Laser Desorption/Ionization-Time-of-Flight Mass Spectrometry (MALDI-TOF)
• Time-of-Flight Mass Spectrometry (TOFMS)
• Magnetic Sector Mass Spectrometry
• Others

By Application

• Proteomics
• Glycomics
• Metabolomics
• Others

By End-use

• Government And Academic Institutions
• Pharmaceuticals And Biotechnology Companies
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa