PUBLISHER: Allied Market Research | PRODUCT CODE: 1414731
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414731
According to a new report published by Allied Market Research, titled, "Mass Spectrometry Market," The mass spectrometry market was valued at $6.9 billion in 2022, and is estimated to reach $14.6 billion by 2032, growing at a CAGR of 7.7% from 2023 to 2032.
The mass spectrometry market growth is driven by increase in need for modern healthcare technology, rise in R&D activities, and surge in awareness about food safety standards and detection of adulterants. Technological advancement in the mass spectrometry results in improved instrument performance and efficiency. This has led to increase in demand for technologically advanced mass spectrometers. For instance, in June 2023, Bruker Corporation, a global biotechnology research company, launched its new timsTOF Ultra Mass Spectrometer. This instrument incorporates a Captive Spray Ionization (CSI) Ultra ion source with a larger capillary and optimized vortex gas flow. This instrument analyzes the ultra-low sample amounts and also used to study immunopeptidomics, phosphoproteomics, PTM analysis, and others. Thus, technological advancement in the mass spectrometry is the key factor that drives the market growth.
Furthermore, surge in adoption of mass spectrometers in the food and beverage industries also drives the market growth. Growing insistence on detection and identification of food adulterants has increased the demand for mass spectrometry to identify these adulterants at every low concentration. For instance, mass spectrometer can detect mycotoxins produced by molds, in grains and cereals. In addition, this instrument can be operated in laboratories, research institutes, as well as in the industrial settings. However, high cost of mass spectrometry instruments negatively impacts the market growth. High cost of mass spectrometers as well as ongoing maintenance and other expenses, increase the overall cost and limit their adoption in the market, especially in smaller clinics or laboratories with limited budgets.
On the other hand, development of miniaturized mass spectrometers, which can be portable and easily accessible are expected to present wide opportunity for the market growth during the forecast period. Miniaturized spectrometers can be employed in point-of-care diagnostics and on-site analysis in various fields.
The mass spectrometry market is segmented on the basis of technology, application, and region. On the basis of technology, the market is classified into hybrid mass spectrometry, single mass spectrometry, and others. The hybrid mass spectrometry segment is further categorized into triple quadrupole, quadrupole TOF, and FT-MS. The single mass spectrometry segment is further divided into ION trap, quadrupole, and time of flight. On the basis of application, the market is segmented into pharmaceutical, biotechnology, industrial chemistry, environmental testing, food and beverage testing, forensic, clinical, and others.
Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global mass spectrometry market are Thermo Fisher Scientific Inc., Agilent Technologies, Danaher Corporation, Waters Corporation, Bruker Corporation, Perkinelmer, Inc., Shimadzu Corporation, Kore Technologies, Ltd., Hiden Analytical, and Leco Corporation.
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