The mass spectrometry market registered a market size of USD 4,880 million in 2020 and expected to grow USD 7,301 million by 2026 with a CAGR of nearly 6.3% during the forecast period. Certain factors that are driving the market growth include the increasing technological advancement, growing concerns over food safety, and rising R&D expenditure by the pharmaceutical industry and government research organizations.
It is one of the powerful tools used for the analyses of chemical and biological entities. In addition, high demand from the biotechnology and pharmaceutical industries due to COVID-19 are driving factors for mass spectrometry market. In 2020, in India, researchers at the Delhi-based Institute of Genomics and Integrative Biology (IGIB) and the National Centre for Disease Control (NCDC) have been able to detect novel coronavirus (COVID-19) with 95% sensitivity and 100% specificity with respect to RT-PCR using mass spectrometer.
According to the Organisation for Economic Co-operation and Development (OECD), in 2018, in Germany, approximately 3.13% of GDP was spent on research and development which was increased from 3.07% of GDP in 2017 and 2.94% of GDP in 2016, respectively. Increasing investment on research and development activities is expected to increase demand for mass spectrometer in the drug development, proteomics and pharmaceuticals and drives the market growth.
Furthermore, advancements in mass spectroscopy technology were able to increase the factors like rapid test results with high resolution. The discovery of new tools has the potential to stimulate the usage of mass spectroscopy across drug development, pharmaceuticals, food safety testing, proteomics and other fields.
The demands of the life sciences applications have led to the improvement of mass spectrometry technologies. The mass spectrometry such as MALDI-ToF used as a clinical diagnostic platform utilising a highly advanced method of protein pattern recognition to diagnose diseases. Hence, with the increasing technological advancement, the market is expected to grow over the forecast period.
Key Market Trends
Triple Quadrupole (Tandem) is Expected to Hold Significant Market Share in the Type of Hybrid Mass Spectrometry
Currently the tandem mass spectrometry devices are among the most in-demand. Liquid chromatography-mass spectrometry (LC-MS/MS)-based approaches are considered reagent-free. The high sensitivity and specificity of mass spectrometry can overcome many limitations associated with immunoassays such as cross-reactivity and non-specific antibody binding.
There is a higher demand for triple quadrupole mass spectrometer because triple quadrupole mass spectrometr is considered one of the most high-end instruments and moreover, many labs across the world are adopting this instrument.
For instance, according to a research article by Malin Kallsten et al., published in Analytical and Bioanalytical Chemistry Journal 2019, there has been a trend in mass spectrometry based characterization of antibody-drug conjugates (ADCs) towards the use of high-resolving mass spectrometry for many of these analyses. Quadrupole mass spectrometers represent a viable alternative for the characterization of antibody-drug conjugates (ADCs) in early-stage drug development.
As per Patented Medicine Prices Review Board 2018 report, in 2018, total R&D spending by the pharmaceutical industry was around 0.89 billion Canadian dollars which was increased from 0.87 billion Canadian dollars in 2017. Thus, increasing R&D spending on pharmaceuticals is expected to rise demand for mass spectrometrs in near future.
Moreover, a United Kingdom biotech laboratory has used mass spectrometry for coronavirus testing. In April 2020, United Kingdom diagnostics firm, MAP Sciences announced the development of rapid test for the COVID-19 virus. This technology deploys mass spectrometry to spot proteins that are unique to COVID-19 and is targeting to deliver test results within 30 minutes. These advancements are expected to fuel the growth of the studied market.
North America is Expected to Hold Major Market Share Over the Forecast Period
The major factors driving the market growth in North America region include growing funding for research and government initiatives in the United States, widespread usage of mass spectrometry in the metabolomics and petroleum sector and presence of key market players.
The United States government spends a significant percentage of its GDP on R&D. According to a 2018 report published by the Organization for Economic Co-operation and Development (OECD), about 2.82% of the country's GDP was spent on R&D. In addition, in 2019, the research and development (R&D) expenditure of U.S. pharmaceutical industry was around USD 83 billion up from USD 79.6 billion in 2018 and USD 71.4 billion in 2017, respectively. Thus, increasing R&D activities increase demand for mass spectrometers and drives market growth.
Drug development is an expensive and lengthy process, and the failure rate is also high. Factors such as lengthy-time period, high failure rate and high cost are forcing researchers to look for newer technologies.
Additionally, mass spectroscopy is also being used in clinical laboratories to measure small sample volumes, with improved confidence across an expanding range of healthcare applications, from toxicology to personalized medicine.
As per a September 2020 article, published in Oxford Academics, states that in the United States, response to the coronavirus disease-19 pandemic has been hampered by inadequate testing resources. Therefore, technologies such as, matrix-assisted laser desorption/ionization combined with mass spectrometry (MALDI-MS) are used to provide faster and cheaper diagnosis, which may drive its demand, over the forecast period.
The Mass Spectrometry Market is highly competitive. The leading players offer an expansive product portfolio for mass spectrometers and have a broad geographic presence. Companies like Agilent Technologies, Bruker Corporation, Danaher Corporation, Dani instruments s.p.a, Leco Corporation, Perkin Elmer Inc., Shimadzu Corporation, Thermo Fisher Scientific, and Waters Corporation, among others, hold the substantial market share in the mass spectrometry market.
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TABLE OF CONTENTS
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Increasing Technological Advancement
- 4.2.2 Growing Concerns Over Food Safety
- 4.2.3 Rising R&D Expenditure By Pharmaceutical Industry & Government Research Organizations
- 4.3 Market Restraints
- 4.3.1 High Cost Of Instrument
- 4.3.2 Lack Of Skilled Technicians
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Technology
- 5.1.1 Hybrid Mass Spectrometry
- 18.104.22.168 Triple Quadrupole (Tandem)
- 22.214.171.124 Quadrupole TOF (Q-TOF)
- 126.96.36.199 FTMS (Fourier Transform Mass Spectrometry)
- 5.1.2 Single Mass Spectrometry
- 188.8.131.52 ION Trap
- 184.108.40.206 Quadrupole
- 220.127.116.11 Time-of-Flight (TOF)
- 5.1.3 Other Mass Spectrometry
- 5.2 By Application
- 5.2.1 Pharmaceuticals Industry
- 5.2.2 Biotechnology Industry
- 5.2.3 Chemical Industry
- 5.2.4 Other Applications
- 5.3 Geography
- 5.3.1 North America
- 18.104.22.168 United States
- 22.214.171.124 Canada
- 126.96.36.199 Mexico
- 5.3.2 Europe
- 188.8.131.52 Germany
- 184.108.40.206 United Kingdom
- 220.127.116.11 France
- 18.104.22.168 Italy
- 22.214.171.124 Spain
- 126.96.36.199 Rest of Europe
- 5.3.3 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 Japan
- 220.127.116.11 India
- 18.104.22.168 Australia
- 22.214.171.124 South Korea
- 126.96.36.199 Rest of Asia-Pacific
- 5.3.4 Middle East and Africa
- 188.8.131.52 GCC
- 184.108.40.206 South Africa
- 220.127.116.11 Rest of Middle East and Africa
- 5.3.5 South America
- 18.104.22.168 Brazil
- 22.214.171.124 Argentina
- 126.96.36.199 Rest of South America
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Agilent Technologies
- 6.1.2 Bruker Corporation
- 6.1.3 Danaher Corporation
- 6.1.4 MassTech
- 6.1.5 Analytik Jena (Endress+Hauser)
- 6.1.6 Perkin elmer Inc.
- 6.1.7 Shimadzu Corporation
- 6.1.8 Thermo Fisher Scientific
- 6.1.9 Waters Corporation
- 6.1.10 JEOL Ltd.
- 6.1.11 FLIR Systems, Inc.
- 6.1.12 MKS Instruments, Inc.
- 6.1.13 Hiden Analytical
- 6.1.14 DANI Instruments S.p.A.
- 6.1.15 LECO Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS