Mass Spectrometry Market to Reach $14.6 Billion, Globally, by 2032 at 7.7% CAGR: Allied Market Research

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Nov 21, 2023, 10:30 ET

Increase in technological advancement, rise in research and development activities, and surge in adoption of mass spectrometers in various industries drive the growth of the mass spectrometry market.

PORTLAND, Ore., Nov. 21, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Mass Spectrometry Market, By Technology (Hybrid Mass Spectrometry, Single Mass Spectrometry, and Others), and Application (Pharmaceutical, Biotechnology, Industrial Chemistry, Environmental Testing, Food and Beverage Testing, Forensic, Clinical, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, mass spectrometry industry was estimated at $6.9 billion in 2022, and is anticipated to hit $14.6 billion by 2032, registering a CAGR of 7.7% from 2023 to 2033.

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Prime determinants of growth

Technological advancements in the mass spectrometry, increase in research and development activities in biopharmaceutical industry, and surge in the awareness about food safety drive the growth of the mass spectrometry market. However, high cost of mass spectrometry instrument is hampering the market growth. On the contrary, continuous development in miniaturizing mass spectrometry increase is expected to offer remunerative opportunity for expansion of the mass spectrometry market during the forecast period.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$6.9 billion
Market Size in 2032	$14.6 billion
CAGR	7.7 %
No. of Pages in Report	248
Segments covered	Technology, Application, and Region
Drivers	Technological advancements in mass spectrometry Increase in research and development activities Surge in awareness about food safety
Opportunity	Continuous miniaturization in mass spectrometry
Restraint	High cost of mass spectrometry equipment

Economic Downturn Analysis: Impact of Recession in 2023 on the Mass Spectrometry Market

In the economic recession, the mass spectrometry market is driven by technological advancements, increase in demand from various industries such as forensic and clinical, and development of portable mass spectrometers.
However, increased manufacturing and operating costs, and fluctuations and adverse movement in shipping cost impact the mass spectrometry market growth during the recession.

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The hybrid mass spectrometry segment to maintain its dominance during the forecast period

By technology, the hybrid mass spectrometry segment held the highest market share in 2022, accounting for nearly half of the mass spectrometry market revenue, and it is projected to manifest the highest CAGR of 8.1% from 2023 to 2032, owing to increase in demand for hybrid mass spectrometry as it provides more accurate analysis and can detect very small amount of component in the mixture.

The pharmaceutical segment to maintain its leadership status during the forecast period

By application, the pharmaceutical segment held the highest market share in 2022, accounting for one-fourth of the mass spectrometry market revenue, owing to use of mass spectrometry in the drug analysis and quality control processes. However, the biotechnology segment is expected to witness the fastest CAGR of 9.0% from 2023 to 2032, owing to increase in use of mass spectrometry in the proteomics research.

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North America to maintain its dominance by 2032

Region-wise, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global mass spectrometry market revenue, owing to high research activities in this region, availability of advanced mass spectrometers, and strong presence of market key players. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.6% from 2023 to 2032, owing to development of biopharmaceutical industry, and high adoption of new technology equipment.

Leading Market Players: -

Agilent Technologies, Inc.
Thermo Fisher Scientific Inc.
Perkinelmer, Inc.
Shimadzu Corporation
Kore Technologies, Ltd.
Hiden Analytical Ltd.
Leco Corporation
Bruker Corporation
Waters Corporation
Danaher Corporation

The report provides a detailed analysis of these key players of the mass spectrometry market. These players have adopted strategies such as, product launch, acquisition, collaboration, and agreement to increase their market share and maintain dominant shares in the different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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