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

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:

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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