The global mass spectrometry market is evaluated at US$4.056 billion for the year 2020, growing at a CAGR of 10.24%, to reach a market size of US$8.026 billion by the year 2027.
Mass spectrometry is a process carried out to find the mass to charge (m/z) ratio of molecules present in a sample to be tested. The mass to charge ratio helps find useful information like the exact molecular weight of a molecule present, which can lead to identifying an unknown compound. Mass spectrometry also helps understand different chemical properties and structural orientations of the molecules present in the testing sample. It adopts the ionization of the molecules by an ionization source, followed by acceleration so that the ions have equal kinetic energy. Under the influence of both electric and magnetic fields, the ions deflect in accordance with the charge present on them, and finally, they are detected electrically via a detector present at the end of the spectrometric system. The real-life applications of the mass spectrometry market are vast in pharmaceutical, drug, biotechnology, and other similar sectors. With high R&D investments and developments in the pharmaceutical as well as the biotechnology industry, the growth in the mass spectrometry market is anticipated to increase substantially during the forecast period. However, the advanced technological setup needed for successful mass spectroscopy research comes at expensive pricing. It may take significantly longer periods to develop, which is quite a challenge to overcome by this industry, hence negatively impacting the market share. Also, the lack of skill and technical knowledge needed to carry out precise and accurate mass spectrometry will be a preliminary factor restraining the mass spectrometry market size globally during the forecast period and beyond.
The recent coronavirus pandemic has affected significant industries across the whole planet in a negative manner. However, exceptions exist, such as the mass spectrometry market. The birth of the pandemic has raised concerns for the safety of the population against similar ailments in the future and hence led to high research and development initiatives along with major investments in the pharma and biotech industry. As the pharma industry, along with biotech, gets ready for future advancements, the market for mass spectroscopy is highly anticipated to rise during the forecasted period and beyond as well.
High R&D initiatives in the pharmaceutical and biotech segment
The pharmaceutical and biotech industry have witnessed significant funding and R&D investment and are anticipated to add to the numbers in both dimensions. As per the Biotechnology Innovation Report (BIO) 2020, the number of patents granted in the US in the biotechnology field rose about 17% from 2016 to 2019. Also, the same report (BIO) stated that the venture capital investments from the years 2016 to 2019 totalled to exceed USD 102 billion, with 2018 and 2019 crossing the USD 30 billion mark. Additionally, as per the United States Congressional Budget Office report released in April 2021, the US biopharmaceutical industry invested USD 83 billion on R&D in the year 2019, which is nearly ten times the amount spent in the 1980s every year. In a 2020 data report published by the European Federation of Pharmaceutical Industries and Associations (EFPIA), the EU-28 pharmaceutical industry invested EUR 37.5 billion in R&D. The same report stated an investment of about EUR 14 billion in pharmaceutical R&D by Japan. With high R&D investments and capital funding, the pharma and biotech industry is in for rapid future growth; thus, their rise is anticipated to propel the market size of mass spectrometry in the forecast period.
Lack of talent, Expensive pricing, and long periods to develop
The manufacturing of mass spectrometers and related devices can be too complex in design, and they come at high prices to the end consumer, such as pharma and biotech companies. In a journal published in October 2019 by Wiley Analytical Science, a spectrometer required for space applications can take up to a decade to manufacture and even cost a couple of million dollars. Such expensive pricing and complex design can seem unfeasible for several potential user companies of the mass spectrometry market to adopt on a high scale level. According to the 2021 Technology and Innovation Report of the United Nations Conference on Trade and Development (UNCTAD), in the highly technical field of gene- editing, there lies a shortage of scientific personnel with relevant experience globally, with a higher shortage in developing countries. Such factors are expected to restrain the mass spectrometry market globally during the forecast period.
US to see significant growth in the Mass Spectrometry Market
The United States of America is projected to grow substantially in the global mass spectrometry market share. As per the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) 2021 Facts and Figures Report, the spending on the pharma industry by the US will increase from USD 485 billion in 2018 to approximately USD 650 billion in 2023 at a CAGR of 4-7% which is higher than the projected global increase. With high R&D investments and government-aided funding, the mass spectrometry market share worldwide is projected to rise for the US in the forecast period.
|Market size value in 2020||US$4.056 billion|
|Market size value in 2027||US$8.026 billion|
|Growth Rate||CAGR of 10.24% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Mass Analyzer/Ion Separation, Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||908 Devices, AB SCIEX, Advion, Agena Biosciences, Bioflyte, Biognosys, Chiesi, GlaxoSmithKline (GSK), Intervenn Bioscience, Sphere Fluidics|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global mass spectrometry market?
A1. Mass Spectrometry Market was valued at US$4.056 billion in the year 2020.
Q2. What will be the mass spectrometry market size by 2027?
A2. The global mass spectrometry market is projected to reach a market size of US$8.026 billion by 2027.
Q3. What are the growth prospects for the mass spectrometry market?
A3. The mass spectrometry market is projected to grow at a CAGR of 10.24% over the forecast period.
Q4. What factors are anticipated to drive the mass spectrometry market growth?
A4. With high R&D investments and developments in the pharmaceutical as well as the biotechnology industry, the mass spectrometry market growth is anticipated to increase substantially during the forecast period.
Q5. Which region holds the largest market share in the mass spectrometry market?
A5. Geographically, North America is projected to hold a significant share in the mass spectrometry market.
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