Northbrook, IL 60062 -- (SBWIRE) -- 05/09/2023 -- According to the new market research report "Mass Spectrometry Market Size, Growth by Technology [Hybrid (Triple Quadrupole, QTOF, FTMS), Single (Quadrupole, TOF, Ion Trap), Others], Application (Life Science Research, Clinical Diagnostics), Enduser (Pharma-Biotech, Environmental, F&B) - Global Forecasts to 2025", The mass spectrometry market is growing at a CAGR of 6.5% during the forecast period.

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122 - Tables
30 - Figures
190 - Pages

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Increasing spending on pharmaceutical R&D across the globe, government regulations on drug safety, is creating demand opportunities for the mass spectrometry. Also, growing focus on the quality of food products, increase in crude and shale gas production, and growing government initiatives for pollution control and environmental testing drive the global mass spectrometry market.

Hybrid mass spectrometry segment is expected to grow at the highest CAGR during the forecast period. Advantages offered by hybrid mass spectrometers, such as rapid and high-resolution testing abilities with more accurate and precise results, are increasing its adoption. Consequently, the demand for mass spectrometry devices for high throughput screening is also growing. Such factors are expected to drive hybrid mass spectrometry market.

The pharmaceutical industry end-user segment is expected to grow at the highest CAGR.

Based on end user, the mass spectrometry market has been segmented into is pharmaceutical industry, biotechnology industry, research & academic institutes, environmental testing industry, food & beverage testing industry, petrochemical industry among and other end users. Pharmaceutical industries are among the key end-users of mass spectrometers. the availability of government and corporate funding for pharmaceutical research, growth of the pharmaceutical industry, and the presence of stringent regulatory guidelines for drug development and safety are some of the key factors driving the growth of this segment during the forecast period.

The hybrid mass spectrometry segment is expected to grow at the highest CAGR in the mass spectrometry market during the forecast period.

Based on the product, the foot and ankle devices market is segmented into hybrid mass spectrometry, single mass spectrometry and other technologies. The hybrid mass spectrometry segment is expected to witness the fastest growth during the forecast period. Advantages offered by hybrid mass spectrometers, such as rapid and high-resolution testing abilities with more accurate and precise results, are increasing its adoption. Consequently, the demand for mass spectrometry devices for high throughput screening is also growing. The hybrid mass spectrometry segment is further divided into Triple Quadrupole, Quadrupole ToF (Q-ToF), and Fourier Transform Mass Spectrometry (FTMS).

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The life science research segment is expected to grow at the highest CAGR during the forecast period.

Based on application, the mass spectrometry market has been segmented into life science research, drug discovery, environmental testing, food testing, applied industries, clinical diagnostics and other applications. Among these, the life science research segment dominated the market in 2019. The increasing application of omics technology in diagnostics & biomarker identification and the increasing R&D expenditure and government funding for proteomics are expected to drive the market for this segment.

Geographical Growth Scenario:

North America is estimated to be the largest market for mass spectrometry during the forecast period. The mass spectrometry market in North America is driven primarily by factors such as the growing funding for research and government initiatives in the US, widespread usage of mass spectrometry in the metabolomics and petroleum sector, and CFI funding towards mass spectrometry projects in Canada. The US government increased its R&D budget from USD 538 billion to USD 553 billion during 2017 to 2019. Furthermore, in 2019, the NIH invested USD 32 billion for biomedical research (Source: US Department of Health and Services).In addition, regulatory agencies in the US, such as the Food and Drug Administration (FDA), are encouraging the use of analytical techniques to ensure that the pharmaceutical products released in the market adhere to quality requirements. Lately, the US has seen a significant increase in the shale gas and crude oil production with increasing oil fields and this has resulted in subsequent increase in the employment of analytical tools such as mass spectrometers.

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Key Players:

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the mass spectrometry market. The major players in the mass spectrometry amrket are Thermo Fisher Scientific (US), SCIEX (US) Agilent Technologies (US), Waters Corporation (US), PerkinElmer (US), Shimadzu Corporation (Japan), Bruker (US), Analytik Jena (Germany), JEOL (Japan), Rigaku (Japan), DANI Instruments (Italy), LECO (US), and Hiden Analytical (UK).

These players are adopting various strategies to increase their share in the mass spectrometry market. Collaborations & agreements, new product launches, expansions and mergers have been a widely adopted strategy by the major players in the mass spectrometry industry.