Technological innovations are anticipated to steer large scale growth in the global Mass Spectrometer Market
Covid Impact on Mass Spectrometer Market
With a large portion of the world continuing under lockdown due to COVID-19, which has hit the global economy very hard. Food processing and service businesses are some who have taken the brunt of the impact. Across the globe, investors have been concerned about the impact the pandemic is having on the mass spectrometer market. There is great demand for various spectrometers from the biotechnology and pharmaceutical companies due to the COVID-19 which drives the market growth rate. In the Covid times, mass spectrometers are used extensively in various laboratory processes to isolate proteins and deliver quick results. Therefore, in the Covid times, mass spectrometers are gaining large-scale adoption.
The global market for the Mass Spectrometer is anticipated to develop at a compound annual growth rate (CAGR) of 7.2 % throughout the course of the forecast, to reach USD 24.5 billion by 2028.
However, the situation is improving steadily with all the recent innovations and developments among the key players in the mass spectrometer market.
In the Forecast Era, Hybrid Type to Become the Fastest-Growing Segment
The global mass spectrometer market is approaching substantial growth in the coming years based on product segmentation. The hybrid mass spectrometer is likely to grow as the fastest expanding segment. A hybrid mass spectrometer provides accurate results with high-resolution testing features. The hybrid mass spectrometer is further classified into Quadrupole, Fourier transform mass spectrometer, and Quadrupole (TOF)
The rising demand for hybrid mass spectrometer equipment is growing higher due to the executive features they carry in the market.
Pharmaceuticals Segment Emerging as the Largest Segment in the Forecast Era
Based on application, the biopharmaceutical & pharmaceutical companies are anticipated to register the highest growth rate in the market for the forecast period. The mass spectrometer equipment helps in identifying the elements from the mixture of various individual elements, as the wrong elements can cause risk. Mass spectrometer machines are widely used in large pharmaceutical companies for various purposes such as discovering drugs in clinical trials.
The growing demand for mass spectrometers in pharmaceutical companies in North America, Europe, and Asia Pacific regions drives the market growth. These regions adopt various mass spectrometers accordingly to the required segment, And also the increase in research and clinical trials fuels the market CAGR rate during the forecast period.
Advances in R&D expeditions are anticipated to ensure continued reliance and subsequent growth in the global Mass Spectrometer Market
Mass spectrometer is an analytics technique that is used to calculate the mass of a particular molecule. They incorporate instruments such as mass spectrometry and chromatography. The separation of analytics is brought out using a technique such as chromatography which helps in the resolution of the analysis.
The hike in research and development of new molecules has raised the accuracy in the analytical experiment, which indeed raised the preference for mass spectrometer equipment. The wide offering for various products among the key players in the market has given a wide range of options for consumers to choose a particular type of mass spectrometer accordingly to the requirements.
The mass spectrometer is considered one of the best and most accurate instruments that measure the weight of a molecular in analytics. This is the best reason for the hike in the use of the equipment. The utilization of mass spectrometers has resulted in high adoption of the equipment and is considered to be the best beneficial factor for the growth of the global mass spectrometer market.
The restraining factor in the global mass spectrometer market growth is the premium price for the equipment, these equipment are valued higher due to advanced technology and features it carries. The system cost of the application is also high which makes the industry-standard advanced, the operational effectiveness has increased the demand for mass spectrometers over the recent years.
- Water corporation on June 2021, announced a water MRT series launch, which has a high resolution spectrometer technology.
- Agilent technologies Inc. On June 2021, announced a product launch of two improved spectrometer with various new features. Which was presented in annual meeting of American Society of mass spectrometer.
Mass Spectrometer Market Scope
|Revenue forecast in 2028
|USD 24.5 billion
|CAGR of 7.2 % during 2018-2028
|Type, Product, By Application, End-use, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Thermo Fisher Scientific, Inc., PerkinElmer, Inc., Agilent Technologies, Waters Corporation, Shimadzu Corporation, Bruker Corporation, JEOL Ltd., FLIR Systems, Inc., Endress+Hauser Group, MKS Instruments, Inc.
Key Segments of the Global Mass Spectrometer Market
Product Type Overview, (USD Billion)
Application Overview, (USD Billion)
- Biopharmaceutical and Pharmaceutical Companies
- Research Institutes & Government Organization
- Hospitals & Diagnostic Centres
- Environmental testing
- Food & beverage testing
- Chemical & clinical testing
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa