Global Mass Spectrometry Market Size

Mass Spectrometry Market Analysis

The Global Mass Spectrometry Market size is estimated at USD 6.77 billion in 2024, and is expected to reach USD 9.17 billion by 2029, growing at a CAGR of 6.25% during the forecast period (2024-2029).

The mass spectroscopy devices are mainly used in the research and development activities in different industrial areas such as pharmaceuticals, life sciences, food, and others. As there were lockdown restrictions around the world due to the COVID-19 pandemic, these activities were negatively impacted and thus impacting the mass spectrometry market. The mass spectrometry devices are also being used in the detection and analysis of the COVID-19 samples which may have a positive impact on the market. For instance, In September 2020, in India, researchers at the Institute of Genomics and Integrative Biology (IGIB) and the National Centre for Disease Control (NCDC) were able to detect novel coronavirus (COVID-19) with 95% sensitivity and 100% specificity concerning RT-PCR using a mass spectrometer.

One of the major driving factors for the growth of the mass spectrometry market is the technological advancements in mass spectrometer devices and growing concerns over food safety around the world. The key market players in the studied market are continuously working towards advancing their existing products and launching innovative and advanced mass spectrometer devices. For instance, in May 2020, Thermo Fisher Scientific launched an advanced high-resolution mass spectrometer called Orbitrap Exploris 120 mass spectrometer, which has features like fast scanning modes and rapid polarity switching. Also, the companies engage in activities such as mergers and acquisitions, strategic partnerships, or collaboration to acquire or develop new technologies in the field.

Another major factor that is expected to boost the growth of the studied market is increasing research and development expenditure by both government and private entities. For instance, according to the January 2022 report published by Research America, the medical and health research and development expenditure reached USD 245.1 billion in 2020, of which USD 161.8 billion was invested by the industry leaders thus, with high investment in medical and health research that also includes drug discovery and development, the demand for mass spectrometers is expected to increase and hence, fueling growth in the studied market. therefore, owing to the above-mentioned factors, the mass spectrometry market is expected to grow over the forecast period. However, the high cost associated with the mass spectrometer devices and the lack of skilled professionals will impede the growth of the mass spectrometry market during the forecast period.