The report "Mass Spectrometry Market by Product (Instrument (Triple Quadrupole, Q-TOF, FTMS, Quadrupole, TOF), Services), Sample Preparation (LC-MS, GC-MS), Application (Omics, Clinical, Environmental), End User (Pharma, Academia, F&B) & Region - Forecasts to 2028", size is expected to grow from an estimated USD 5.4 billion in 2023 to USD 7.8 billion by 2028, at a CAGR of 7.5%. Factors such as increasing spending on pharmaceutical R&D across the globe, government regulations on drug safety, 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 are high growth prospects for the mass spectrometry market during the forecast period.
Browse 188 market data Tables and 39 Figures spread through 259 Pages and in-depth TOC on "Mass Spectrometry Market by Product (Instrument (Triple Quadrupole, Q-TOF, FTMS, Quadrupole, TOF), Services), Sample Preparation (LC-MS, GC-MS), Application (Omics, Clinical, Environmental), End User (Pharma, Academia, F&B) & Region - Forecasts to 2028"
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Instruments segment to register significant growth rate over the forecast period of 2023-2028
Based on the product, the mass spectrometry is segmented into instrument and software & services. Instruments segment to register significant growth rate over the forecast period of 2023-2028. Advantages offered by instruments, 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 instrument segment is further divided into hybrid mass spectrometry, single mass spectrometry and other technologies.
LC-MS segment accounted for the largest share of the mass spectrometry in 2023-2028
Based on sample preparation technique, the mass spectrometry is segmented into GC-MS, LC-MS, ICP-MS, and others. The LC-MS segment is estimated to hold the largest market share of the mass spectrometry market during the forecast period. The large share of this segment can be attributed to its ability to identify and measure a broader range of compounds with minimal sample preparation. LC-MS can identify a broader range of compounds. LC-MS is applied in many industries such as pharmaceuticals, biopharmaceuticals, forensic, industrial, food and environmental sector. For clinical research, the analysis of drugs, vitamins and minerals in whole blood, plasma, serum and urine is conducted routinely using LCMS. It is a more sensitive instrument.
OMICS research segment accounted for the largest share of the mass spectrometry in 2023-2028
Based on application, the mass spectrometry is segmented into OMICS research, drug discovery, environmental testing, food testing, pharma-biopharma manufacturing, clinical diagnostics, applied industries, and other applications. The OMICS research segment is estimated to hold the largest market share of the mass spectrometry market during the forecast period. The large share of this segment can be attributed to 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.
Pharmaceutical companies’ segment to register for the highest growth rate of the mass spectrometry in 2023-2028
The major end users in the mass spectrometry market are pharmaceutical companies, biotechnology companies, research labs & academic institutes, environmental testing labs, F&B industry, forensic labs, petrochemical industry and other end users. Pharmaceutical companies are expected to dominate the market during the forecast period. 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.
Asia Pacific to register a significant growth in the market during the forecast period
In 2023, Asia Pacific is expected to register a significant growth in the market during the forecast period. Asia Pacific comprises the China, Japan, India, South Korea, Australia, ASEAN Region, rest of APAC. Factors such as the significant funding for mass spectrometry and environmental monitoring regulations are driving the growth of the Asia Pacific mass spectrometry market.
As of 2022, prominent players in the mass spectrometry are SCIEX (US), Agilent Technologies (US), Thermo Fisher (US) and Waters Corporation (US) among others.
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