Spectrometry market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Exponential Growth of Pharmaceutical Industry to Drive Spectrometry Market
Over the past decade, mass spectrometry has undergone tremendous technological improvements allowing for its application to proteins, peptides, carbohydrates, DNA, drugs, and many other biologically relevant molecules. A growing application base is likely to favour the growth of spectrometry market worldwide. Due to ionization sources such as electrospray ionization and matrix-assisted laser desorption/ionization (MALDI), mass spectrometry has become an irreplaceable tool in the biological sciences. Over the past two decades, pharmaceutical corporations have dramatically expanded their R&D spending. Investments in essential areas like biopharmaceuticals and customized medicine fuel research in the pharmaceutical and biotechnology industries. The pharma and biotech industry accounts for 18.9% of all global R&D spending, according to the 2018 EU Industrial R&D Investment Scoreboard. From the early stages of drug discovery to late-stage development and clinical trials, mass spectrometry is essential to the pharmaceutical business. Consequently, it is anticipated that rising financing in the pharmaceutical and biotechnology sectors will fuel the expansion of the spectrometry market.
Spectrometry Market to Rise High with its Growing Consideration in the Field of Diagnostics
The other significant factors fuelling the expansion of the spectrometry market size are the rising usage of spectrometry methods in the pharmaceutical and biotechnology industries for drug testing, drug discovery, protein testing, raw material testing, quality assurance, and quality control of goods. The spectrometry market opportunity is also driven by the spike in the usage of spectrometry analysis for research operations in the pharmaceutical and biotech industries for proteomics, metabolomics, genomics, and demand for individualized treatments. It is paving the way as a novel tool for improved diagnostics, biomarker identification, and illness detection in healthcare and medical research.
However, it is anticipated that the high capital expenditure needed to install and maintain spectrometer devices will restrain the growth of the spectrometry market. Spectrometers are excessively expensive for little diagnostic clinics, and labs. Additionally, the cost of instruments has increased due to technological improvements. As a result, the high price of a spectrometer affects end customers' purchase choices. These systems are essential to pharmaceutical enterprises, which significantly increase capital expenditures. Due to the labour-intensive nature of mass spectrometry and the need for trained individuals to operate the equipment, a shortage of qualified operators is anticipated to impede long-term growth of spectrometry market.
Benefits of Hybrid Spectrometry to Drive Growth for Spectrometry Market
The spectrometer market is divided into hybrid mass spectrometry, single mass spectrometry, and other technologies depending on the product. During the projected period, the hybrid mass spectrometry segment anticipates faster. The use of hybrid mass spectrometers is due to their benefits, which include quick and high-resolution testing capabilities with more accurate and exact results. As a result, there is an increase in demand for mass spectrometry equipment for high throughput screening. Quadrupole ToF (Q-ToF), Fourier Transform Mass Spectrometry, and Triple Quadrupole Mass Spectrometry are other divisions of the hybrid mass spectrometry segment (FTMS).
Increased In Funding for R & D Activities to Drive Growth of North America Spectrometry Market
North America is the largest Spectrometry user and is expanding fastest during the forecast period. Due to increased funding for R&D activities, widespread use of mass spectrometer instruments in the life sciences, metabolomics, and petroleum sectors, and the presence of major market players in the region, North America currently holds a significant share of the mass spectrometry market and is anticipated to continue to do so over the forecast period. The growth of research funding and government initiatives in the US, the widespread use of mass spectrometry in the metabolomics and petroleum industries, and CFI financing for mass spectrometry studies in Canada are the main drivers of the North American mass spectrometry market. Additionally, US regulatory organizations like the Food and Drug Administration (FDA) support using analytical methods to ensure that the pharmaceutical items market meets quality standards. Due to the recent sizeable increase in shale gas and crude oil production in the US and the expansion of oil fields, analytical tools like mass spectrometers have increased.
Due to significant government and private sector investment in research and development, the United States will have the biggest market share in North America for mass spectrometry. For instance, the American Association for the Advancement of Science estimates that the United States government will spend USD 165,463 million on research and development, of which USD 40,663 million will go to the National Institutes of Health. Additionally, according to the Congressional Budget Office's April 2021 estimate, the pharmaceutical industry spent about USD 83 billion on R&D operations in 2019, contributing to the expansion of the research market. Additionally, a growing number of healthcare applications, including toxicology, personalized medicine, and the investigation of potential pathogens, will benefit from using spectrometry in clinical laboratories to measure small sample volumes with increased confidence. This will contribute to the expansion of the market under consideration. Matrix-assisted laser desorption ionization time-of-flight mass spectrometry (MALDI-TOF/MS), for instance, is frequently used in clinical diagnostics in the United States and Europe for the identification of bacterial pathogens, according to a research article published in September 2020 with the title “Mass Spectrometry Techniques in Emerging Pathogens Studies: COVID-19 Perspectives”.
Global Spectrometry Market: Competitive Landscape
At the American Society for Mass Spectrometry conference in June 2022, Agilent Technologies introduced new mass spectrometers. On the other hand, Agilent Technologies Inc. introduced the 7850 ICP-MS mass spectrometry device in December 2020. A new intelligent software feature on the new ICP-MS equipment will improve the capabilities of the ICP-MS lab.
Few of the players in the Spectrometry market include Waters Corporation (US), SCIEX (US), Agilent Technologies (US), PerkinElmer (US), MKS Instruments (US), Thermo Fisher Scientific (US), Shimadzu Corporation (Japan), Analytik Jena (Germany), Bruker (US), Hiden Analytical (UK), JEOL (Japan), Extrel CMS (US), Rigaku (Japan), MassTech Inc. (US), DANI Instruments (Italy), LECO (US), Kore Technology (UK), Advion (US), AMETEK Process Instruments (US), and FLIR Systems (US).
Regional Classification of Global Spectrometry Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Spectrometry Market
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