Mass Spectrometry Global Market Opportunities and Strategies to 2032

This report describes and explains the mass spectrometry market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global mass spectrometry market reached a value of nearly $5.58 billion in 2022, having grown at a compound annual growth rate (CAGR) of 8.7% since 2017. The market is expected to grow from $5.58 billion in 2022 to $8.63 billion in 2027 at a rate of 9.1%. The market is then expected to grow at a CAGR of 11.1% from 2027 and reach $9.51 billion in 2032.

Growth in the historic period resulted from the increasing prevalence of chronic diseases, increasing R&D investments in the pharmaceutical and biotechnology industry and growing petroleum industry. Factors that negatively affected growth in the historic period included high-end product cost.

Going forward, increasing healthcare expenditure, supportive funding from governments, rising urbanization and rapid growth in the elderly population will drive the market. Factors that could hinder the growth of the mass spectrometry market in the future include a lack of qualified professionals.

The mass spectrometry market is segmented by technology into hybrid mass spectrometry, single mass spectrometry and inductively coupled plasma mass spectrometry (ICP-MS). The hybrid mass spectrometry market was the largest segment of the mass spectrometry market segmented by technology, accounting for 55.3% or $3.08 billion of the total in 2022. Going forward, the hybrid mass spectrometry segment is expected to be the fastest growing segment in the mass spectrometry market segmented by technology, at a CAGR of 9.50% during 2022-2027.

The mass spectrometry market is segmented by application into life science research, drug discovery, environmental testing, food testing, applied industries, clinical diagnostics and other applications. the life science research market was the largest segment of the mass spectrometry market segmented by application, accounting for 29.0% or $1.61 billion of the total in 2022. Going forward, the life science research segment is expected to be the fastest growing segment in the mass spectrometry market segmented by application, at a CAGR of 10.4% during 2022-2027.

The mass spectrometry market is segmented by end user into pharmaceutical industry, biotechnology industry, research and academic institutes, environmental testing industry, food and beverage testing industry, petrochemical industry and other end users. The biotechnology industry market was the largest segment of the mass spectrometry market segmented by application, accounting for 26.6% or $1.48 billion of the total in 2022. Going forward, the retail and biotechnology industry segment is expected to be the fastest growing segment in the mass spectrometry market segmented by application, at a CAGR of 10.4% during 2022-2027.

North America was the largest region in the mass spectrometry market, accounting for 40.5% or $2.26 billion of the total in 2022. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the mass spectrometry market will be Asia Pacific and North America, where growth will be at CAGRs of 11.3% and 10.0% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 7.6% and 7.2% respectively.

The global mass spectrometry market is concentrated, with large players operating in the market. The top ten competitors in the market made up 45.6% of the total market in 2022. Thermo Fisher Scientific Inc was the largest competitor with a 11.9% share of the market, followed by Shimadzu Corporation with 7.8%, Agilent Technologies, Inc with 7.2%, Waters Corporation with 6.5%, Danaher Corporation with 3.8%, Bruker Corporation with 2.9%, PerkinElmer Inc with 1.9%, JEOL Ltd Inc with 1.6%, MKS Instruments Inc with 1.3% and LECO Corporation with 0.7%.

The top opportunities in the mass spectrometry market segmented by technology will arise in the hybrid mass spectrometry segment, which will gain $1.77 billion of global annual sales by 2027. The top opportunities in the mass spectrometry market segmented by application will arise in the life science research segment, which will gain $1.03 billion of global annual sales by 2027. The top opportunities in the mass spectrometry market segmented by end user will arise in the biotechnology industry segment, which will gain $954.58 million of global annual sales by 2027. The mass spectrometry market size will gain the most in the USA at $1.32 billion.

Market-trend-based strategies for the mass spectrometry market include use of AI for seamless AI model creation and deployment, focus on improving sensitivity and performance of mass spectrometers, innovative product developments and strategic partnerships and collaborations among market players.

Player-adopted strategies in the mass spectrometry market include focus on enhancing business operations through the launch of new products and strengthening operational capabilities through strategic investments.

To take advantage of the opportunities, the analyst recommends the mass spectrometry companies to focus on use of AI for seamless AI model creation and deployment, focus on improving sensitivity and performance of mass spectrometers, focus on innovative product developments, focus on use of automated mass spectrometry for routine testing, focus on fast-growing technologies, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, continue to use B2B promotions, continue to participate in events and conferences, focus on fast-growing end-users and continue to focus on fast-growing applications.