The mass spectrometry market is witnessing growth and is projected to reach USD 7,492.1 million in 2030. The major reasons behind the growth of this market are increasing expenditure in the healthcare sector and technological enhancement in MS.
In recent years, the hybrid category had the largest market share of around 50% and is projected to continue its dominance in the coming years. A hybrid MS has several uses, such as sensitive, quick, and precise quantification and identification of medications, the innovation of novel biomarkers, and the screening and diagnosis of illnesses. Such a facility helps in evaluating many analytes at once.
Enhancement of technology in mass spectrometry is a key market trend. Ongoing research and development have contributed to the growth of technologically advanced spectrometers. A miniature mass spectrometer is very compact in size and portable. Such device is very user-friendly have simple operations, and are very popular between food safety inspectors and physicians.
Moreover, many companies are spending a significant amount to produce miniature mass spectrometers offering enhanced features and easy-to-use capabilities to meet the customer's requirements.
MS is a leading technology in pharmaceutical analysis, which combines both quantitative and qualitative workings. This is why this industry is projected to grow at a significant rate in the coming years.
Moreover, the area of usage of MS is growing at an extensive pace, mainly because the development of new applications is happening almost on a daily basis. Joined with this, instrumentation innovation is advancing to keep up with the growing demand for sensitivity and throughput, sometimes because of the tightening of regulatory requirements.
In the past few years, the drug discovery and development category had the largest MS market share. mass spectroscopy is majorly used in drug discovery and development. It facilitates understanding the structure of drugs. Additionally, it is also used in comprehensive and quantitative analysis of a wide range of metabolites in biological samples.
Furthermore, the use of several ionization methods, like electrospray and matrix-assisted laser desorption electrospray, help in the analysis of the wide range of biomolecules like lipids, sugars, and peptides.
In recent years, North America had the largest share of around 40%. This can be credited to the developed healthcare infrastructure, high healthcare expenditure, the availability of several industry players, and strict government guidelines in the biotechnology and pharmaceutical industry, which in turn contribute to the growth of this market.
Furthermore, technological enhancement in MS, growing food safety concerns, established healthcare infrastructure, and new GDP and GMP certifications for medical excipients, are helping in generating the requirement for MS in North America.
SOURCE: P&S Intelligence