Mass Spectrometry Market to Surpass $7,492.1 Million Revenue by 2030 Says P&S Intelligence
NEW YORK, Nov. 29, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, in 2021, the mass spectrometry market was worth around $4,277.4 million, and it is predicted to advance at a 6.4% CAGR from 2021 to 2030, hitting $7,492.1 million in 2030. The major reasons behind the growth of this market are the increasing expenditure in the healthcare sector and technological enhancement in MS.
Hybrid Technology Held Largest Market Share
In 2021, the hybrid category had the largest market share, of more than 50%, and it is projected to continue its dominance in the coming years. Hybrid MS has several uses, such as sensitive, quick, and precise quantification and identification of medications, innovation of novel biomarkers, and screening and diagnosis of illnesses. In all such processes, The hybrid MS technology helps in evaluating many analytes at once.
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Technological Enhancements in MS
Research and development have contributed to the creation of technologically advanced spectrometers. For instance, a miniature mass spectrometer is portable, user-friendly, and easy to operate; hence, rather popular among food safety inspectors and physicians.
Hence, many companies are spending a significant amount to produce miniature mass spectrometers offering enhanced features and easy-to-use capabilities, to meet customers' requirements.
Pharmaceuticals Industry is Widely Adopting MS
The pharmaceuticals category is expected to grow the fastest, by around 8%, in the end user segment over this decade. MS has been a leading technology in pharmaceutical analysis for a while, as it caters to both quantitative and qualitative studies
Moreover, the demand for MS equipment is growing at an extensive pace, mainly because of the rapid development of new applications. Apart from this, instrumentation is being innovated to keep up with the growing demand for sensitivity and throughput, because of the tightening of the regulatory requirements.
In 2021, the drug discovery and development category had the largest MS market share, of more than 40%. Mass spectroscopy is majorly used in drug discovery and development as it facilitates in understanding the structure of drugs. Additionally, it is used in the comprehensive and quantitative analysis of a wide range of metabolites in biological samples.