Stringent regulations related to drug safety process is a major factor creating an unprecedented endorsement for advanced analytical equipment, such as mass spectrometry in pharmaceutical and biomedical sectors. Growth in the pharmaceutical sector continues to undergo withering scrutiny, as drug safety plays a significant role in health of patients and paves the way for foundation of national ethos worldwide. Several pharmacopeias have proclaimed quality specifications for active ingredients and finished products, which confines the amount of chemicals used in pharmaceutical products at certain limits. These regulations and constrictions have instigated pharmaceutical companies to acquire and deploy mass spectrometers in their quality control departments. Mass spectrometry is used in drug discovery and development processes; preclinical and clinical development; and drug metabolism; pharmacokinetic and pharmacodynamic studies. Thus, growing emphasis on drug safety coupled with increasing pharmacovigilance programs is driving the growth of the mass spectrometry market. Moreover, growing pharmaceutical industry is consequently creating an impetus for the growth of the mass spectrometry market. The perpetual growth of the pharmaceutical industry can be easily fathomed from the findings by the International Trade Centre (ITC), according to which, the global trade value of pharmaceutical products was evaluated as $628m in 2018.
Additionally, technological advancements in mass spectrometry instrumentation such as high resolution, increased speed, and enhanced accuracy is proliferating the mass spectrometry market growth. The technological advancements further stimulated the increased usage of mass spectrometry across chemical manufacturing, food and beverage testing, biotechnology, environmental testing, astronomical and defense sectors. The Mass Spectrometry Market attained a market value of $4 billion in 2018. Furthermore, the market is anticipated to propel at a CAGR of 6.75%, during the forecast period 2019-2025.
· Booming Chemical Industry and the Prospects for Mass Spectrometry Market—
Rising chemical industry is another prominent factor augmenting the growth of the mass spectrometry market. As per the International Trade Centre (ITC), the trade value of organic chemicals was evaluated at $486m in 2018. Moreover, the mass spectrometry technique facilitates the researchers and developers to determine concentrations of sophisticated samples in a single analysis. It is used to identify the traces of chemical elements in low concentration and quantities of a compound within a chemical sample. Also, it can detect the presence of expected compound and provide results showing molecular weight of various compounds in the mixture, and measures the characteristics of individual molecules. The above mentioned applications of mass spectrometry have facilitated it with a significant place in the chemical manufacturing processes.
Mass Spectrometry Market Gaining Growth from Leading Segment, North America—
Geographically, North America accounted for the maximum share in the global mass spectrometry market in 2018, generating a demand share of 34.72%, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to growing industries in the developed countries of this region such as in the U.S., Canada, Puerto Rico, and Mexico. Additionally, owing to stringent government regulations related to product quality, increasing usage of mass spectrometry in pharmaceutical, and food and beverage industries was observed. Moreover, the market players in this region are continuously striving to develop sophisticated and high-performance mass spectrometer products. For instance, Bruker, an American manufacturer of scientific instruments, introduced “Novel Mass Spectrometry Solutions for MALDI Imaging, Metabolomics, Proteoform Profiling and Toxicology”, at America Society for Mass Spectrometry (ASMS) in 2017. These above mentioned factors have rendered North America with maximum market share.
Food and Beverage Market Poised to Create Growth Avenues in Mass Spectrometry Market—
On the basis of end-user, the mass spectrometry market is segmented into semiconductor and electronics, food and beverage, metal processing, mining, chemicals, oil and gas, petrochemical, pharmaceutical, and others. Among these, food and beverage is considered as the key application segment of the market. This is attributed to increasing focus on quality control processes in the food and beverage industry owing to the increasing health concerns of consumers and the growing demand for high-quality, safe, and nutritious products. Regulating authorities such as the Food and Drug Administration have put forth stringent regulations and guidelines for food products. These constrictions led to increasing adoption of advanced quality testing instruments such as mass spectrometry by the food manufacturing companies. Moreover, mass spectrometry is an effective method to detect various food contaminants, such as pesticides, antibiotics, and toxins in very-low concentrations. Thus, the key application segment is poised to propel at a remarkable CAGR of 7.8% through to 2025.
Market Driving Forces to Portray the Maximum Growth Prospects—
· Increasing Concern on Pollution Control and Environmental Testing:
The growing environmental pollution across the globe and increasing emphasis on environmental awareness are some prominent factors driving the growth of the mass spectrometry market. Mass spectrometry instruments have various applications in pollution monitoring environmental testing process. It is used in the identification of elements in environmental samples, pesticide screening, soil contamination assessment, and drinking water testing. Environmental testing laboratories use various mass spectrometers (MS) including gas chromatography-single quadrupole MS, Tandem MS, ICP-MS, LC-MS orbitrap analyzers for detecting various contaminants such as dichlorodiphenyltrichloroethane (DDT), nitrophenols, and nitrosamine perfluorinated organic compounds (PFOS). Owing to these beneficial applications, mass spectrometry instruments are in increasing demand.
· Growing Oil and Gas Industry:
Owing to prominent aspects of mass spectrometry, including specificity, accuracy and high efficiency, it has significant applications in the oil and gas industry. These instruments aid in testing and monitoring of petroleum refining processes and finished products in the oil and gas industry. Fourier-transform ion cyclotron resonance (FT-ICR), inductively coupled plasma mass spectrometry (ICP-MS), and quadrupole time-of-flight (Q-TOF) are some high-resolution mass spectrometry techniques used for purity, contamination, and multi-elemental analysis, as they enable ultra-trace detection levels to ppm (parts per million), ppb (parts per billion), and ppt (parts per trillion). Thus, the growth in number of oil and gas fields is expected to boost the mass spectrometry market growth.
Mass Spectrometry Market: Major Players
The mass spectrometry market comprise a network of market players, which are involved in research and product development, instrument manufacturing, distribution and sale, and post-sales services. These players create a niche for themselves and stay ahead of the curve. Some of the prominent market players include Thermo Fisher, Bruker, Agilent, Jena, Joel, Shimadzu, Waters, Danaher, Perkin Elmer, Bio-Rad Labs, and bioMerieux.
Some of the significant collaborations and product developments are:
· In 2018, Thermo Fisher Scientific launched the Q Exactive UHMR Hybrid Quadrupole-Orbitrap Mass Spectrometer for analysis of proteins and protein complexes, Orbitrap ID-X Tribrid Mass Spectrometry system for Small Molecule Identification and Characterization, and TSQ Fortis Triple Quadrupole Mass Spectrometer for applications that demand an optimal blend of speed, robustness, sensitivity, and high performance. These products are launched by the company to cater the demand from various industries.
· In 2015, PerkinElmer collaborated with Albany Molecular Research, to provide drug discovery infrastructure and services in AMRI's newly launched drug discovery center. Moreover, PerkinElmer is offering its screening capabilities, cellular imaging, and analytical instruments to AMRI.
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