SPECTROMETRY MARKET ANALYSIS

The global spectrometry market is estimated to be valued at US$ 23.3 billion in 2023 and is expected to exhibit a CAGR of 7.9 % during the forecast period (2023-2030).

Analysts’ views on the Global Spectrometry Market:

 Mass spectrometry (MS) is a powerful qualitative and quantitative analytical technique used for the detection and quantification of many clinically important analyses. Combined with gas or liquid chromatographs, mass spectrometers allow expanding analytical capabilities for various clinical applications. In addition, MS is an important analytical tool in the field of proteomics due to its ability to identify and quantify proteins. Most mass spectrometry data is presented in units of mass to charge ratio, or m/z, where m is the molecular mass of the ion (in Daltons) and z is the number of charges  on the measured molecule. Small molecules usually have only one charge; therefore, the m/z value is the same as the mass of the molecular ion. However, when measuring larger molecules such as proteins or peptides, they usually have multiple ionic charges and therefore the z value is an integer greater than 1. In these cases, the m/z value is a fraction of the mass of the ion.

Figure 1. Global Spectrometry Market Share (%), By Product Type, 2023

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Global Spectrometry Market - Drivers

Increasing development activities in the market

Increasing development in the field of spectrometry is expected to drive the global spectrometry market growth over the forecast period. For instance on June 24, 2020 an article published by Nature Journal, based in U.K. explains that ultra-high-performance liquid chromatography-high resolution mass spectrometry (UHPLC-HRMS) is one of the most commonly used platforms for untargeted metabolomics. Although unbiased and with high coverage, untargeted approaches suffer from unsatisfactory reproducibility and require complex data processing. Targeted metabolomics based on Triple Quadrupole Mass Spectrometry (TQMS) can be a complementary tool due to its high sensitivity, high specificity, and excellent quantification ability. However, it is generally applicable to known compounds: compounds whose identity is known and/or whose presence is in the samples analyzed.

Figure 2. Global Spectrometry Market Share (%), By Region, 2023

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Global Spectrometry Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global spectrometry market over the forecast period. For instance, on April 2, 2020, John Wiley and Sons Inc., a U.S.-based publishing company, announced the acquisition of Bio-Rad Laboratories, Inc., a U.S.-based company developer and manufacturer of specialized technological products and informatics products including the company’s spectroscopy software and spectral databases. The acquisition added expertise, content, and powerful software to John Wiley and Sons Inc. science solutions segment.

Global Spectrometry Market - Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems regarding the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global spectrometry market, due to the increased demand for products for COVID-19 testing. For instance, on October 2, 2020, Avacta, a U.K.-based developer of safe and efficacious drugs and powerful research and diagnostic tools, launched SARS-CoV-2 BAMS Research Test. The Bead-assisted Mass Spectrometry (“BAMS”) assay uses affimer reagents ( tools for use in diagnostic test development ) specific to the SARS-CoV-2 virus to capture the virus spike protein from the sample for rapid detection by mass spectrometry, using the installed base of these instruments in hospitals. Up to one thousand samples per day can be analyzed by a single technician using BAMS, making BAMS a very attractive high throughput technique for COVID-19 diagnosis and research.

Global Spectrometry Market Segmentation:

The global spectrometry market report is segmented into product type, end user, and region.

Based on product type, the global spectrometry market is segmented into atomic spectroscopy, mass spectroscopy, and molecular spectroscopy. Out of which, the mass spectrometry segment is expected to dominate the market due to increasing research and development activities.

Based on end user, the global spectrometry market is segmented into biopharmaceutical industries, research and academic institutes, and others. Among these, the biopharmaceutical industries segment is expected to dominate the market over the forecast period due to increasing usage of spectrometry techniques in biopharmaceutical firms.

Based on region, the global spectrometry market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among these, North America is expected to dominate the market over forecast period due to increased research and development activities.

Among all segmentation, the product type segment has the highest potential due to increasing product launches by the key market players. For instance, on June 5, 2023, Bruker Corporation, a U.S.-based manufacturer of scientific instruments for molecular and materials research launched timsTOF Ultra Mass Spectrometer with Transformative Sensitivity, 300 Hz PASEF MS/MS, and VistaScan for enhanced dia-PASEF 4D-Proteomics. It incorporates a Captive Spray Ionization (CSI) ultra ion source with larger capillary and optimized vortex gas flow, a novel 4th-generation TIMS (trapped ion mobility separation) XR cell and 14 bit digitizer.

Global Spectrometry Market Cross Sectional Analysis:

The introduction of newer products and technologies in spectrometry by key market players in Europe is expected to drive growth of the instrument segment in the region. For instance, on May 30, 2022 AnalytikJena, a Germany-based company, a provider of high end analytical measuring technology, instruments and products in the fields of biotechnology offered optimal solutions for routine drinking water analysis requirements with its ICP-MS equipment (Inductively Coupled Plasma Mass Spectrometer. The PlasmaQuant MS series offers optimal performance in terms of throughput and analysis time without compromising accuracy. PlasmaQuant MS Series ICP-MS systems analyze 60 drinking water samples per hour for 21 elements with an average standard deviation of only 1.5%. When the throughput increases to 82 samples per hour, the rate is still very accurate at 2.2%. This means that the instruments are significantly more accurate than the US Environmental Protection Agency (EPA) Method 200.8 or the European Council Directive 98/83/EC when analyzing drinking water.

Global Spectrometry Market: Key Developments

On January 5, 2023, Bruker Corporation, a U.S.-based company, announced the acquisition of ACQUIFER Imaging GmbH, a big data management solutions company, for bioimaging and high-content microscopy. This acquisition added on-site processing, secure storage, and networking technology to complement Bruker Corporation’s advanced fluorescence microscopy products, such as light plates and ultra-resolution microscopy products, that produce high information content.

On October 20, 2022 Analytikjena, a Germany-based company, explained  how to analyze single nanoparticles and cells using fast time-resolved ICP-MS. Single-particle inductively coupled plasma mass spectrometry (spICP-MS) has been one of the main measurement methods for evaluating the chemical purity, consumer safety, and environmental safety of substances containing nanoparticles. Recent advancements in sampling systems, detection rates, and data processing strategies have paved the way for many new applications in this field. In addition to characterizing nanoparticles, researchers quickly realized the possibility of studying the elemental composition of individual cells using the same approach as biological cells.

On September 9, 2020, Bruker Corporation, a U.S. based company, published an article that said the Bead Assisted Mass Spectrometry assay platform is an approach for developing targeted proteomic assays of almost any protein target for which a specific affinity reagent (i.e., antibody or Affimer) is available. This approach utilizes multiplex immuno-affinity capture [2, 3]. Outstandingly, this assay uses an Affimer with S1 glycoprotein specificity instead of a monoclonal antibody for affinity capture.

Global Spectrometry Market: Key Trends

Introduction of newer instruments for efficient techniques

Introduction of newer and more efficient instruments to boost up techniques can drive the market growth. On May 1, 2020, Avacta Group plc, a developer of Affimer biotherapeutics and reagents, announced that it entered into a collaboration with Adeptrix to develop a high throughput COVID-19 antigen test using Adeptrix’s proprietary bead-assisted mass spectrometr platform.

Global Spectrometry Market: Restraints

Lack of lab safety and quality control

In emerging economies, lack lab safety and quality control are expected to hamper the global spectrometry market growth. For instance, according to an article published in National Center for Biotechnology Information on January 21, 2023, while in the lab, it is important to be careful when preparing the sample before placing the compound in the mass spectrometer for analysis. For example, using the correct measuring tools during chromatography is essential to ensure accuracy. If quality control is not used, peaks that do not correspond to ions present in the sample may appear in the mass spectrum. Using a mass spectrometer requires safety considerations. The mass spectrometer device can have high temperatures that can cause burns. Thus, it is important not to touch any part of the device while generating spectral data. In addition, ionization occurs in the device, so it is important to be careful when using a mass spectrometer.

To counterbalance this restrain, more training to personnel should be allocated.

Global Spectrometry Market - Key Players

The major players operating in the global spectrometry market include Thermo Fisher Scientific Inc., Adeptrix Corp, Analytik Jena AG, Bio-Rad Laboratories, Inc., Bruker Corporation, Danaher Corporation, PerkinElmer, Inc., Siemens Healthcare, Waters Corporation, Agilent Technologies, Inc., Shimadzu Corporation, and Advion, Inc.