Increasing R&D is Expected to Boost the Clinical Mass Spectrometry Market Growth

Clinical Mass Spectrometry
Clinical Mass Spectrometry Market

Clinical Mass Spectrometry Market by Technology (Hybrid Mass Spectrometry (Triple Quadrupole (Tandem), Quadrupole TOF (Q-TOF), and FTMS (Fourier Transform Mass Spectrometry), Single Mass Spectrometry (ION Trap, Quadrupole, and Time-of-Flight (TOF)), and Inductively Coupled Plasma Mass Spectrometry), Application (Chemical Industry, Academic Research, Pharmaceutical and Biotechnology Companies, and Others), and By Regions (Asia Pacific, North America, Eastern Europe, Latin America, Western Europe, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023– 2030

The global Clinical Mass Spectrometry Market is estimated to be valued at US$ 697.2 million in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

A powerful analytical method utilized in the technical field, mass spectrometry is the extent of the molecular mass of ions electrically charged elements that are there in a sample. This data can be utilized to detect the particles in a specimen, detect their chemical features and survey how they react to specific environmental conditions or other biochemical actions.

Competitive Landscape:

Key players involved in the growth of the global clinical mass spectrometry market are Waters Corporation, Thermo Fisher Scientific, Agilent Technologies, Leco Corporation, Bruker Corporation, Danaher Corporation, Perkin Elmer Inc., and Shimadzu Corporation.

Market Key Drivers:

Rising technological advancements and increasing concerns over food safety and product launches is expected to augment the growth of global mass spectrometry market. For instance, in May 2020, Thermo Fisher Scientific introduced an advanced high-resolution mass spectrometer known as Orbitrap Exploris 120 mass spectrometer.

Rising research and development investment by the regulatory and private companies is projected to propel the growth of the global mass spectrometry market. For instance, as per January 2022 report by Research America, the clinical and health research and development investment crossed US$ 245.1 billion in 2020.

Competitive Landscape:

The Covid-19 outbreak has significantly affected the growth of global clinical mass spectrometry market as there was disruption in the supply of raw materials. The imposition of strict lockdown has also impeded the market growth. However, the clinical mass spectrometry was used in the identification and examination of Covid-19 specimens, which positively affected the growth of the market.

Key Takeaways:

The global Clinical Mass Spectrometry Market is expected to exhibit a CAGR of 8.06 % during the forecast period owing to rising product launches and approvals. For instance, in June 2022, Agilent Technologies Inc. launched its Agilent 6475 triple quadrupole LC/MS system with other device at the 70th ASMS Conference on Mass Spectrometry and Allied Topics.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global mass spectrometry market owing to the rising technological developments, increasing R&D investments, rising product launches and approvals. For instance, according to the American Association for the Advancement of Science, the total approximate R&D investment of the U.S. government was around US$ 165,463 million.

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