The Global Clinical Mass Spectrometry Market is Expected to Grow at a Significant CAGR
The global clinical mass spectrometry market is anticipated to witness high growth owing to increasing demand for protein characterization techniques in research and drug development. Clinical mass spectrometry is used for analysis of biological samples to detect and measure thousands of proteins in biological samples for medical diagnosis and drug development. It enables identification and quantification of metabolic intermediates and biomarkers for many diseases. Mass spectrometers assist in detection of proteins associated with cystic fibrosis and prostate cancer, among other applications. The technology helps develop personalized medicines through disease profiling at molecular level and plays a vital role in precision medicine initiatives.
The Global clinical mass spectrometry market is estimated to be valued at US$ 6.37 Bn in 2024 and is expected to exhibit a CAGR of 26% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the clinical mass spectrometry are SCIEX AB(US), Thermo Fisher Scientific (US), Agilent Technologies (US), Waters Corporation (US), PerkinElmer Inc. (US), Shimadzu Corporation (Japan), Bruker Corporation (US), Analytik Jena (Germany), JEOL Ltd. (Japan), Hiden Analytical (UK), and MKS Instruments (US), among others. These key players are focussing on new product launches and partnership to strengthen their presence across the globe.
The key opportunities in the clinical mass spectrometry market include increasing application of mass spectrometry techniques in proteomics research and analysis of complex protein mixtures. The growing need for biomarker discovery and validation for clinical diagnosis will further propel the demand for mass spectrometry solutions in the coming years.
Globally, companies are expanding their presence through partnerships and acquisitions to broaden their customer base. For instance, in 2022, Shimadzu acquired Labcompare to augment its presence in the clinical mass spectrometry market in North America. Similarly, Waters Corporation expanded its footprint across India through partnership with Aditi Analytical Pvt Ltd.
Market Drivers
Increasing research and development spending on targeted therapeutics and personalized medicines is a key driver propelling the global clinical mass spectrometry market growth. Growing focus on precision medicine has increased the usage of mass spectrometry for disease profiling at molecular level which is further expected to boost market revenues. Growing demand for Liquid chromatography-mass spectrometry (LC-MS) techniques for analyzing complex proteomic samples and clinical validation of protein biomarkers is fueling market revenues.
Market Restrains
High costs associated with mass spectrometers may limit adoption among smaller hospitals and diagnostic laboratories. Requirement of skilled professionals for operating complex clinical mass spectrometry systems is another challenge faced by market players. Issues related to data interpretation and storage also restraint market growth to some extent.
Segment Analysis
The clinical mass spectrometry market is dominated by the translational research and clinical diagnostics segment as this segment utilizes mass spectrometers for determination of molecular composition and structure of unknown substances present in biological samples. Mass spectrometry used in clinical diagnosis helps in accurate disease diagnosis and proper identification of targeted therapies. The translational research and clinical diagnostics segment is expected to grow at a high CAGR during the forecast period owing to increasing use of mass spectrometry techniques for disease diagnosis, drug discovery and development of personalized medicines.
Global Analysis
North America dominates the global clinical mass spectrometry market currently due to growth in pharmaceutical industry and increasing R&D investment in the region. The availability of funding for research from private as well as public organizations along with presence of key market players drives the market in North America. Asia Pacific clinical mass spectrometry market is expected to grow at the highest CAGR during the forecast period owing to rising healthcare expenditure, increasing incidence of chronic diseases and growing focus of international players to expand in emerging Asian countries. Rising adoption of advanced medical technologies for clinical research and diagnostics will further propel the APAC market.
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
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