Over the years, the mass spectrometry marketcomprising of instruments, consumables, and serviceshas witnessed various technological advancements. These advancements have led to a growth in the number of mass spectrometry applications. Some of the applications using mass spectrometry are drug discovery and development, metabolomics, biomarkers, and diagnostics. However, the high cost of instruments and the need for skilled professionals to operate these highly sophisticated systems are factors that are hindering the market.
The MALDI-TOF segment is one of the fastest-growing segments in the mass spectrometry market, since MALDI-based technologies are expected to find increased usage in the clinical diagnostics field in the coming years. Pharmaceuticals accounted for the largest mass spectrometry application market due to the need to improve drug safety and efficacy as well as the need to reduce the costs associated with the drug discovery and development process.
In the years to come, the mass spectrometry market is expected to experience the highest growth in the Asian region with emphasis on China and India. These countries will serve as new revenue pockets for companies involved in the mass spectrometry market. The high growth in these regions can be attributed to the increased involvement of their respective governments, improved funding scenario, and the increasing number of collaborations with established market players. Apart from Asia, countries such as Brazil, Mexico, and Africa are also projected to have significant growth in the mass spectrometry market. The U.S. and Europe are mature mass spectrometry markets. New applications in the diagnostics field and applied markets as well as technological advancements are expected to propel the demand in these regions. RoW includes regions such as Latin America, Africa, the Middle East, and the Pacific countries. These markets are slated to grow at a steady pace. However, with countries in these regions increasing their focus on research and gaining funds, these regions could be considered as potential high-growth regions.