Mass Spectrometer Market Trends

Growth Drivers

• Expansion Petrochemical Industry – Mass spectrometers help in the analysis of petrochemicals by identifying and quantifying the individual chemical constituents found in petroleum samples. The global mass spectrometer market is anticipated to grow with the increasing production of petrochemicals. According to the data, the global production of petrochemicals was estimated to be around 2 billion metric tons in 2021, an increase of 38% compared to 2018.
• Growth of the Biotechnology Industry - As per the data, in 2019, the Indian biotechnology industry was valued at around USD 60 billion, which is projected to reach around USD 145 billion by the end of 2025.
• Increased Research & Development Expenditure – As per data by the World Bank, global research and development expenditure in proportion to gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
• Rising Government Support Through Various Initiatives & Policies – According to recent data, in March 2022, a total financial outlay of USD 660 million was announced for India's pharmaceutical industry under the Strengthening of Pharmaceutical Industry (SPI) scheme.
• Rising Number of Clinical Laboratories Globally – As per recent data, there are approximately 200,000 clinical laboratories in the United States, which comprise hospital laboratories, independent laboratories, and other labs.

Challenges

• High Cost of Mass Spectrometers - presents obstacles, especially when dealing with high-resolution, tandem systems and for companies with limited financial capacity. These systems are rather complex and delicate, so any repairs can only be performed by skilled engineers, adding additional costs.
• Lack of Skilled Professionals to Operate such Devices
• Less Awareness about the Benefits of Mass Spectrometers