The global Clinical Mass Spectrometry Market is estimated to be valued at US$ 6.37 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Clinical mass spectrometry refers to the use of mass spectrometry technology in clinical or medical laboratory testing. It is used to detect and identify compounds from biological samples such as urine, blood or tissue and helps obtain clinically relevant information about the health status of a patient. Clinical mass spectrometry enables rapid, accurate and quantitative analysis of biomolecules, proteins and metabolites that play a crucial role in disease diagnosis, treatment monitoring and drug development. Some common applications of clinical mass spectrometry include screening for inborn errors of metabolism, diagnosis of cancers, detection of drugs/toxins in emergency toxicology testing and microbiological identification.
Market key trends:
Growing adoption of precision/personalized medicine: Advancements in clinical mass spectrometry allow better understand of disease pathology at molecular level. This is boosting adoption of precision and personalized medicine approaches for more targeted disease diagnosis and customized treatment regimens.
Rising demand for miniaturized and compact systems: There is increasing demand for portable, hand-held clinical mass spectrometers with miniaturized designs for point-of-care and on-field testing. Various players are focusing on development of compact devices suited for peripherals and resource limited settings.
This is expected to support the overall growth of clinical mass spectrometry market over the forecast period.
Porter’s Analysis
Threat of new entrants: The clinical mass spectrometry market has moderate threat from new entrants due to high initial capital investment and development costs required for R&D. However, the growing market offers opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, innovations in technologies attract more buyers.
Bargaining power of suppliers: A few large players dominate the supply market, giving them significant bargaining power over buyers.
Threat of new substitutes: There exist few substitute technologies for advanced applications. Development of more efficient and cheaper substitutes can impact the market.
Competitive rivalry: The market has high competitive rivalry due to the presence of large global players competing on based on product quality, services, and price.
Key Takeaways
The global clinical mass spectrometry market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period 2023 to 2030, due to increasing demand for the applications of mass spectrometry in pharmaceutical and biotechnology industries.
Regional analysis: North America dominates the global market due to large research activities in pharma and biotech industries in the US. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing government investments in research in countries such as China and India.
Key players: Key players operating in the clinical mass spectrometry market are Agilent Technologies, Bruker Corporation, Danaher Corporation, Leco Corporation, Perkin Elmer Inc., Shimadzu Corporation, Thermo Fisher Scientific. Key players are focusing on new product launches, collaborations and geographic expansions to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it