The APAC mass spectrometry market size is predicted to escalate at a CAGR of 9.18% between 2023 to 2028. The size of the market is estimated to be USD 1.31 billion in 2023 and USD 2.03 billion by 2028.
The APAC mass spectrometry market is being driven by factors such as increasing technological adoption and government initiatives. Growing investments and funding in drug discovery development are also boosting the mass spectrometry market forward. Technology plays a vital role in product development or improvement. Innovations in icon chromatography-mass spectrometry systems provide significant opportunities for the market in emerging countries to implement various applications such as environmental analysis, chemical analysis, and others. Growing demand for tandem and hyphenated techniques and the adoption of advanced mass spectrometry technologies such as increased speed, improved resolution, and high accuracy propel market growth.
However, the rising mass spectrometry usage in proteomics, metabolomics, and pharmaceutical sectors and increasing miniaturization trends are expected to drive growth. Increased investment in research and development in Asian countries is expected to drive market growth. Other trends, such as favorable government regulations on drug protection and growing concern about the quality of food products, fuel the market growth. The government takes initiatives to monitor pollution and environmental testing and rapid growth for mass spectrometry, which is expected to drive market growth. Mass spectrometry is used extensively in the pharmaceutical industry, from the early stages of drug discovery to late-stage development and clinical trials.
Spectrometry instruments are equipped with advanced features and functionalities and are valued at a cost that underdeveloped countries cannot afford. Academic research laboratories require greater use of these spectrometry instruments, but market development is expected to be limited due to stringent government regulatory guidelines. However, one of the challenging factors for market growth is a shortage of qualified people with relevant experience and knowledge required to use spectrometry equipment efficiently. Errors such as misplacing a sample in GC-MS or LC-MS and issues such as fingerprints or bubbles in the solution can affect the consistency of the result.
Impact of COVID-19 on the APAC Mass Spectrometry Market:
The unexpected emergence of COVID-19 has had a significant impact on the mass spectrometry market in the first half of 2020. COVID-19 has spread across the APAC region, with India and China being the most affected. The World Health Organisation declares the COVID-19 as a healthcare emergency containing the virus, a region-wide lockdown has been implemented. The economy's various sectors have been affected. Researchers in Asia are focusing on the diagnosis of COVID-19. Collaborations have been established among countries to share data on COVID-19 derived from mass spectrometry experiments. Researchers are concentrating on identifying novel biomarkers, inferring the molecular properties of the virus, other antigens, and molecular changes in the mood of patients.
This market research report on the APAC mass spectrometry market has been segmented and sub-segmented into the following categories.
Geographically, the Asia Pacific Mass Spectrometry Market is expected to grow significantly. Factors such as increasing acceptance of quality management and analytical processes by the food and beverage and pharmaceutical industries primarily contribute to the APAC market. Japan, China, and India are expected to contribute significantly to this regional market to set new growth heights. Growing pharmaceutical industries, biotechnology firms, and research institutes focusing on drug discovery and development boost the region's largest market share.
Within APAC, the Japanese market is predicted to lead the APAC mass spectrometry market during the forecast period due to the rising research and developing activities and establishment of new competitors in the Asian countries. The market is anticipated to contribute to the regional market with influential growth factors such as growth opportunities in-clinic analysis, growing end-user industries, and advanced healthcare infrastructure.
In 2022, China had the most prominent mass spectrometry market share, and it is projected to rise even further in the coming years. The region has seen advanced technology acceptance, the presence, availability of regional brands, and increased R&D expenditure, both of which are expected to fuel market growth. However, the market is strong exhibit growth in the APAC region owing to the rapid evolution of healthcare and life science research and support from the government.
India is a promising country with a larger market share in mass spectrometry in the APAC regional market growth. Government reimbursement programs, incentives, investments, and government funding contribute to developing the country's mass spectrometry market. Technological advancements in the market, the introduction of new products in the market, and the rising demand for mass spectrometry in food testing processes are more likely to fuel market growth in this region.
KEY MARKET PLAYERS:
Noteworthy companies playing a leading role in the APAC mass spectrometry market profiled in this report are Thermo Fisher Scientific, Sciex, Agilent Technologies, Waters Corporation, Shimadzu Corporation, Bruker, PerkinElmer, Jeol, Flir Systems, MKS Instruments, Analytik Jena, Hiden Analytical, Dani Instruments, Rigaku, Leco, Kore Technology, Extrel CMS, Masstech, Ametek Process Instruments, and Advion.
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