The European mass spectrometry market is predicted to be growing at a CAGR of 6.4% during the forecast period and the market size is predicted to be USD 1.68 billion in 2023 and USD 2.29 billion by 2028.
With around one-fifth of the mass spectrometry market comprised of pharmaceutical and biotechnology products, increasing investments in R&D and Technological advancements in mass spectrometers are expected to contribute to the market's growth.
One of the significant drivers of the European mass spectrometry market is the increase in strict regulations related to the environment, food, and drug quality. Additionally, the demand for life science applications has led to improved MS technologies and the rapid growth of new types of instruments. MS has offered several advantages in the field of proteomics due to technological advancements and the irreproachable need for high analytical precision, accuracy, and a wide dynamic range of targeted proteomics.
R&D spending by pharmaceutical companies has increased significantly over the past two decades, and the EU Industrial R&D Investment Scoreboard estimates that the pharmaceutical and biotechnology sector accounted for 19.5% of total global R&D spending. Mass spectrometry plays a key role in the pharmaceutical industry, from the early stages of drug discovery to later stages of development and clinical trials. Hence, increased funding in the pharmaceutical and biotechnology industry is expected to drive market growth.
The high demand and demands of the pharmaceutical and biotechnology industries are also the main driver of recent mass spectrometry technology advances. In recent years, mass spectrometry has also gained wide recognition as a rapid and selective technique for analyzing and evaluating a wide range of food products.
Mass spectrometers are largely unaffordable for small clinics and diagnostic laboratories, especially in emerging economies in the European mass spectrometry market.
The substantial growth of the mass spectrometry industry has resulted in an increasing demand for technicians with EM experience. Despite the advantages offered by mass spectrometry techniques, regardless of technological innovations, the availability of skilled labor remains an issue, as the technology is complex. This leads to the need for new paradigms for computing data and extracting knowledge. Many bioinformatics tools have appeared on the market in recent years, which support data analysis and interpretation, as this is specific to each type of instrument. The high maintenance cost of mass spectroscopy equipment is expected to hamper the growth rate of the market.
Impact of COVID-19 on the European mass spectrometry market:
France, the United Kingdom, Turkey, Italy, and Spain are among the most affected countries regarding confirmed cases and reported deaths in Europe. COVID-19 has affected economies and industries in several countries due to roadblocks, travel bans, and business closures. The closure of several factories and factories has affected global supply chains and negatively affected the manufacturing, delivery schedules, and sales of products in the global market. Few companies have already announced possible delays in product deliveries and a decline in future sales of their products. In addition to this, global travel bans imposed by countries in Europe, Asia-Pacific, and North America affect business collaborations and partnership opportunities. Clinical mass spectrometry (MS) can provide useful diagnostic information that complements genomic data, allowing researchers to learn more about the COVID-19 disease caused by the SARS-CoV-2 virus.
This market research report on the European mass spectrometry market has been segmented and sub-segmented into the following categories.
Geographically, Germany, United Kingdom, Italy, France, and Switzerland are the top five regions and accounting more than 64.1% of total European turnover; the other European countries in this study, including the Benelux, Sweden, Russia, Central Europe, Denmark, Spain, the Iberian Peninsula, and Scandinavia, make up the remainder.
Among all, the German mass spectrometry market is expected to dominate the European mass spectrometry market during the forecast period due to the presence of well-established healthcare facilities, growing concerns over food safety, and increased investment in pharmaceuticals.
The UK mass spectrometry market is forecasted to register a healthy CAGR from 2023 to 2028 due to favorable government policies and increased funding, driving the growth of the market.
KEY MARKET PLAYERS:
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 are a few of the promising companies operating in the European mass spectrometry market.
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