The global Liquid Chromatography Mass Spectrometry (LCMS) Market is estimated to be valued at US$ 5.15 Bn in 2022 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Liquid chromatography mass spectrometry (LCMS) is analytical chemistry technique that combines the physical separation capabilities of liquid chromatography (or HPLC) with the mass analysis capabilities of mass spectrometry. LCMS helps in identification, screening and quantification of molecules and the technique is widely used in pharmaceutical, biotechnology and clinical industries for drug discovery, development and quality control. LCMS provides advantages like high sensitivity, reproducible results and minimal sample preparation. The increasing adoption of LCMS technique in various industries is fueling the market growth.
Market key trends:
One of the key trends witnessed in the global LCMS market is the technological advancements. Key players are focusing on development of advanced LCMS instruments with improved speed, resolution and automation. For instance, recently Thermo Fisher Scientific launched Thermo Scientific Vanquish Horizon UHPLC system integrated with rapid scanning Q Exactive mass spectrometer. This new system provides 40% faster analysis speed for enhanced analytical capabilities. Similarly, SCIEX recently launched TripleTOF 7600 system featuring advanced ‘Touch Screen’ interface to simplify LCMS workflow. Such product launches are improving accessibility and broadening application base of LCMS technique.
Segment Analysis:-
The global LCMS market is segmented by product type, application, end-use industry and geography. By product type, instruments segment dominated the market in 2022 due to high demand for LCMS instruments across various end-use industries like pharmaceutical & biotechnology industry, food & beverage testing, and environmental testing. The instruments segment accounted for nearly 60% share of the overall LCMS market in 2022. By application, bioanalytical testing segment holds the largest share as LCMS is widely used for qualitative as well as quantitative analysis of biological molecules like proteins, peptides, large molecules, and metabolites.
Key Takeaways:-
The Global Liquid Chromatography Mass Spectrometry (LCMS) Market Size was valued at US$ 5.15 billion in 2022. It is expected to reach US$ 10.50 billion by 2030, exhibiting a CAGR of 9.4% during the forecast period (2023-2030). This growth can be attributed to increasing demand for LCMS systems from industries like pharmaceutical, biotechnology, chemical, food and beverage testing for applications like drug discovery and development.
Regionally, North America dominated the global LCMS market with over 35% share in 2022 owing to extensive usage of LCMS in quality control testing of food and drugs coupled with strategic presence of key players in the region. Asia Pacific is expected to witness the fastest CAGR of 11.2% during 2023-2030 driven by growth in pharmaceutical and biotechnology industries, especially in India and China.
Key players operating in the Liquid Chromatography Mass Spectrometry (LCMS) are Danaher Corporation, PerkinElmer, Inc., Waters Corporation, Bruker Corporation, Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Shimadzu Corporation, JEOL Ltd., and Newomics, Inc. Product innovation, expansion into emerging markets and strategic mergers and acquisitions are the key strategies adopted by these players to gain competitive edge in the LCMS market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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