February 29, 2024
Liquid Chromatography Mass Spectrometry

Liquid Chromatography Mass Spectrometry Market Is Estimated To Witness High Growth Owing To Increasing R&D Investments

The 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 an analytical technique that combines the physical separation capabilities of liquid chromatography with the mass analysis capabilities of mass spectrometry. LCMS is commonly used in pharmaceutical, biotechnology and environmental testing industries for identification, structural characterization and quantification of molecules such as proteins, peptides, oligonucleotides and small molecule compounds. It has emerged as the primary technique for quantitative pharmaceutical analysis due to its high sensitivity, accuracy and reproducibility.

Market Dynamics:

The increasing investments in pharmaceutical R&D is expected to drive the growth of LCMS market over the forecast period. According to Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D spending by biopharmaceutical companies in the U.S. increased from $49.6 billion in 2012 to $79.6 billion in 2017. Moreover, rising demand for LCMS systems from pharmaceutical companies for drug discovery & development, quality control of drugs and impurity testing is also anticipated to propel the market growth. Rapid expansion of generic drugs industry will further augment the demand for LCMS in coming years. However, high cost of LCMS systems and availability of alternative techniques like HPLC may restrain the market growth to some extent.

SWOT Analysis:-

  • Strength: Liquid Chromatography Mass Spectrometry (LCMS) offers high sensitivity and selectivity for analyzing various compounds. It allows detection of trace components and provides molecular mass identification capabilities. Further, it finds wide application across various industries like pharmaceutical, biotechnology, food testing, etc.
  • Weakness: LCMS instruments require high maintenance and experience to operate. Further, data analysis and interpretation of results needs specialized training.
  • Opportunity: Growing focus on drug discovery and development is driving demand for LCMS. Further, increasing stringent quality norms for food products presents growth opportunities.
  • Threats: High costs associated with LCMS instruments limits their adoption in price sensitive markets. Further, lack of skilled professionals poses challenges.

Key Takeaways:-

The Global Liquid Chromatography Mass Spectrometry (LCMS) Market Growth is expected to witness high, exhibiting CAGR of 9.4% over the forecast period, due to increasing R&D investments in pharmaceutical and biotechnology sectors.

Regional analysis:-

North America dominated the global LCMS market in 2022 and is expected to maintain its dominance over the forecast period. This is attributed to strong presence of pharmaceutical companies and rising drug development activities in the region. Asia Pacific is anticipated to witness fastest growth owing to growing biotechnology industry and increasing investments by key players in developing nations to tap emerging opportunities.

Key players:

Key players operating in the LCMS market are Danaher Corporation, PerkinElmer, Inc., Waters Corporation, Bruker Corporation, Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Shimadzu Corporation, JEOL Ltd., and Newomics, Inc. The players are focusing on new product launches and expansion strategies to strengthen their global presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it