CRO Mass Spectroscopy Services Market Size & Share 2022 to 2028
Market Size by Service Type (Proteomics Services, Metabolomics Services), by End Use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies) & Forecast.
Report ID: GMI5247
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Published Date: April 2022
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Report Format: PDF
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Authors:
Mariam Faizullabhoy, Gauri Wani
CRO Mass Spectroscopy Services Market Size
CRO Mass Spectroscopy Services Market size surpassed $600 million in 2021 and is projected to register 16.9% CAGR between 2022 and 2028. Increasing adoption of novel technological solutions to enhance and obtain rapid test results with high resolution will fuel the market growth. Increasing focus of key players to develop advance spectrophotometer to reduce the testing time and deliver accurate results is contributing to the market expansion.
For instance, in June 2021, Thermo Fisher Scientific developed IQ-X Tribrid mass spectrometer. It is specially designed for compound identification and structural elucidation of small molecules. Also, it is equipped with instrument control software with pre-built templates and experimental parameters that are ready to use and are specifically designed to enable quick profiling of complex samples. Thus, the development of novel, technologically advanced equipment is expected to enhance various analytical applications mainly in drug development procedures and is expected to fuel the CRO mass spectroscopy services market size in the forecast period.
Mass spectroscopy is an analytical tool used for measuring the mass-to-charge ratio of one or more molecules in the sample. In mass spectrometry, chemical substances are identified by sorting of gaseous ions in magnetic and electric field according to the mass change ratios. Some of the prominent CRO mass spectroscopy services include various services such as proteomics, metabolomics, lipidomics, glycomic, flow cytometry services, among others.
The emergence of COVID -19 pandemic has significantly impacted the healthcare sector. Various government and regulatory bodies were noted to have imposed strict lockdown restricting the movement of goods and people owing to the increasing number of COVID-19 cases. The imposed restrictions largely affected the healthcare infrastructure and hindered the operational capabilities of pharmaceutical & biopharmaceutical companies and medical device companies.
Furthermore, the increasing pressure to surge R&D and testing volume led to the demand for personalized and comprehensive CRO mass spectroscopy services that fit with unique requirements. In the initial months of the COVID-19 pandemic, the CRO mass spectroscopy services market experienced a slight set back, affecting the industry expansion. However, the COVID-19 pandemic has proven to be advantageous for the CRO mass spectroscopy services owing to growing outsourcing of mass spectroscopy services for testing applications by pharmaceutical & biotechnology companies that significantly augmented the market revenue.
Increasing outsourcing of R&D activities will foster the CRO mass spectroscopy services industry statistics
In recent times, pharmaceutical companies are increasingly adopting CRO mass spectroscopy services as a part of outsourcing research and development activities to stay competitive in the market owing to increasing adoption of sophisticated technology to enhance the industry growth. Moreover, pharmaceutical companies strive to improve and accelerate every stage of early drug development as well as clinical trials, in order to increase the success rate of drug discovery programmes and reduce R&D costs. Outsourcing is noted to be a cost-effective option for biopharma companies for adopting new technologies and regulations.
Furthermore, outsourcing trends are anticipated to continue to rise as it is an efficient alternative to optimise the company’s R&D expenditure while augmenting the top-line and bottom-line revenue. Thus, owing to stringent regulatory processes pertaining to drug development, clinical trials and drug safety have resulted in increased pressure on the companies over the past decade to shift towards outsourcing their R&D activities, thereby accelerating market expansion.
Lack of skilled professionals may restrict the market growth
Increasing outsourcing of R&D activities across the globe and lack of skilled professionals can potentially hamper the demand and supply balance of CRO mass spectroscopy services. Additionally, continuous technological advancements, particularly in the sector of data collecting and analysis, has resulted in an ever-increasing demand for highly skilled healthcare professionals. Moreover, CRO mass spectroscopy services such as metabolomics and proteomics data analysis require accurate operative skills for more efficient and effective outcomes.
Furthermore, providing faster and efficient services in healthcare sector requires better understanding and successful adoption of modern technology, making skill enhancement one of the critical aspects for individuals undertaking health economics and outcomes research studies. Thus, insufficient number of qualified professionals in the CRO mass spectroscopy services industry can potentially hamper the industry growth.
CRO Mass Spectroscopy Services Market Analysis
By service type, the CRO mass spectroscopy services market is segmented into proteomics services, metabolomics services and others. The proteomics services accounted for USD 463 million in 2021 and is expected to witness lucrative growth over the forecast period. Proteomics is extensively applicable in disease research, biomarker discovery, drug discovery and development. Proteomics services and techniques are used for the analysis of a single protein or used for the large-scale analysis of a specific proteome including protein modifications, protein abundance, protein compound interaction and protein-protein interaction. Additionally, it is challenging for companies to find all the necessary in-house expertise to cover all the activities involved with proteomics. Hence, an increasing alliance in the field of proteomics is expected to boost the CRO mass spectroscopy services revenue.
The CRO mass spectroscopy services industry by end-use segment is classified into pharmaceutical & biopharmaceutical companies, medical device companies and others. Pharmaceutical & biopharmaceutical companies segment exceeded USD 444.8 million in 2021. High segmental market growth is attributed to increasing prevalence of chronic disease such as cardiac disease, cancer, neurological, infectious disease, and kidney disorders, among others. For instance, in 2021, according to the CDC, over 41 million people die annually due to chronic diseases, which is equivalent to 71% of all fatalities globally.
The increasing prevalence of chronic disease is gradually contributing to the growing volume of clinical trials, leading to an increasing demand for CRO mass spectroscopy services. Also, increasing investments in R&D to develop novel drugs, government support and increasing demand for CRO mass spectroscopy services will further drive the segmental expansion.
CRO mass spectroscopy services market in North America was valued at over USD 276.5 million in 2021 and is anticipated to show lucrative market CAGR of 17.2% over the forecast timeframe. The rising market growth is owing to the widespread presence of pharmaceutical and medical device companies coupled with extensive drug development activities in the region.
Moreover, increasing number of ongoing clinical trials against the coronavirus, rising trend of collaborations, strong investment in R&D activities and changes in the regulatory environment, are some of the factors contributing to the regional market expansion. For instance, in 2022, according to the WHO, the U.S. has registered 157,618 clinical trials from 1999-2021, which is the highest number of clinical trials. Furthermore, increasing government support and increasing focus of manufacturers to produce novel solutions is expected to drive the market statistics for CRO mass spectroscopy services in the region.
CRO Mass Spectroscopy Services Market Share
Few of the prominent players operating in the market are
These market players are executing various strategies such as acquisitions and collaborations, new product launch in order to generate high revenue share in CRO mass spectroscopy services market.
Some of the recent industry developments:
CRO mass spectroscopy services market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028, for the following segments:
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By Service Type
By End-use
The above information is provided for the following regions and countries:
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