CRO Mass Spectroscopy Services Market Analysis

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.