Home > Pressrelease > CRO Mass Spectroscopy Services Market size to exceed $1.7bn by 2028
CRO Mass Spectroscopy Services Market size to exceed $1.7bn by 2028
- Published Date: April 18, 2022
Global CRO Mass Spectroscopy Services Market size is set to surpass USD 1.7 billion by 2028, according to a new research report by Global Market Insights Inc.
Increasing number of clinical trials due to rising burden of chronic diseases across the globe and increasing R&D investment in development of novel drugs for the treatment is propelling the business landscape. Clinical trials, in general, have grown more complex owing to which the pharmaceutical and biotechnology companies are noted to outsource several aspects to independent service providers as well as CROs.
Rising R&D expenditure will boost the industry expansion
Increasing burden of diseases has created the demand for effective therapeutics and diagnostic solutions. Additionally, the emergence of severe infectious diseases such as COVID-19 and other zoonotic disease has further resulted in the rising need for R&D across the world. Thus, catering to the growing demand for newer treatment therapies, protein-targeting drugs, is anticipated to increase, growing the demand for several CRO mass spectroscopy services. Owing to this, companies are compelled to broaden their R&D capabilities with significant investments. Increasing focus of pharmaceutical and biotechnology companies on novel drug development for the treatment of various chronic diseases will drive the CRO mass spectroscopy services market trends.
Intellectual property right issue may hamper the market forecast
One of the prominent challenges faced while outsourcing clinical trials including analytical and bioanalytical services is the concern surrounding intellectual property rights. As most of the drug candidates or medical devices involved in clinical trials are patented products, technology transfer at several points between the sponsor and CRO increases the chances of data leak and can potentially restrain the market growth.
Pharmaceutical firms that are manufacturing generic products are not obligatory to submit their assessment data to obtain market consent and conduct their clinical testing. Thus, issues concerning the validity of the patent along with the provisions for pre- and post-grant disagreement are quite burdensome. Thus, the aforementioned factors will foster the market progression.
Browse key industry insights spread across 138 pages with 111 market data tables & 14 figures & charts from the report, “Global CRO Mass Spectroscopy Services Market Analysis By Service Type (Proteomics Services, Metabolomics Services), End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028” in detail along with the table of contents:
Varied application of metabolomics across various industries will spur the industry scenario
CRO mass spectroscopy services market from metabolomics services segment accounted for 17.8% revenue share in 2021 and is projected to record a lucrative CAGR during the forecast timeframe. Metabolomics services are applied in various fields including food & beverages sector, agriculture sector as well as healthcare sector. Moreover, the ongoing innovation in metabolomics mass spectrometry devices, availability of funding for metabolomics research studies in revealing the optimum level of specific metabolites associated with the progression of disease will propel the market revenue.
Increasing adoption of novel medical device will augment the business statistics
CRO mass spectroscopy services market from medical devices companies segment crossed USD 312.3 million in 2021 and is set to register a significant CAGR through 2028. Increasing technological advancements and increasing adoption of novel technological solution and advance medical devices for effective drug development is expected to enhance the industry size. Increasing R&D investments of for the development of novel solutions and the increasing government initiative and for the regulatory approval will foster the business outlook.
Rising government initiatives and widespread applications of mass spectroscopy will spur the regional market value
Europe CRO mass spectroscopy services market exceeded USD 208.4 million in 2021 and is predicted to show tremendous CAGR during the forecast period. Growing awareness and increasing healthcare expenditure, significant technological, advancements and presence of strong key players in the Europe region will accelerate the industry trend. The increasing R&D activities for the development of novel products along with new drug approval & recent advancements in mass-based approaches will augment the regional business expansion.
Companies generated different growth strategies to strengthen their business portfolio and revenue
The well-established players operating in the CRO mass spectroscopy services industry include Alturas Analytics, Inc., BGI Group, Charles River Laboratories International, Inc., Creative Proteomics, Evotec SE, Inotiv, Inc. (formerly Bioanalytical Systems, Inc., Labcorp Drug Development, MtoZ-Biolabs Inc., PPD Inc., WuXi AppTec, Eurofins Scientific, MS Bioworks, Novatia LLC, Alphalyse, Metabolon, Inc., biocrates life sciences ag, Biognosys, Proteome Sciences, Rapid Novor, Inc, iBET, BioCAT GmbH, Olink, AxisPharm, MtoZ-Biolabs Inc, Somalogic Inc, and Seer Inc.
For instance, in October 2021, Metabolon, Inc., launched the first offering from its new SmartPanel portfolio providing a novel, dynamic process to explore biological views of metabolomic data in context of specific metabolic pathways, disease associations and biological themes. This strategy helped drug developers to develop new therapies with the power of metabolomics to improve patient care.