The global Liquid Chromatography Mass Spectrometry (LCMS) Market is estimated to be valued at US$ 5.15 billion in 2022 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023-2030.
Market Overview:-
Liquid chromatography mass spectrometry (LCMS) is a technique used for separation, identification and quantification of various compounds in a sample. LCMS provides molecular mass, relative abundances of isotopes and molecular formula of individual compounds. It is widely used in pharmaceutical, biotechnology and food safety testing applications. The advantages of LCMS include high sensitivity, selectivity and reliability of results. Rapid growth in pharmaceutical and biotechnology industries along with stringent regulations for new drug development and food safety are driving demand for LCMS systems globally.
Market Key Trends:-
One of the key trends in the LCMS market is growing adoption for analysis of biosimilars and biologics. Biosimilars refer to biologic medical products that are developed to be similar to an already licensed biologic product. With patent expiration of blockbuster biologics, biosimilars offer more affordable treatment options. However, characterization and quality testing of biosimilars require highly sensitive analytical techniques like LCMS. Various regulatory agencies also mandate comparative physiochemical profiling of biosimilars using LCMS. This is expected to drive significant demand for LCMS systems from biopharmaceutical companies.
Porter’s Analysis:-
· Threat of new entrants: The threat of new entrants in the LCMS market is moderate. High capital requirements for R&D, manufacturing, and distribution networks make market entry challenging for new players.
· Bargaining power of buyers: The bargaining power of buyers in the LCMS market is high. Buyers can easily switch between different providers due to availability of substitutes and undifferentiated products.
· Bargaining power of suppliers: The bargaining power of suppliers in the LCMS market is moderate. Suppliers of components and raw materials operate in a fragmented market with no dominant player controlling supply.
· Threat of new substitutes: The threat of new substitutes in the LCMS market is moderate. While new techniques like mass spectrometry are emerging, LCMS still has advantages in terms of sensitivity, selectivity, and low detection limits.
· Competitive rivalry: The competitive rivalry in the LCMS market is high due to presence of large global players offering differentiated products.
Key Takeaways:-
The Global Liquid Chromatography Mass Spectrometry (LCMS) Market Demand is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing adoption in drug discovery and development.
North America is expected to dominate the LCMS market during the forecast period. Presence of major players, rising collaborations between companies, and focus on advancements in technology are some factors driving market growth in the region. The Asia Pacific region is anticipated to exhibit fastest growth rate during 2023-2030 due to growing pharmaceutical industry, increasing biotechnology research, and favorable government support in various countries.
Key players operating in the LCMS market include Danaher Corporation, PerkinElmer, Inc., Waters Corporation, Bruker Corporation, Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Shimadzu Corporation, JEOL Ltd., and Newomics, Inc. Thermo Fisher Scientific and Waters Corporation combined hold over 45% share of the global liquid chromatography mass spectrometry market. Players are focusing on new product launches and acquisitions for sustaining market presence.
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