July 19, 2024
Liquid Chromatography Mass Spectrometry

Liquid Chromatography Mass Spectrometry (LCMS) Market is Estimated to Witness High Growth

The 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, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Liquid chromatography mass spectrometry (LCMS) combines the physical separation capabilities of liquid chromatography with the mass analysis capabilities of mass spectrometry. It is commonly used in clinical, forensic, environmental and food analysis applications. LCMS enables the identification and quantification of different compounds in a sample by helping separate, identify and characterize the molecular mass of different compounds. It provides high sensitivity and selectivity for qualitative and quantitative analysis of small molecules, proteins, metabolites and drugs.

Market key trends:

Increasing adoption in pharmaceutical industry: LCMS has become an invaluable analytical tool used by pharmaceutical companies for drug discovery, drug metabolism studies, quality control of drug products and impurities identification. It enables detection and quantification of drugs and metabolites in biological fluids for pharmacokinetic and bioavailability studies. Pharmaceutical companies are significantly investing in LCMS solutions to drive research in drug discovery and development. Growing demand for LCMS systems from pharmaceutical industry is a major trend driving the growth of this market.

Porter’s Analysis:-

  • Threat of new entrants: Low setup and regulatory barriers allows new companies to enter the market easily. However, established brands have strong brand loyalty and economies of scale which is difficult for new entrants to compete.
  • Bargaining power of buyers: Buyers have moderate bargaining power as there are multiple established brands to choose from. However, switching costs are relatively high for buyers since rigorous validation is required for new systems.
  • Bargaining power of suppliers: Key components suppliers have some bargaining power given the innovative nature of components. However, established brands can source from multiple component suppliers globally to mitigate the risk.
  • Threat of new substitutes: Threat from substitutes is low as LCMS has proven to be more advanced, precise and comprehensive analytical technique compared to other methods for detection and quantification of various biomolecules.
  • Competitive rivalry: High as major brands continually invest in R&D to develop innovative systems and build application expertise giving competitive edge.

SWOT Analysis:-

  • Strengths: Superior detection capability. Proven technology with continuous innovations. Strong brand reputation and established distribution network globally.
  • Weaknesses: High setup and operating costs. Require specialized technicians for operation and maintenance. Lengthy validation and regulatory processes.
  • Opportunities: Expanding application scope in various industries like pharmaceutical, biotech, food testing etc. Growth opportunities in emerging markets.
  • Threats: Price erosion due to increased competition. Supply chain disruptions and economic downturns impacting capital expenditure of end-users. Stringent regulatory standards increasing compliance burden.

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 R&D investments in pharma and biotech industries and stringent safety and quality regulations. North America dominated the market in 2022 with over 35% share owing to presence of leading brands and availability of funding for research in the region. Europe and Asia Pacific are fastest growing markets driven by increasing adoption in academic research organizations.

The regional analysis indicates that Asia Pacific region is expected to witness the highest growth during the forecast period owing to increasing investments by government agencies and private labs to bolster analytical infrastructure and drive innovation. Countries like China, India are showing high potential.

Key players operating in the Liquid Chromatography Mass Spectrometry (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 major players are focusing on developing novel technologies through partnerships and acquisitions to strengthen their product portfolio and market position.

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