In 2021, the global spectrometry market was valued at USD 15,14 billion. This market is expected to grow 9.1% between 2023-2031.
Growing demand
The Healthcare industry has increased its focus on research and innovation due to the growing demand for improved instruments. In the next few years, spectrometry will significantly increase the number of contract research organizations (CROs).
The fastest growth rate in pharmaceutical and biotechnology companies’ end-users is expected between 2021-2028. This segment is driven by mass spectrometry, used in the pharmaceutical and biotech industries for drug discovery, development, and production. This is due to the increasing demand for drug components and biomolecule analysis.
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Driving Factors
Safety, and security measures at work to increase the personal protective equipment market (PPE) growth
Market growth is due to increasing safety awareness and industry fatalities. This market includes safety helmets and footwear, protective clothing, earplugs/goggles, protective gloves, full-body harnesses, emergency escape devices, protective gloves, protective shoes, and protective clothing.
Personal protective equipment is required for workers due to increasing fatality rates and hazards at work. According to the International Association of Oil & Gas Producers(IOGP), there has been an 8% reduction in the fatal accident rate, and a decrease in fatalities in oil & gas industries from 33% to 31% in 2017, to 31% in 2018. NIOSH issued recommendations that reduce such fatalities. They recommended conducting hazard assessment on the well site, training workers in respiratory protection, such as Self-contained Breathing Apparatus (SCBA), and establishing an emergency medical response.
OSHA has also established occupational safety and health regulations in the U.S. to encourage proper product use. Also, various compliance-consulting firms provide recognized certifications and tests for proper product usage to maintain a healthy workplace environment.
Construction Industry growth to drive the personal protective equipment market
The market analysis shows that the U.S. and Indian infrastructures and construction projects may offer huge potential market expansion. OSHA reports that construction workers were responsible for over 995 deaths out of 4500 in 2019. These deaths were mainly caused by electrocution and fall, trench cave-ins, and malfunctioning equipment like cranes and forklifts.
The primary cause of the rising death rates in the construction industry is due to falls. OSHA reports that falls in construction cause approximately 100,000 injuries and almost 100 to 200 deaths each year. The personal protective equipment market will be boosted by the development of novel infrastructure projects, both residential and commercial.
Construction workers must wear safety boots or slip-resistant shoes to prevent toes from being crushed when working with heavy machinery or falling objects. There are strict regulatory policies, norms, high mortality rates, and other measures to ensure workers’ safety and well-being. A high death rate has been established to safeguard workers’ health and well-being. It would also contribute to market growth.
Restraining Factors
Sales of inexpensive, low-quality products restrict market growth
Market growth could be hindered by the lack of awareness of workplace hazards and the sale of substandard, low-quality, and affordable products. Other factors that could hinder the growth and development of the industrial safety footwear market include the possibility of substitutes, inferior quality products, and duplicates.
Furthermore, these products go through rigorous and stringent quality controls, mostly formulated by regulatory agencies, to overcome the unorganized sector.
Recent Development
April 2021: Honeywell bought Norcross Safety Products L.L.C., a manufacturer and distributor of PPE, for USD1.2 billion. The company will have a platform to grow in the fragmented global marketplace. Norcross is a highly regulated market for industrial safety.
April 2020: Mallcom (India), Limited launches PPE overall and shoe cover that will complement the existing product range of disposable, recyclable masks for the medical sector. You can get the complete set in 2 different versions and the shoe cover.
January 2020: 3M tripled its monthly production of N95 face masks after it secured two contracts from the U.S. Department of Defense for more than USD 200 million. It has increased the domestic production of N95 facial masks to 35,000,000 annually. The company increased its production by 39 million thanks to two DOD contracts. One is valued at USD 76million and the other at USD 126million. 3M’s new contributions would add 22 million to the total.
Key Companies
- Thermo Fisher Scientific Inc.
- PerkinElmer Inc.
- Agilent Technologies
- Waters Corporation
- Shimadzu Corporation
- Bruker Corporation
- JEOL Ltd.
- FLIR Systems, Inc.
- Kore Technology
- Endress+Hauser Group
- MKS Instruments, Inc.
- LECO Corporation
Key Market Segments:
By Type
- Molecular Spectrometry
- Mass Spectrometry
- Atomic Spectrometry
By Product
- Instrument
- Consumables
- Services
Basis of Application
- Proteomics
- Metabolomics
- Pharmaceutical Analysis
- Forensic Analysis
- Other Applications
By End-Use
- Government & Academic Institutions
- Pharmaceutical & Biotechnology Companies
- Other End-Uses
Frequently Asked Questions
- Which product segment had the highest market share in spectrometry?
- Which application segment dominated global spectrometry markets?
- Which end-use component held the largest market share in spectrometry?
- Which region was the market leader in global spectrometry markets?
- How big is the spectrometry market?
- What is the market growth in spectrometry?
- Which segment was responsible for the most significant percentage of the spectrometry market share?
- Which are the leading players in the market for spectrometry?
- What are the main factors that drive the spectrometry market?
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