DUBLIN, October 19, 2021--(BUSINESS WIRE)--The "Instrument Calibrator Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product Type, Modularity, and Industry Vertical" report has been added to ResearchAndMarkets.com's offering.
According to this report the market is expected to grow from US$ 1,277.57 million in 2021 to reach US$ 1,854.03 million by 2028; it is expected to grow at a CAGR of 5.5% from 2021 to 2028.
Calibration is the process of comparing unknown values obtained for devices under test (DUT) to a known value reference standard. In pharmaceutical manufacturing, strict safety requirements and regulations must be maintained, and manufacturing processes are consistent and reliable. This ensures product purity and the best possible end-product quality, both of which are important for patient safety. As a result, several pressure and temperature measurements, such as local indicators (gauges), transmitters, and switches, are commonplace in these operations. Many of these tests are performed in harsh circumstances, such as in autoclaves, centrifuge machines, and sonicators. For instance, in the chemical industry, it's used to cure coatings, vulcanize rubber, and perform hydrothermal synthesis, as well as in medical applications to perform sterilization. The timely calibration of instruments, followed by systematic and appropriate paperwork, is a critical for ensuring that the pharmaceutical products are manufactured as per the current good manufacturing practices (cGMPs). In case of any technical issues in instruments, the calibration data can help understand when, when, and how an error occurred. As a result, pharmaceutical regulatory authorities keep a check on the type of data collected and the interval between calibrations.
Pharmaceutical companies need a complete calibration solution that meets with industry regulations while increasing efficiency and improving data integrity and quality standards. Temperature, pressure, and electrical calibrators are required for the frequent calibration of various pharmaceutical equipment, such as medical testing instruments, weather stations, thermistors, and furnaces. Thus, the pharmaceuticals industry is contributing to the instrument calibrators market growth.
The COVID-19 pandemic had a negative impact on the global instrument calibrator market in the year 2020. Since the outbreak of COVID-19, all manufacturing processes across the world have been temporarily closed to combat the spread of COVID-19 and comply with the social distancing norms laid down by local and federal government bodies. Therefore, the closure of manufacturing units is resulting into logistic issues. However, as the manufacturing processes resumed from the 3rd quarter of 2020, and the demand for instrument calibrator started to recover, manufacturers were able to stabilize the overall revenue and cashflow.
Key Findings of Study:
The global instrument calibrator market is segmented into five major regions-North America, Europe, APAC, MEA, and SAM. In 2020, Asia Pacific led the global instrument calibrator market with a substantial revenue share, followed by North America and Europe. North America has seen significant technological advances, which has resulted in highly competitive markets. In North America, the US is the leading market and it alone occupies around 65.0% of the market share in the North America instrument calibrator market. The country has been investing in its medical and pharmaceutical industry. Also, technological advancements by the market players in the US is likely to favor the market growth in the country. Not only the US, but countries around the globe also have strict calibration regulations for safety and efficiency.
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High Demand from Pharmaceuticals Industry
Stringent Regulatory Environment in Aerospace & Defence
Technological Advancements and Affordability of Calibrators
Red Ocean Strategy In Instrument Calibrator Market
Favourable Government Regulations and Technological Developments
Development in Instrument Calibration Services
Baker Hughes Company
Yokogawa Electric Corporation
WIKA Alexander Wiegand SE & Co. KG
Beamex Oy Ab
For more information about this report visit https://www.researchandmarkets.com/r/anr3bg
View source version on businesswire.com: https://www.businesswire.com/news/home/20211019005617/en/
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