DUBAI, U.A.E., Aug. 27, 2020 /PRNewswire/ -- According to a new market study by Future Market Insights (FMI), the trace chemical detector market is forecasted to witness healthy growth between 2019 and 2027.
In the recent past, an inspection of healthcare-related products has become highly stringent to mitigate the consequences of ill-practices on patient health. On this premise, tests such as stability testing, shelf-life testing, and expiration date testing are mandatory in the pharmaceutical and healthcare industries. The rising stringency and number of tests are expected to drive the demand for the trace chemical detector market.
In addition to the healthcare industry, trace chemical detectors are finding significant adoption in the defense sector for applications such as chemical weapon detection, narcotics detection, hazardous chemical detection, trace explosives detection, and VIP security. This will equally complement the growth of the market for the years to come.
Likewise, the emergence of e-commerce has expanded accessibility of diverse end-use specific detectors, such as portable instruments for mobile usage and benchtop instrument for laboratory testing application, are fuelling the overall market growth.
"Market players focusing on expanding their geographical footprint to Western European and the North American to leverage the high government expenditure of defense and healthcare, which necessitates trace chemical detectors", opines FMI.
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Trace Chemical Detector Market - Key Takeaways
- The global trace chemical detector market was valued at US$ 2 Mn in 2018 and is projected to progress at a CAGR of 7.2% through the forecast period.
- Based on the type, portable trace chemical detectors are expected to remain the most sought-out detectors owing to their convenience offered by portability features, high accuracy, and safety in terms of operation.
- Healthcare & research is expected to drive the majority of demand as the stringency related to healthcare products continues to increase.
- The defence sector will hold a prominent share in the market value, owing to rising spending to ensure safety across the world.
- Among the wide variety of tests, narcotics and hydrocarbon tests are forecasted to account for the majority of share in the North American region.
Trace Chemical Detector Market - Key Trends
- Advancement of technologies have facilitated the development of precise identification & measurement control devices, narcotics detection system, and hazardous chemical warning systems, and this is positively influencing the growth of the market.
- Rising investments by governments across the world amid geo-political tensions are proliferating the adoption of trace chemical detectors.
Trace Chemical Detector Market - Regional Analysis
- North America and Europe are expected to maintain hegemony over the regional landscape through the assessment period.
- The dominance of these regions is attributed to increased expenditure of research and development activities in the healthcare and defense sectors.
- Asia Pacific is poised to witness healthy growth on the back of swiftly developing infrastructure in emerging economies such as China and India.
Trace Chemical Detector Market - Competitive Landscape
Some of the major market players studied in the report include, but not limited to, Ametek (Ortec), Autoclear, LLC, Westminster International Ltd, Horiba, Bruker, JFE Techno-Research Corporation, Morphix Technologies, Hitachi High-Tech Analytical Science, and Smiths Detection Inc. Market players are leveraging the expansion of e-commerce, to widen their distribution and are investing in technological, aesthetic, and operational innovations of portable chemical detectors.
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Trace Chemical Detector Market - Taxonomy
- Metal & alloys
Product Type :
- Security & defence
- Oil & gas
- Chemical & pharmaceutical
- Healthcare & research.
- Explosive & narcotics detection
- Building protection
- Subway protection
- Chemical weapon detection
- Petrochemical testing
- Chemical research.
- North America
- Latin America
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa (MEA)
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Get Valuable Insights into the Trace Chemical Detector Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global trace chemical detector market, presenting historical demand data and forecast statistics for the period from 2019-2027. The study divulges compelling insights on the trace chemical detector market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE Future Market Insights