USD 2.92 Billion
Comparators Market Size, Share, Growth Analysis, By Type(Digital Comparator, Optical Comparator, and Other), By Application(Laboratory, Measurement Center, and Production Line), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2151 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
63
|Figures:
75
Comparators Market Insights
Global Comparators Market size was valued at USD 2.92 Billion in 2022 and is poised to grow from USD 3.10 Billion in 2023 to USD 5.02 Billion by 2031, at a CAGR of 6.2% during the forecast period (2024-2031).
The global comparators market is driven by the increasing demand for generic drugs and biosimilars. As more and more patents for brand-name drugs expire, there is a growing need for cheaper alternatives that are just as effective. Additionally, the rising incidence of chronic diseases, aging populations, and increasing healthcare costs are also driving demand for more affordable pharmaceutical products. The main restraining factors in the comparators market is the high cost of producing and sourcing reference products. The production of reference products requires significant resources and expertise, and it can be difficult to obtain and maintain a reliable supply. There are regulatory challenges and intellectual property considerations that can complicate the sourcing and use of comparators. The main challenge in the comparators market is ensuring the quality and consistency of reference products. Because comparators are used as a standard for evaluating the safety and efficacy of pharmaceutical products, any variability or inconsistency in the reference product can lead to inaccurate or unreliable results. Additionally, there can be challenges in sourcing and managing a reliable supply of comparators, as well as navigating the regulatory landscape.
The main opportunities in the comparators market is the growing demand for more accurate and reliable reference products. As the pharmaceutical industry continues to evolve, there is a need for more advanced and sophisticated reference products that can support the development of innovative pharmaceutical products, as well as generic drugs and biosimilars. There are opportunities for innovation and collaboration in the comparators market, such as developing new technologies and partnerships to improve the production and sourcing of reference products.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Digital Comparator
Fastest Growth
Digital Comparator
Growth Rate
6.2% CAGR
Global Comparators Market ($ Bn)
Country Share for North America Region (%)
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Comparators Market Segmental Analysis
The global comparators market is segmented on the basis of type, application, and region. Based on type, the market is segmented into digital comparator, optical comparator, and other. In terms of application, the market is segmented into laboratory, measurement center, production line. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Comparators Market Analysis by Type
Digital comparators dominated the market as they are widely used in manufacturing and quality control settings where accuracy and precision are essential. They are highly efficient and provide a high level of accuracy for measurements, making them ideal for applications that require reliable and consistent measurement results. Digital comparators can be used for a wide range of applications, including dimensional measurements, surface roughness measurements, and roundness measurements. Optical comparators are commonly used in inspection and quality control settings where precision is crucial. They can be used to measure complex shapes and dimensions, making them suitable for a wide range of applications. Optical comparators are particularly useful in industries that require high-quality surface finishes, such as aerospace, automotive, and medical device manufacturing.
Global Comparators Market Analysis by Application
Laboratories use comparators for testing and analyzing pharmaceutical products, as well as other materials and components. Comparators are used to ensure that products meet established standards and specifications, and to identify any defects or deviations from the standard. Laboratories rely on the accuracy and precision of comparators to provide reliable and consistent results. Measurement centers are specialized facilities that provide measurement and testing services to a range of different industries. In this application, comparators are used to measure the dimensions and features of components and products to ensure that they meet established standards and specifications. Measurement centers rely on the accuracy and precision of comparators to provide reliable and consistent measurement results. Production lines use comparators to ensure that products are being manufactured to the correct specifications and to identify any defects or deviations from the standard. In this application, comparators are used to measure the dimensions and features of components and products as they are being produced. Production lines rely on the accuracy and precision of comparators to ensure that products meet established quality standards and specifications.
Global Comparators Market Size By Type
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Comparators Market Regional Insights
North America dominates the comparators market due to the region's established manufacturing sector and focus on quality control. The presence of major players in the market, such as Mitutoyo Corporation and Starrett Company, further contributes to the region's dominance. Additionally, the region's high demand for comparators in industries such as aerospace, automotive, and medical devices is expected to drive the growth of the market in North America.
Europe is expected to be the fastest-growing region in the comparators market, primarily due to the increasing demand for high-precision measuring equipment in industries such as automotive and aerospace. The region's emphasis on technological advancements and automation in manufacturing processes is also expected to drive the growth of the comparators market in Europe. The presence of major players in the market, such as Carl Zeiss AG and Heidenhain GmbH, also contributes to the region's growth.
Global Comparators Market Size By Region
- Largest
- Fastest
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Comparators Market Dynamics
Global Comparators Market Drivers
Demand for High-precision Measuring Equipment
- The increase due to the growing need for accuracy and reliability in various industries. The aerospace industry, precision is critical as even a small error can lead to catastrophic consequences. In order to ensure the safety of passengers and crew, the aerospace industry requires high-precision measuring equipment such as comparators to measure the dimensions of complex parts and components in the automotive industry. The use of high-precision measuring equipment is essential to ensure the quality and safety of vehicles. Components such as engines, transmissions, and braking systems require precise measurements to function properly.
Growing Need for Quality Control in Various Industries
- The need for quality control is increasing across industries as companies strive to improve product quality and reduce defects. Comparators are essential tools in quality control, allowing companies to measure and ensure the accuracy of their products.The increasing demand for high-precision measuring equipment and the growing need for quality control in various industries are driving the growth of the comparators market.
Global Comparators Market Restraints
High Cost of Comparators
- Comparators can be expensive, particularly those with advanced features and capabilities. This can make it difficult for small and medium-sized enterprises to invest in comparators, limiting the growth of the market. The advanced features and capabilities of comparators, such as digital displays, automated measurements, and data analysis, can significantly increase their cost.
Lack of Skilled Workforce
- Use of comparators requires skilled technicians and engineers who can operate and maintain the equipment. However, there is a shortage of skilled workers in the industry, making it difficult for companies to fully utilize comparators. The lack of training and education programs to develop these skills can further exacerbate the issue. Many companies may not be able to fully utilize comparators, limiting their potential benefits and growth in the market.
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Comparators Market Competitive Landscape
The global comparators market is highly competitive, with several players operating in the market. These companies are focusing on strategic initiatives such as partnerships, collaborations, acquisitions, and new product launches to expand their market share and increase their customer base. companies are investing in research and development activities to improve the quality and efficiency of their comparators. This is important to maintain a competitive edge in the market and to meet the changing needs of customers. The market is also witnessing a trend towards the development of portable comparators. This is being driven by the need for comparators that can be used in the field or on the production floor. Several companies are investing in the development of portable comparators, which offer ease of use, high accuracy, and greater flexibility.
Top Player’s Company Profiles in Global Comparators Market
- Mitutoyo Corporation (Japan)
- Starrett (US)
- Bowers Group (UK)
- Mahr GmbH (Germany)
- Sylvac SA (Switzerland)
- Helios Preisser GmbH & Co. KG (Germany)
- Insize Co. Ltd. (Taiwan)
- CDI Torque Products (US)
- Etalon AG (Switzerland)
- Baker Gauges India Private Limited (India)
- Onosokki Co. Ltd. (Japan)
- ABL Lights Group (Sweden)
- Pratt & Whitney Measurement Systems, Inc. (US)
- Olympus Corporation (Japan)
- Hexagon AB (Sweden)
- Alicona Imaging GmbH (Austria)
- Zeiss (Germany)
- Nikon Metrology NV (Belgium)
- TESA SA (Switzerland)
- RENISHAW plc (UK)
Global Comparators Market Recent Developments
- In November 2023, STMicroelectronics launched a new STM32 system-on-chip with an integrated sub-gigahertz (sub-GHz) radio. There's an on-board analog to digital converter (ADC) with eight channels, six digital to analog converters (DACs), a single comparator, and 17 or 32 high-current general-purpose input/output (GPIO) pins, depending on version, with two I2C, two SPI, one I2S, one USART, and one UART bus.
- In September 2021, Hexagon AB announced the acquisition of Etalon Group, a provider of high-precision sensors and metrology solutions. This acquisition is aimed at strengthening Hexagon's position in the market and expanding its product portfolio.
- In July 2021, Bowers Group announced the launch of a new range of Sylvac Hi_Gage ONE height gauges. The new range is designed to offer high precision and ease of use, and is aimed at customers in the aerospace, medical, and general engineering
Comparators Key Market Trends
- Increasing Adoption of Digital Comparators: Digital comparators are becoming increasingly popular due to their ease of use and accuracy. They can provide quick and precise measurements, making them ideal for use in production lines and measurement centers.
- Growing Demand for Optical Comparators: Optical comparators are widely used in industries such as automotive and aerospace, where they are used to measure the dimensions of complex parts. They offer a non-contact method of measurement and can be used to measure both small and large parts.
Comparators Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global comparators market analysis, the increasing demand for precision measurement equipment across various industries are the key growth drivers. Comparators are used to measure the accuracy of components and products, and are an essential tool for quality control and inspection purposes. The market can be segmented based on type, application, and region. The market is driven by several factors, including the increasing demand for precision measurement equipment, the growth of the manufacturing industry, and the increasing adoption of automation in various industries. The market is also facing several challenges, including the high cost of comparators and the availability of alternative measurement technologies. The global comparators market is expected to grow at a steady pace in the coming years, driven by the increasing demand for precision measurement equipment in various industries. Key players in the market are focusing on product innovation, strategic partnerships, and acquisitions to maintain their market share and expand their customer base.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.92 Billion |
| Market size value in 2031 | USD 5.02 Billion |
| Growth Rate | 6.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Comparators Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Comparators Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Comparators Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Comparators Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Comparators Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Comparators Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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