Market Trends of Hazmat Suits Industry
Pharmaceutical Industry Segment is Expected to Hold the Largest Share of the Market
The pharmaceutical industry segment is expected to grow during the forecast period. There is an increasing number of pharmaceutical companies globally that are solely focused on developing drugs and active pharmaceutical ingredients that use various chemicals, and workers are at risk of exposure to chemicals and hazardous materials that affect their respiratory health. Thus, the use of hazmat suits in the pharmaceutical industry is anticipated to grow, driving the segment's growth.
In addition, novel drug development in the pharmaceutical industry is expected to drive market growth in this segment. As per the data updated by the International Federation of Pharmaceutical Manufacturers and Associations, "Facts & Figures Report 2021", as of February 2021, approximately 382 vaccine candidates were in development, among which 24 were in Phase I, 34 were in Phase II, and 23 were in Phase III trials. In addition, according to the Journal Pharmaceutical Research and development (R&D) - statistics & facts data published in November 2021, there were nearly 5,100 pharmaceutical companies with active R&D pipelines in 2021. Also, there were over 18,600 drugs that were in various stages of development worldwide. These increasing numbers of drugs are predicted to increase the potential hazardous impact on workers in the workplace. Thus, the demand for hazmat suits is expected to increase at the drug production sites, thereby driving the market segment's growth.
Moreover, individuals working in drug and antibiotic factories often encounter issues related to breathing and work-related asthma. A PubMed article published in September 2021 stated that even though pharmaceutical factories are generally clean and well-maintained workspaces, air contamination through chemical hazards or pharmaceutical ingredients has been a significant occupational health and safety (OHS) issue within the pharma industry. This sometimes leads to acute (short-term) or chronic (long-term) respiratory effects among the workers. Hence, with the increase in drug development and manufacturing processes, the risk of acquired occupational respiratory diseases is also expected to rise. Thus, such instances are anticipated to increase the demand for hazmat suits across pharmaceutical industries.
Therefore, the factors above are anticipated to drive the segment's growth over the forecast period.
North America is Anticipated to Witness High Growth Over the Forecast Period
North America is expected to dominate the hazmat suits market over the forecast period. An increasing number of research and development (R&D) activities and investments in the sector, new product launches, and increasing chronic infectious diseases are major factors attributed to the market growth in the region.
Most pharmaceutical companies spent about one-quarter of their revenues on average on R&D expenses, which was nearly twice as large a share of revenues as they spent in the last decade, as per the United States Congressional Budget Office report published in April 2021. These pharmaceutical expenditures in the country are expected to increase the number of workers required for pharmaceutical operations in the industry. This is expected to create a demand for hazmat suits, which are required for employee protection, thus driving the growth of the studied market in the country.
Moreover, the data updated by Statistics Canada in January 2022 mentioned that the pharmaceutical sector's research and development are important to the Canadian economy and the sector contributed more than USD 15 billion in direct value added to the Canadian economy. This high investment in the pharmaceutical sector in the country complements the increasing workforce engaged in pharmaceutical development. Thus, such instances are anticipated to increase the demand for hazmat suits, contributing to the market's growth.
Therefore, the abovementioned factors are expected to drive the market's growth over the forecast period.
