This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Secondary Research
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the analytical standards market. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations in the analytical standards market. The primary sources from the demand side include medical OEMs, medical device ISOs, and service providers, among others. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends & key market dynamics.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
Note: Companies are classified into tiers based on their total revenue. As of 2022, Tier 1 = >USD 2 billion, Tier 2 = USD 50 million to USD 2 billion, and Tier 3 = <USD 50 million.
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Market Estimation Methodology
In this report, the global analytical standards market size was arrived at by using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the analytical standards business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and key marketing executives.
Approach 1: Company revenue estimation approach
To calculate the global market value, segmental revenues were calculated based on the revenue mapping of major solution/service providers. This process involved the following steps:
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Generating a list of major global players operating in the analytical standards market
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Mapping annual revenues generated by major global players from the analytical standards segment (or nearest reported business unit/service category)
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Revenue mapping of key players to cover a major share of the global market as of 2022
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Extrapolating the global value of the analytical standards industry
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Approach 2: End user-based market estimation
During preliminary secondary research, the total sales revenue of analytical standards was estimated and validated at the regional and country level, triangulated, and validated to estimate the global market value. This process involved the following steps:
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Generating a list of major customer facilities across each Region and country
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Identifying the average number of analytical standards product supplies used by major customer facilities across each product type at the regional/country level, annually
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Identifying the percentage contribution of major customer facilities to the overall analytical standards expenditure and usage at the regional/country level, annually
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Extrapolating the annual usage patterns for various products across major customer facilities to estimate the size of each product segment at the regional/country level, annually
Data Triangulation
After arriving at the overall market size from the market size estimation process explained above, the global analytical standards market was split into segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the analytical standards market was validated using both top-down and bottom-up approaches.
Market Definition
Analytical standards are chemical reagents used to calibrate analytical instruments and determine the unknown concentration of analytes in samples. These standards differ from laboratory reagents in their traceability and certification and are produced under stringent manufacturing procedures.
Key Market Stakeholders
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Analytical Standards Manufacturing Companies
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Food & Beverage Manufacturing Companies
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Pharmaceutical Companies
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Environmental Monitoring Product Manufacturers
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Air Quality Monitoring Product Manufacturers
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Petrochemical Product Manufacturers
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Forensic Laboratories
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Pollution Monitoring Manufacturers
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Product Sales and Distribution Companies
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Government Regulatory Authorities
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Research Laboratories and Academic Institutes
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Clinical Research Organizations (CROs)
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Research and Development Companies
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Market Research and Consulting Firms
Objectives of the Study
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To define, describe, and forecast the analytical standards market on the basis of technique, application, methodology, category and region.
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To provide detailed information regarding the major factors influencing the growth potential of the global analytical standards market (drivers, restraints, opportunities, challenges, and trends).
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To analyze the micro markets with respect to individual growth trends, future prospects, and contributions to the global analytical standards market.
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To analyze key growth opportunities in the global analytical standards market for key stakeholders and provide details of the competitive landscape for market leaders.
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To forecast the size of market segments and/or subsegments with respect to five major regions, namely, North America (the US and Canada), Europe (Germany, the UK, France, Italy, Spain, and Rest of Europe), Asia Pacific (Japan, China, India, Australia, South Korea, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East and Africa.
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To profile the key players in the global analytical standards market and comprehensively analyze their market shares and core competencies.
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To track and analyze the competitive developments undertaken in the global analytical standards market, such as agreements, expansions, and & acquisitions.
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the present global analytical standards market report:
Product Analysis
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Product matrix, which gives a detailed comparison of the product portfolios of the top fifteen companies
Company Information
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Detailed analysis and profiling of additional market players (up to 15)
Geographic Analysis
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Further breakdown of the Rest of Europe's analytical standards market into Russia, Belgium, the Netherlands, Switzerland, Austria, Finland, Sweden, Poland, and Portugal among other
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Further breakdown of the Rest of Asia Pacific analytical standards market into Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries
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Further breakdown of the Rest of the Latin America analytical standards market into Argentina, Chile, Peru, and Colombia, among other
Growth opportunities and latent adjacency in Analytical Standards Market