Analytical Standards Market

Analytical Standards Market Size, Share & Trends

The size of global analytical standards market in terms of revenue was estimated to be worth $1.5 billion in 2023 and is poised to reach $2.1 billion by 2028, growing at a CAGR of 6.9% from 2023 to 2028. The comprehensive research encompasses an exhaustive examination of industry trends, meticulous pricing analysis, patent scrutiny, insights derived from conferences and webinars, identification of key stakeholders, and a nuanced understanding of market purchasing dynamics.

Growth of the market is attributed to the growing applications of analytical techniques in proteomics & metabolomics, rising public concerns related to optimal food safety and quality, expanding patient population, strategic agreements and collaborations between service providers and end users, and greater regulatory emphasis on effective pollution monitoring & control.

Analytical standards Market Trends

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e- Estimated; p- Projected

Analytical Standards Market Dynamics

Driver: Rising public concerns related to optimal food safety & quality

To check for adulteration and ensure food safety, techniques such as chromatography, mass spectrometry are extensively used by food testing laboratories. Spectroscopy and chromatography are the most commonly applied analytical techniques in quality testing and quality control of food. GC/MS and LC/MS/MS techniques are gaining recognition as highly specific and extremely sensitive techniques testing food products with high accuracy. Moreover, the government implements strict regulations to ensure food safety in the respective countries. Additionally, the research institutes collaborate with key market players to use their advanced product offerings to ensure food safety. Food safety has been prioritized by concerned authorities due to growing concerns over food contamination and food adulteration, thus driving the growth of the analytical testing market

Restraint: Limited public awareness related to effective pollution monitoring strategies

The increasing pollution levels lead to various respiratory infections, respiratory diseases, allergic reactions, and cancer. High sulfur dioxides levels can affect functioning of lung, aggravate existing heart disease and worsen asthma attacks. Similarly, carbon dioxide is considered a potentially inhaled toxicant which may lead to coma, convulsions, acidosis, CNS depression, or even death. Environmental degradation also results in serious environmental changes such as reduced crop yields, changes in weather patterns, and the greenhouse effect.

Governments are taking initiatives in various regions, to improve air quality, focusing on promoting power plants that use clean and renewable fuels; promoting public transport, walking, and cycling; and improving the energy efficiency of homes, buildings, and facilities (both commercial and manufacturing). However, there is limited awareness about governments' initiatives.

Opportunity: Improving healthcare infrastructure across emerging countries

The increasing R&D initiatives in the emerging countries and growing prevalence of infectious diseases such as influenza, malaria, HIV, and tuberculosis, leads to develop innovative genomic techniques in developing nations for efficient disease diagnosis. Across emerging markets (particularly in China and India) several initiatives have been undertaken by the government to strengthen healthcare infrastructure and expand it. During the forecast period, emerging markets are expected to offer significant growth opportunities to clinical microbiology product manufacturers and distributors. The growth in these markets is further supported by increasing availability and affordability of low-cost clinical microbiology products, growing healthcare expenditure, and improvements in healthcare infrastructure.

Challenge: Patent expiry of major drugs and biomolecules

Generic drug have to meet the same regulatory standards as of the innovator drug if their versions are identical or bioequivalent to a patented drug in their performance. Good manufacturing practice (GMP) regulations of the regulatory authorities have to be complied by the generic drug manufacturers. This is expected to aid the growth of the analytical standards market across the globe. Before their existing drugs lose their patent protection, key drug manufacturers tend to develop new drugs and expand the existing drugs in the market for patent approval. Such activities, with different analytical techniques, require extensive research process.

Analytical Standards Market Ecosystem

By technique, the spectroscopy segment of the analytical standards industry accounted for the largest share during the forecast period.

Based on the technique, the analytical standards market is segmented into spectroscopy, titrimetry, chromatography, and physical properties testing. In 2022, the spectroscopy segment accounts for the largest share of the market. widespread use of spectroscopic techniques across a broad range of application areas have led to the growth of the segment.

By application, the pharmaceutical & life science standards segment of the analytical standards industry accounted for the largest share during the forecast period.

Based on the application, the analytical standards market is segmented into environmental standards, petrochemistry standards, pharmaceutical & life science standards, food & beverages standards, forensic standards and veterinary drug standards. The pharmaceutical & life science standards segment accounts for the largest share of the market. Increasing drug development in developed countries is expected to propel the growth of this segment during the forecast period.

By methodology, the raw material testing segment of the analytical standards industry is expected to witness significant growth during the forecast period.

Based on the methodology, the analytical standards market is segmented into stability testing, dissolution testing, raw material testing, bioanalytical testing, and other methodologies. The raw material testing segment is expected to witness significant growth during the forecast period. The significant growth in the food & beverage industry, the increasing manufacturing of medicinal and petrochemical products and strong regulatory emphasis on the quality of drugs as well as for food & beverages has led to the significant growth and dominance of the segment in the industry in the upcoming years.

North America is expected to be the largest market of the analytical standards industry during the forecast period.

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The analytical standards market has been segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America, comprising the US and Canada, held the largest share of the global market in 2022. On the other hand, the Asia Pacific market is estimated to register the highest growth rate during the forecast period. North America accounted for a share of 38.7% of the market, followed by Europe with a share of 26.8%. This region is witnessing growth due to supportive government regulations and the easy accessibility to and the high adoption of advanced analytical technologies due to the significant per capita annual healthcare expenditure by the US and Canadian governments.

As of 2022, prominent players in the analytical standards market are Merck KGaA (Germany), Agilent Technologies (US), Waters Corporation (US), LGC Standards (UK), and PerkinElmer, Inc. (US) are the major players in market. Other major market players in the market include Restek Corporation (US), SPEX CertiPrep (US), AccuStandard, Inc. (US), Thermo Fisher Scientific, Inc. (US), Mallinckrodt (UK), US Pharmacopeial Convention (US), Cayman Chemical Company (US), RICCA Chemical Company (US), GFS Chemicals, Inc. (US), and Chiron AS (Norway), among others.

Scope of the Analytical Standards Industry:

This report has segmented the global analytical standards market to forecast revenue and analyze trends in each of the following submarkets:

By Technique

• Chromatography
• Ion Chromatography
• Gas Chromatography
• Liquid Chromatography
• Thin Layer Chromatography
• Other chromatography
• Spectroscopy
• Atomic Absorption Spectroscopy
• Mass Spectroscopy
• IR Spectroscopy
• Nuclear Magnetic Resonance Spectroscopy
• X-Ray Fluorescence/Diffraction Spectroscopy
• UV/Vis Spectroscopy
• Other Spectroscopy
• Titrimetry
• Physical Property Testing
• Viscosity Testing
• Sieve Calibration & Particle Size Testing
• Colour Reference testing
• Others

By Application

• Food & Beverages Standards
• Flavor & Fragrance Standards
• Carbohydrate Standards
• Peptide/Amino Acid Standards
• Food Additive Standards
• Fatty Acid/Lipid/Fame Standards
• GMO (Geneticall Modified Organisms) Standards
• Mycotoxin Standards
• Forensic Standards
• Drugs of Abuse Standards
• Doping Standards
• Veterinary Drug Standards
• Antibiotic Standards
• Hormone Standards
• Petrochemistry Standards
• Gasoline, Diesel, and Petroleum Standards
• Biofuel Standards
• Environmental Standards
• Pesticide Standards
• Volatiles/Semivolatiles Standards
• Flame Retardant Standards
• Aroclor/PCB, and Dioxin Standards
• Alkyl Phenol Standards
• Solid Waste Standards
• Pharmaceutical and Life Science Standards
• Cosmetic Standards
• Herbal Drug/Phytopharmaceutical Standards
• Pharmaceutical Secondary Standards
• Pharmaceutical Impurity Reference Standards
• Pharmacopoeia Standards
• Fluorescent Microparticle Standards

By Methodology

• Bioanalytical Testing
• Stability Testing
• Raw material Testing
• Dissolution Testing
• Other Methodologies

By Category

• Organic Analytical Standards
• Inorganic Analytical Standards

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa

Recent Developments of Analytical Standards Industry

• In June 2023, Merck KGaA (Germany) invested 74 million USD (70 million Euro) for expanding production capacity for highly purified reagents at its site in Nantong, China.
• In August 2022, Agilent Technologies, Inc. (US) acquired Polymer Standards Service, broadening offerings for gel permeation chromatography (GPC) and size exclusion chromatography (SEC) polymer analysis.
• In June 2022, LGC Limited (UK) to act as global distributor of InBio’s (US) purified food allergen reference materials expanding LGC’s offering to more than 180 allergen reference materials for a range of applications including method development and method verification.

Frequently Asked Questions (FAQ):

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