Global Analytical Standards Market to Reach USD 2,235.27 million by 2028

The global analytical standards market accounted for USD 1,506.32 million in 2021 and is expected to reach USD 2,235.27 million by 2028, growing at a CAGR of 7.1% from 2021 to 2028.

The basic property used as an experimental criterion to measure the purity and value of the medication and formulated medicine. We include protection, effectiveness, and quality medicines by assimilating processes, formulas, and medications. Reagents and standards are the main components used with analytical instrumentation to achieve optimum performance and compliance. The key components needed in order to achieve optimal performance and compliance with the help of analytical instruments are reagents and standards. However, the testing, production, and documenting of analytical standards and reagents become complex and time-consuming due to technical and regulatory requirements. The number of regulation and standards has increased in the past few years because of adverse effect of pollution on the environment and that is the major factor driving the analytical standards for environment concerns.

Analytical Standards Market Scope

Analytical Standards Market Driver

The major growth factors of Analytical Standards Market are Concerns about food safety and quality are growing among the general public, Food infectivity is a major concern worldwide. Increase in the use of analytical technologies in proteomics and metabolomics is creating extensive growth opportunities in analytical standards market Growing pollution awareness will raise the demand is expected to generate notable growth prospects for analytical standards market. Moreover, Stringent government environmental regulations in the pharmaceutical industry, as well as expanding food safety concerns around the world, are driving the global market.

The need for scientific criteria is one of the main aspects of the life sciences industry. This has been important due to the steady growth over the past few years in sectors such as healthcare and pharmaceuticals. Because of the significant impact they have on consumers, the intensified research has resulted in these industries having enhanced demands from the analytical standards industry. The demand for qualitative standards has thus become important in the coming years for the food and beverage industry.

Analytical Standards Market Restraints

The cost of custom synthesis services varies significantly from project to project, reflecting not only the prices of starting materials or the number of synthesis phases, but also the risk profiles, R&D intensities, and purity, security, documentation, and analytical specifications requirements. Well-documented standard chemicals synthesis is much cheaper than an experimental compound's first-time, multi-step synthesis. This puts pressure on major manufacturers to compete and thus intensifies competition. Local player dominance providing a wide range of analytical standards at lower rates inhibits the regional expansion of major players in a particular region, which hinders the growth of the analytical standards sector.

As well, the growing number of clinical trials and the encroachment of new analytical methods present several opportunities for market growth.  In the United States, clinical trials have increased significantly, and other countries such as Russia, Germany, Poland, Canada, India, and more are now interested in clinical trials.

Analytical Standards Market Segmentation

By Technique

On the basis of technique, the global Analytical Standards are bifurcated into physical properties testing, spectroscopy, titrimetry, and chromatography. chromatography was the leading category of the above technique and accounted for around 36.21% market share in 2021. spectroscopy predictable to be the fastest growing segment among all other segments.  

By Application

Based on Application, the market has been divided into food & beverages, veterinary, pharmaceutical and life science, petrochemistry, environmental and forensics. In 2021, the environmental segment was the largest revenue generator of more than 29.1% in 2021, Due to increased awareness of the value of a clean environment. The pharmaceutical and life science segment is expected to record the highest CAGR over the forecast period. 

By Region

On the basis of region, North America held the largest share of about 38.9% of the analytical standards market in 2021. growing chronic disease burden, rising geriatric population base, and increasing health awareness are factors that indirectly contribute to the market growth as these all require more accurate results from the diagnostic instruments. The presence of major players is the primary factor driving the market growth.

Followed by North America, the demand for analytical standards is the highest in Europe. Germany, France and U.K. are major country markets for analytical standards market. Germany accounted for a largest revenue share of about 33.36% in 2022 for Europe market followed by U.K. fastest growing country likely to grow at CAGR of 6.8% in the forecast period.

Asia-Pacific is projected to grow at a high CAGR majorly due to, increasing demand for efficient and advanced diagnostic healthcare facilities, need to reduce health care associated cost and, better patient diagnosis are expected to drive the market in the region. China is the biggest contributor whereas India is estimated to be highly growing country. Middle East & Africa is a slow growing region for analytical standards market. Lack of advanced healthcare facilities for disease diagnosis and for analytical study in the pharmaceutical & life science companies is the biggest barrier for the growth of analytical standards market in this region

The global analytical standards market Key players are as follows:

• Spex Certiprep
• Agilent Technologies Inc.
• Thermo Fisher Scientific
• Waters Corporation
• Restek Corporation
• Cayman Chemical Company
• Ricca Chemical Company
• Sigma-Aldrich Co. Llc.
• Accustandard Inc.
• LGC Standards.

Recent Developments:

• October 2019      - Thermo Fisher Scientific, Inc., the world leader in serving science has completed its previously announced acquisition of a manufacturing facility from GlaxoSmithKline (GSK) for €90 million. Completion of the transaction follows the receipt of all required regulatory approvals.
• March 2019 - Restek Corporation, a leading independent developer and manufacturer of chromatography products, and LECO Corporation, a global leader in analytical instrumentation and mass spectrometers, announced their expanded collaboration.

Global Analytical Standards Market Segment as follows:

By Technique     

• Physical Properties Testing
• Spectroscopy
• Titrimetry
• Chromatography

By Application    

• Food & Beverages
  • Geneticall Modified  Organisms (GMO)
  • Flavors And Fragrances
  • Mycotoxins
  • Food Additives
  • Fatty Acids/Fame/Lipids
  • Carbohydrates
  • Peptides/Amino Acids
• Veterinary
• Pharmaceutical & Life Science
• Petrochemistry
• Environment
• Forensics

Major Regions Covered

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East & Africa