The global analytical standards market is expected to grow at a CAGR of 6.1% from 2023 to 2028. the market size is expected to rise from USD 1709 million by 2023 and USD 2298 million by 2028.
Analytical standards are the specific rules that support producers in achieving their objectives. For example, an analytical standard is referred to as a high-grade purity test substance employed as a calibration standard for a particular experiment. Analytical standards focus on offering these recommendations and valuable products to assure food safety. The industries it supports include food, beverage, environmental, life sciences, petrochemistry, veterinary medicine, forensics, pharmaceutical testing, etc. The analytical techniques that are most used in food quality testing and control include spectroscopy and chromatography. In addition, the analytical procedures help to evaluate the purity, efficacy, and product quality of the medication made by different pharmaceutical corporations. Therefore, this segment is of utmost importance from the consumer's point of view.
Impact of COVID-19 on the global analytical standards market:
Around the world, the pandemic had an impact on numerous industrial facilities. Due to the sales limitations, many businesses suffered losses, and the global economy entered a crisis. Even the essentials were hard to get because of the onerous government rules. In addition, the healthcare system was among those who suffered the most because of the difficulty in controlling the pandemic and the unanticipated flood of patients. Hospitals became chaotic as many healthcare services like elective surgeries and diagnostics were postponed, and covid patients were prioritized. The COVID-19 pandemic had a negative impact on the global analytic standards market. Limited operations in most sectors, a disrupted supply chain, difficulties in providing necessary/post-sales services due to lockdowns, the temporary closure of significant educational institutions, insufficient funding for research and academic institutions, and a decline in product demand from critical end-users have led to a revenue decrease. Additionally, the supply and demand chains' figures were out of balance. An overall reduction in research institutes and these several factors have negatively impacted the market.
MARKET DRIVERS:
The growing worries regarding food safety majorly drive the growth of the analytical standards market.
In addition, the expanding applications of analytical standards in proteomics and metabolomics, encouraging government initiatives, and an increasing need to check the patent expiration of patented products, along with growing healthcare quality concerns and regulatory emphasis on efficient pollution, are all anticipated to help the market revenue progress. Food tampering is a severe problem. Eating tainted or unhealthy food can lead to foodborne infections, mercury poisoning, allergic responses, and food intoxication. Mass spectrometry, chromatography, and other analytical methods are often used in food testing facilities to check for adulteration and guarantee food safety. Therefore, the food industry is a significant revenue bearer for the industry.
Drug and pharmaceutical applications are further expected to expand the analytical standards market.
Analytical standards are widely used in the biopharmaceutical sectors for drug discovery, biologic drug manufacture, and therapeutic drug monitoring. In addition, the significant rise in infectious diseases, HIV, cancers, and other illnesses worldwide has made it vital to create innovative therapies and diagnostic techniques. Management and supervision and the growing need for pollution control monitoring on a global scale are all factors driving the market's expansion—increasingly rigorous standards for the quality of pharmaceutical procedures. Therefore, the market is expected to return from the damage during the covid-19 situation.
MARKET RESTRAINTS:
The analytical standards market growth is anticipated to be hindered because the productive methods for monitoring pollution, which require analytical standards, are not well known to the public and are deemed unnecessary. Little knowledge of how governments operate and how air and water pollutants affect health and ignorance is anticipated to impact the adoption of pollution monitoring tests which is expected to impede the market growth.
This market research report on the global analytical standards market has been segmented based on the technique, product, methodologies, category, and region.
Global Analytical Standards Market - By Technique:
Based on technique, the chromatography segment led the analytical standards market in 2022 and is anticipated to continue being the leader among all the other types throughout the forecast period. Due to its advantages over other analytical techniques, including its high selectivity, sensitivity, reliability, and versatility, chromatography is increasingly used in the oil & petrochemical, forensic, cosmetic, and chemical industries as well as the environmental, food, cosmetic, and chemical testing sectors, thus leading to its dominance over the market. In addition, well-established and up-and-coming providers provide various chromatographic standards internationally, further promoting market development.
Global Analytical Standards Market - By Product:
Based on the product, the environmental segment accounted for a significant market share in 2022. The market share of the environmental category is substantial, and it is anticipated that it will dominate the market. The rise in pollutant emissions, environmental regulatory requirements, elevated public awareness of the value of a clean environment, the deterioration of environmental quality, and the production of solid waste are the leading causes of this sizeable share in the market.
Global Analytical Standards Market - By Methodology:
Based on the methodology, the raw materials segment is estimated to hold a significant market share during the forecast period. The raw materials testing segment is expanding as a result of many causes. First, the production of food and drink and medicinal and petrochemical goods is growing. Globally, there is also a significant regulatory focus on the quality of medicines, food, and drink.
Global Analytical Standards Market - By Category:
Global Analytical Standards Market - By Region:
The analytical standards market in North America held the largest share of the market in 2022 and is dominating the world due to factors such as key players' presence, high penetration of analytical technologies, rising life science research funding, expanding pharmaceutical R&D initiatives as well as growing environmental concerns. Additionally, the establishment of food testing labs, drug testing labs, environmental pollution monitoring labs, and forensic laboratories in North America, a significant amount of research activities, and well-established distribution channels for analytical standards product manufacturers and suppliers in countries like the U.S. and Canada are helping the region contribute the most share.
The analytical standards market in Asia-Pacific is also continuously growing due to the growing pharmaceutical industry, increased spending by significant players on clinical research and the development of new drugs, and increased clinical trials in developing nations. Furthermore, growing chromatography research, an increase in clinical trial outsourcing, significant government initiatives to expand healthcare infrastructure, environmental safety measures, an increase in the prevalence of infectious diseases like HIV, tuberculosis, influenza, and malaria, and a rise in the demand for analytical services in countries like China, India, and Japan are promoting the market growth in Asia-Pacific.
KEY MARKET PLAYERS:
There are several players in the global analytical standards market worldwide. Some of the key players in the global analytical standards market are SPEX CertiPrep, RICCA Chemical Company, US Pharmacopeial Convention, GFS Chemicals, Chiron AS, Merck KGaA, Agilent Technologies, LGC Standards, PerkinElmer, Waters Corporation, Restek Corporation, AccuStandard, Thermo Fisher Scientific, Mallinckrodt, Cayman Chemical Company, etc.
Recent Market Developments:
Frequently Asked Questions
As per our research report, the global analytical standards market size is expected to grow USD 2,166.3 million by 2027.
Geographically, the APAC region is predicted to have the fastest growth rate in the global market from 2022 to 2027.
North America led the analytical standards market worldwide in 2021.
SPEX CertiPrep, RICCA Chemical Company, US Pharmacopeial Convention, GFS Chemicals, Chiron AS, Merck KGaA, Agilent Technologies, LGC Standards, PerkinElmer, Waters Corporation, Restek Corporation, AccuStandard, Thermo Fisher Scientific, Mallinckrodt, Cayman Chemical Company are some of the major companies in the global analytical standards market.
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