Analytical Standards Market Size, Share & Trends by Category (Organic, Inorganic), Technique (GC, MS, LC, IR, NMR, Gravimetry), Method (Bioanalytical, Dissolution, Material Testing), Application (Food, Environmental, Pharmaceutical, Forensics) & Region - Global Forecast to 2028
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:
|
Report Metric |
Details |
|
Market Revenue Size in 2023 |
$1.5 billion |
|
Projected Revenue Size by 2028 |
$2.1 billion |
|
Industry Growth Rate |
Poised to grow at a CAGR of 6.9% |
|
Market Driver |
Rising public concerns related to optimal food safety & quality |
|
Market Opportunity |
Improving healthcare infrastructure across emerging countries |
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):
What is the projected market revenue value of the global analytical standards market?
The global analytical standards market boasts a total revenue value of $2.1 billion by 2028.
What is the estimated growth rate (CAGR) of the global analytical standards market?
The global analytical standards market has an estimated compound annual growth rate (CAGR) of 6.9% and a revenue size in the region of $1.5 billion in 2023.
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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.
To know about the assumptions considered for the study, download the pdf brochure
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:
- Generating a list of major global players operating in the analytical standards market
- Mapping annual revenues generated by major global players from the analytical standards segment (or nearest reported business unit/service category)
- Revenue mapping of key players to cover a major share of the global market as of 2022
- 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:
- Generating a list of major customer facilities across each Region and country
- Identifying the average number of analytical standards product supplies used by major customer facilities across each product type at the regional/country level, annually
- Identifying the percentage contribution of major customer facilities to the overall analytical standards expenditure and usage at the regional/country level, annually
- 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
- Analytical Standards Manufacturing Companies
- Food & Beverage Manufacturing Companies
- Pharmaceutical Companies
- Environmental Monitoring Product Manufacturers
- Air Quality Monitoring Product Manufacturers
- Petrochemical Product Manufacturers
- Forensic Laboratories
- Pollution Monitoring Manufacturers
- Product Sales and Distribution Companies
- Government Regulatory Authorities
- Research Laboratories and Academic Institutes
- Clinical Research Organizations (CROs)
- Research and Development Companies
- Market Research and Consulting Firms
Objectives of the Study
- To define, describe, and forecast the analytical standards market on the basis of technique, application, methodology, category and region.
- To provide detailed information regarding the major factors influencing the growth potential of the global analytical standards market (drivers, restraints, opportunities, challenges, and trends).
- To analyze the micro markets with respect to individual growth trends, future prospects, and contributions to the global analytical standards market.
- To analyze key growth opportunities in the global analytical standards market for key stakeholders and provide details of the competitive landscape for market leaders.
- 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.
- To profile the key players in the global analytical standards market and comprehensively analyze their market shares and core competencies.
- 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
- Product matrix, which gives a detailed comparison of the product portfolios of the top fifteen companies
Company Information
- Detailed analysis and profiling of additional market players (up to 15)
Geographic Analysis
- 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
- Further breakdown of the Rest of Asia Pacific analytical standards market into Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries
- Further breakdown of the Rest of the Latin America analytical standards market into Argentina, Chile, Peru, and Colombia, among other
Generating Response ...
Growth opportunities and latent adjacency in Analytical Standards Market