Analytical Standards Market Worth US$ 2,284.13 Million by 2027 – Exclusive Report by Astute Analytica

Astute Analytica

In 2021, North America recorded the highest share of the global analytical standards market and is projected to continue its dominance during the forecast period. The growth is attributed to the region's growing pharmaceutical R&D efforts as well as rising environmental concerns.

New Delhi, May 23, 2022 (GLOBE NEWSWIRE) -- The Global Analytical Standards Market was valued at US$ 1,518.6 Mn in 2021 and is projected to reach US$ 2,284.13 Mn by 2027. The market is registering a CAGR of 6.1% during the forecast period. Analytical standards are used to make sure that a given analyte is present in a mixture of components or not. These standards are utilized to increase the precision of an analytical method and evaluate different analytical equipment by measuring their purity and quality of formulations, medicines, and biomarkers.

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Stringent regulations to maintain the quality of drugs is one of the primary factors propelling the growth of the global analytical standards market. Further, the rapid growth in the prevalence of infectious diseases, HIV, malignancies, and other disorders globally has escalated the demand for the development of new medications and diagnostics. According to the Joint United Nations Program on HIV and AIDS report, over 24.5 million HIV-positive individuals across the world received antiretroviral medications in 2019 and this is expected to rise in the coming future. Thus, as the global burden of diseases grow, new pharmaceuticals are developed, and their validations with improved quality is leading to the growth of analytical standards market over the forecast period.

The rampant use of analytical standards by biopharmaceutical industries for biomarker research and development, drug discovery, biologic drug manufacturing, and therapeutic medication monitoring is further triggering the market growth. Hence, a growing pharmaceutical industry will drive the growth of analytical standards market.

Food testing laboratories use techniques such as mass spectrometry, chromatography, and other analytical techniques to check for adulteration and assure food safety. Moreover, the governments of various countries enforce strict regulations to ensure food safety globally. For example, addition of alpha-tocopherols, mixed tocopherol concentrates, and dl-alpha-tocopherol to oils is approved by the FSSAI (Food Safety and Standards Authority of India), however, the concentration of alpha tocopherol in the final product should not exceed 200 mg/kg, and analytical standards are required for such precise quantities. However, the limited public awareness related to effective pollution monitoring is hindering the market growth.

Improvement of healthcare infrastructure in developing economies provides a lucrative opportunity for market expansion

The improvement of healthcare infrastructure across developing economies such as India, China, Brazil, Indonesia, and others is the key opportunity for the global analytical standards market. The rural population in India accounts for 60% of the country's overall population. The government has created 25,743 primary health care centers, 158,417 sub centers, and 5,624 community health centers for providing healthcare facilities to people in rural India.

Similarly, by the end of 2019, China's National Health Commission estimated that the country had 4,975,633 public hospital beds and 1,890,913 private hospital beds. Further, during the same time span, China opened 7,906 new medical institutions. Rising urban and rural populations, as well as an ever-expanding ageing population, drives the demand for healthcare and senior care services in the country.

Moreover, the increased prevalence of numerous infectious diseases such as HIV, influenza, tuberculosis, malaria, and others along with growing research & development initiatives for the development of innovative products are the key factors for the growth of the developing economies. During the last five decades, the number of emerging infectious diseases has increased significantly. Further, annually influenza A and B epidemics in the United States caused 9–45 million infections, 140,000–810,000 hospitalizations, and 12,000–61,000 fatalities between 2010 and 2020. SARS-CoV-2 caused more than 22.3 million verified illnesses and more than 373,000 fatalities in the United States between January 21, 2020, and January 11, 2021. Despite having only 4% of the worldwide population, the United States was responsible for more than 25% of all recorded cases of covid.

North America is the highest shareholder region in the Global Analytical Standards Market

Geographically, the analytical standards market is segmented into five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa (MEA). In 2021, North America recorded the highest share of the global analytical standards market and is projected to continue its dominance during the forecast period. The growth is attributed to the region's growing pharmaceutical R&D efforts as well as rising environmental concerns. According to a report released by the United States Department of Health and Human Services, 37,832 people in the US were diagnosed with HIV in 2018, which shows 38,000 new HIV infections are recorded each year. Europe is the second highest market in the global analytical standards market due to strict regulatory compliance for food safety and quality, as well as the growing acceptance of analytical standards in a number of end-use industries such as pharmaceuticals, food & beverages, and others.

Asia Pacific Analytical Standards Market holds the highest CAGR over the forecast period

Asia Pacific analytical standards market is estimated to increase at the highest growth rate over the projection period due to the expanding pharmaceutical industry and clinical trials in the region. Further, significant government initiatives to develop and extend healthcare infrastructure have been undertaken in countries such as India and China.

Competitive Outlook:

The dominant players in the Global Analytical Standards Market are Merck KGaA, LGC Standards, Agilent Technologies, Thermo Fisher Scientific, Inc. and PerkinElmer, Inc. Through extensive research, it is found that big players have adopted various competitive strategies such as merger & acquisition in order to have a grip in the stabilized China market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

In addition, the other key market participants in the Analytical Standards Market includes Merck KGaA, Chiron AS, LGC Standards, Waters Corporation, Agilent Technologies, Thermo Fisher Scientific, Inc., PerkinElmer, Inc., Restek Corporation, SPEX Certi Prep, Accu Standard, Inc., Mallinckrodt, US Pharmacopeial Convention, Cayman Chemical Company, and RICCA Chemical Company and GFS Chemicals, Inc.

Segmental Analysis

The various segmentations considered to analyze the Global Analytical Standards Market are based on category, technique, method, application, and region. Further, market size analysis based on revenue is included in the report's market segments. For instance, based on technique, the spectroscopy segment is projected to grow at the rate of 5.9% over the projection period, while chromatography segment accounted for the highest share of 44.5% in 2021. Similarly, in terms of method, the bioanalytical method is growing at the highest CAGR of 6.6% whereas the maximum share in 2021 was held by material testing.

Segmentation Overview:

The following are the different segments of the Global Analytical Standards Market:

By Category segment of the Global Analytical Standards Market is sub-segmented into:

• • Organic

  • Inorganic

By Technique segment of the Global Analytical Standards Market is sub-segmented into:

• • Chromatography

  • Spectroscopy

  • Titrimetry

By Method segment of the Global Analytical Standards Market is sub-segmented into:

• • Material Testing

  • Bioanalytical

  • Dissolution

By Application segment of the Global Analytical Standards Market is sub-segmented into:

• • Pharmaceutical

  • Food & Beverages

  • Forensics

  • Environmental

By Geography segment of the Global Analytical Standards Market is sub-segmented into:

• • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • The UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia & New Zealand

    • Rest of Asia Pacific

  • South America

    • Brazil

    • Argentina

    • Rest of South America

  • Middle East & Africa (MEA)

    • UAE

    • Saudi Arabia

    • South Africa

    • Rest of MEA

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