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 according to a new report by MarketsandMarkets. Factors such as growth in the applications of analytical techniques in proteomics & metabolomics and the rising public concerns related to optimal food safety & quality are high growth prospects for the analytical standards market during the forecast period.
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The spectroscopy segment is to register a significant growth rate over the forecast period of 2023-2028.
Based on the technique, over the forecast period of 2023-2028, the spectroscopy segment is to register a significant growth rate. The key factor encouraging the growth of this segment during the forecast period is the presence of a widespread use of spectroscopic techniques across a broad range of application areas along with increasing drug development R&D. The spectroscopy segment is further divided into atomic absorption spectroscopy, mass spectroscopy, IR spectroscopy, nuclear magnetic resonance spectroscopy, X-ray fluorescence/diffraction spectroscopy, UV/Vis spectroscopy.
The pharmaceutical & life sciences standards segment accounted for the largest share of analytical standards in 2023-2028.
Based on application, the pharmaceutical & life sciences standards segment is estimated to hold the largest market share of the analytical standards market during the forecast period. The rising popularity of traditional medicines, the increasing drug development in developed countries and the increasing use of certified reference materials (CRMs) to ensure the quality of pharmaceuticals, increasing awareness, regulations on cosmetic products lead to a large share of this segment.
Asia Pacific registered the highest CAGR in the market during the forecast period.
In 2023, Asia Pacific is expected to register the highest CAGR in the market for analytical standards during the forecast period. Asia Pacific comprises China, India, South Korea, Taiwan, and Singapore, and the rest of Asia Pacific. Factors such as the increasing focus on soil testing, food security concerns in India, high use of analytical technologies in Japan, an increasing number of clusters, high-growth opportunities for market players and the growing biotechnology, biomedical, and pharmaceutical industries in China are driving the growth of the APAC analytical standards market during the forecast period.
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Analytical Standards Market Dynamics:
Drivers:
1. Rising public concerns related to optimal food safety & quality
Restraints:
1. Limited public awareness related to effective pollution monitoring strategies
Opportunities:
1. Improving healthcare infrastructure across emerging countries
Challenge:
1. Patent expiry of major drugs and biomolecules
Key Market Players of Analytical Standards Industry:
As of 2022, prominent players in analytical standards are Merck KGaA (Germany), Agilent Technologies (US), Waters Corporation (US), LGC Standards (UK), PerkinElmer, Inc. (US), Restek Corporation (US), SPEX CertiPrep (US), AccuStandard, Inc. (US), Thermo Fisher Scientific, Inc. (US), and Mallinckrodt (UK) among others.
Recent Developments:
- 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.
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