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The global analytical standards market size is estimated to grow by USD 624.93 million at a CAGR of 6.81% between 2022 and 2027.
Increased public interest in optimal food safety and quality is a significant driver for the growing demand for analytical standards. Consumers today pay more attention to the foods they eat, demanding transparency, traceability, and assurances of safety and quality. Regulatory agencies worldwide, such as the FDA and EMA, are responding to consumer concerns by imposing stricter regulations on food safety and labeling. Contaminants such as pesticides, heavy metals, allergens, and pathogens in food are becoming more and more of a concern for consumers. Analytical standards assist in accurately detecting and quantifying allergens, preventing cross-contamination, and providing safe options for allergic individuals. The demand for analytical standards is driven by increasing public interest in the best possible food safety and quality as a crucial tool for ensuring transparency, accuracy, and compliance with regulations.
Technavio has segmented the market into Type, Application, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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Chromatography
The market share growth by the chromatography segment will be significant during the forecast period. Chromatography technology is expected to hold the largest market share in the global analytical standards market during the forecast period. Its high efficiency in identifying and separating impurities in the simplest way can be attributed to this technique's superiority.
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The chromatography segment was valued at USD 470.49 million in 2017. This technique is becoming more and more accepted because of the use of this instrument in combination with complementary analytical instruments, such as mass spectrometers. Therefore, easier interoperability with less manpower requirement is expected to reduce the overall cost of analytics and drive the growth of the segment, which, in turn, will boost the growth of the global market in focus during the forecast period.
Food and beverages
As regulatory standards become more stringent in the food and beverages industry, the pressure for product documentation and quality control is increasing. Some of the main factors that may encourage increased demand for analytical standards are more and more adoption of analytical techniques to monitor air pollution, as well as greater awareness about harmful hormone detection. In addition, some of the concerned approaches, increasing solid waste in urban areas, and increasing R&D activities in the food and beverages sector are some of the predictive factors expected to project demand for analytical standards, which will fuel market growth during the forecast period.
Pharmaceuticals and life sciences
The demand for analytical standards in the pharmaceutical industry is driven by several critical factors, primarily related to quality assurance, regulatory compliance, research and development, and product safety. Pharmaceutical products must meet stringent quality standards to ensure their safety and efficacy. Ensuring product quality, safety and compliance with applicable regulations is a major reason for the increasing demand for chemical testing standards in the pharmaceutical sector. This demand for analytical standards is likely to continue as the pharmaceutical industry evolves, emphasizing precision medicine, personalized therapies, and advanced drug development techniques, which, in turn, will boost the growth of the global analytical standards market during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. North America holds the highest share of the global analytical standards market. During the forecast period, North America is anticipated to lead the market in focus on analytical standards as a whole. The highest income may vary as a result of the large number of significant participants, and more affordable and supportive government programs aimed at developing novel treatments. There is an increase in demand for analytical standards. In addition, an increasing adoption rate of advanced infrastructure by analytical testing companies and the number of diagnostic centers are the factors estimated to boost the market in this region during the forecast period.
The COVID-19 pandemic has put pressure on the regional analytical standards market in 2020. However, due to large-scale vaccination drives initiated by governments across the region, manufacturing activities in North America showed resilience in the first quarter of 2021. The North American area, which had been experiencing a recession in the Q2 and Q3 of 2020, is beginning to recover. Higher operational activities in F&B, pharmaceutical, and life sciences will spur the demand for analytical standards. Hence, the market in focus is expected to grow during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
AccuStandard Inc.- The company offers analytical standards such as reference materials, certified reference materials, and laboratory controls for use in a wide range of analytical applications, including life sciences, environmental testing, and forensics.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
Rapid growth in the life science industry is driving growth in an analytical standard market. Analytical standards are key to understanding the physical and chemical stability of drug molecules, impacts on dosage form selection and design, and evaluation of drug molecule stability play. The growing life sciences and healthcare sectors are a very important factor in driving demand for analytical standards.
Moreover, the life science industry is expanding rapidly into developing markets. Biopharmaceuticals are growing two and a half times faster than the pharmaceutical industry, making them one of the fastest-growing sectors within the pharmaceutical sector. The stringent regulations related to life science research and process validation and standardization increase the demand for analytical standards, which will boost the growth of the global analytical standards market during the forecast period.
The increasing importance of analytical standards in quality control is a key trend in an analytical standard market. In order to guarantee the quality and safety of their products, firms such as pharmaceutical companies, food manufacturers, and chemicals are relying on precise analysis measurements. Analytical standards provide a benchmark for comparison and verification of measurement methods, equipment, and results.
Moreover, analytical standards enable suppliers and manufacturers to assess the quality of incoming raw materials and components, mitigating the risk of using substandard or contaminated materials. The demand for precise, reliable, and certified analytical standards is going to continue to grow as the industry continues to focus on quality control of products and processes, which is expected to boost the growth of the global market in focus during the forecast period.
The limited shelf life of analytical standards is a major challenge in an analytical standard market. Manufacturers and users in this sector are faced with the difficulty of maintaining a relatively short shelf life for analysis standards. Analytical standards, as reference materials used to calibrate instruments and validate methods, need to maintain their stability and accuracy over time.
However, exposure to contaminants, such as air, moisture, or other substances, can lead to degradation and alteration of the standards. Inadequate storage conditions are capable of speeding up the degradation of statistical standards, for example by exposure to high temperatures or humidity. Thus, the limited shelf life of analytical standards may hamper the growth of the global market in focus during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Analytical Standards Market Customer Landscape
The analytical standards market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Analytical Standards Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.81% |
Market growth 2023-2027 |
USD 624.93 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.67 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, China, India, Germany, and the UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AccuStandard Inc., Agilent Technologies Inc., Antylia Scientific, Cayman Chemical, General Electric Co., GFS Chemicals Inc., I.V. Labs Inc., JSC Labochema LT, LGC Science Group Holdings Ltd., Mallinckrodt Plc, Merck KGaA, PerkinElmer Inc., Reade International Corp., Restek Corp., Ricca Chemical Co., Shimadzu Corp., Takara Holdings Inc., Thermo Fisher Scientific Inc., Tokyo Chemical Industry Co. Ltd., and Waters Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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