Analytical Standards Market size is estimated to reach $1.5 Billion by 2025, growing at a CAGR of 5.9% during the forecast period 2020-2025. Analytical Standards are biochemical properties and values that have been analyzed to be healthy and usable by health organizations around the world. These standards study the quality and purity of medicines and complex medicine. Also, these standards are used to perform tests or calibrate the analyzer. Through these standards, health organizations can achieve optimum performance and compliance. The increased focus on optimum food safety and quality, the increased demand for analytical techniques in protein and metabolism, and the strict regulatory scenario in the pharmaceutical industry are the few factors responsible for the high annual compound rate growth of the market during the forecast period 2020-2025.
By Category – Segment Analysis
The global Analytical Standards Market based on category has organic and inorganic. The organic segment registers for the highest market share in 2019 and is set to continue for the forecast period (2020-2025). The segment is set to emerge owing to increasing public-private investment for various research studies and increasing drug development activities and clinical trials.
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By Technique – Segment Analysis
The technique segment of Analytical Standards Market has Chromatography Standards, Spectroscopy Standards, Titrimetry Standards, Physical Properties Testing Standards. Chromatography Standards registered high revenue in the year 2019 and is poised to grow at the highest CAGR of 6.5% for the forecast period (2020-2025). The growth is owing to its high performance in identification and separating the impurities with the simplest procedures. Furthermore, the availability of equipment, reagents and reference standards for various chromatography such as liquid chromatography, gas chromatography, and others have increased their demand.
By Geography – Segment Analysis
The global Analytical Standards Market by geography had the dominant share in North America with 37% in terms of revenue in 2019 owing to the rising life science research funding, along with the increasing number of clinical trials and government support for the massive spending on research activities in the region. Furthermore, Asia-Pacific is estimated to increase with highest CAGR of 6.9% during the forecast period 2020-2025, owing to growing public & private investments in the biotechnology industry and surging utilization of analytical technologies in Japan.
Drivers – Analytical Standards Market
Stringent regulations in the pharmaceutical industry
The demand for Analytical Standards is driving forward owing to the increase in focus on drug safety. As ineffective, poor quality/unsafe medicines can result in therapeutic failure, drug resistance, or even death of a patient. In order to protect public health and facilitate international trade, various laws and regulations are introduced in the pharmaceutical industry.
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Challenges – Analytical Standards Market
Lack of well-trained and skilled laboratory technicians
Proper selection and preparation of analytical standards at the time of investigations is very important to ensure accuracy and reproducibility in the analysis. However, lack of knowledge regarding the right choice of technique and analytical standards incurs several direct and indirect expenses. This has become a challenge for the growth of market for the forecast period 2020-2025.
Analytical Standards Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Analytical Standards Market. Key companies of this market are Merck KGaA, Agilent Technologies Inc, Waters Corporation, Restek Corporation, SpexCertiprep, Accustandard Inc, LGC Standards, Perkinelmer, Inc, Thermo Fisher Scientific Inc and General Electric Company.
In August 2019, LGC acquired Toronto Research Chemicals (“TRC”), a manufacturer and supplier of synthetic organic bio-chemicals that are used as reference standards and research tools in the pharmaceutical, applied, and research sectors.
In February 2018, Merck KGaA announced plans to expand its manufacturing capacity & distribution centers in India. The company invested around US$19.21m in a new manufacturing and distribution center for its life science business.
Geographically, North America’s Analytical Standards market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the rising life science research funding, along with the increasing number of clinical trials.
Rigid storage requirements for analytical standards act as challenge to hamper the growth for the forecast period 2020-2025.
Analytical Standards based on application has Pharmaceutical and Life Sciences Standards segment leading the market share in 2019.
Chromatography segment is expected to account for the largest share of the global analytical standards market and is also expected to grow at the highest CAGR attributed to rising food safety concerns, product launches, growing importance of chromatography tests in drug approvals, stringent regulatory environment for the pharmaceutical industry, and increased government funding for life sciences R&D.
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