The global analytical standards market offers rising public concerns related to optimal food safety and quality, growing applications of analytical techniques in proteomics & metabolomics, and greater regulatory emphasis on effective pollution monitoring & control are some of the key factors driving the growth of the analytical standards market.
[260 Pages Report] The global analytical standards market size is projected to reach USD 1.7 billion by 2025 from USD 1.3 billion in 2020, at a CAGR of 6.3% during the forecast period.
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COVID-19 Impact on the global analytical standards market
The COVID-19 pandemic has significantly affected the analytical standards market. The analytical instrumentation sector is facing challenges in the manufacturing and supply chain, such as delivering products to end-users promptly and attending to an uneven demand for the products and services in this sector. The analytical standards market is also facing a period of short-term negative growth, which can be attributed to factors such as a decline in the product demand from major end-users, limited operations in most of the industries, inadequate funding to research and academic institutes, temporary closure of major academic institutes, disrupted supply chain, and challenges in providing essential/post-sales services due to lockdowns. These factors have led to the reduced demand for analytical standards from end-users.
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By technique, the chromatography segment is expected to have the largest market share during the forecast period
The large share of this segment is attributed to factors such as the presence of a large number of matured & emerging suppliers that provide a broad range of chromatographic standards across the globe and rising use of chromatography across environmental testing, food testing, cosmetics, chemicals, research, forensic, and oil & petrochemical sectors owing to its benefits over other analytical techniques such as its high selectivity, sensitivity, reliability, and versatility.
Environmental analytical standards is the largest application segment of the analytical standards market
The environmental analytical standards segment is expected to dominate the overall analytical standards market during the forecast period. The large share of this segment is majorly attributed to the rising emissions of pollutants, regulatory mandates related to the environment, raising awareness of the importance of a clean environment, degradation of environmental quality, and solid waste generation.
Raw materials segment accounted for the largest share of the analytical standards market, by methodology, in 2019
The growth of the analytical standards market for the raw materials segment is driven by the increasing manufacturing of medicinal and petrochemical products, significant growth in the food & beverage industry, and strong regulatory emphasis on the quality of drugs as well as for food & beverages across the globe.
Analytical Standards Market by Region
North America is the largest regional market for Analytical Standards
North America (comprising the US and Canada) dominates the analytical standards market. North America is a mature market, with high penetration of analytical technologies among key end-users (food testing labs, environmental pollution monitoring laboratories, drug testing laboratories, and forensic laboratories) and well-established distribution channels for analytical standards product manufacturers and suppliers. 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 well as supportive government regulations, are driving the growth of the analytical standards market in this region.
Key Players:
Merck KGaA (Germany), Agilent Technologies (US), Waters Corporation (US), LGC Standards (UK), and PerkinElmer, Inc. (US) are the major players in analytical standards market. Other major market players in the analytical standards 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).
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