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. Factors such as the stringent regulatory scenario in the pharmaceutical industry, increasing public-private investments for various researches, and rising public concerns related to optimal food safety and quality are some of the key factors driving the growth of the analytical standards market. However, limited public awareness related to effective pollution monitoring strategies across developing countries is hampering the development of this market.
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Key Market Players
The analytical standards market includes major Tier I and II suppliers like Merck KGaA (Germany), Agilent Technologies (US), Waters Corporation (US), LGC Standards (UK), and PerkinElmer, Inc. (US). 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), among others.
Increasing importance of chromatography tests in drug approvals result in the segment occupying a high share of the analytical standards market
The chromatography technique segment owns a good market share In the analytical standards market. The large share of this segment is attributed to factors such as increasing usage of chromatography in the pharmaceutical analysis (especially HPLC) and the presence of a large number of matured and emerging suppliers that provide a broad range of chromatographic standards across the globe.
Pharmaceutical & life sciences analytical standards estimated to be the growing market
The pharmaceutical & life sciences analytical standards market is expected to witness sustained demand during the forecast period, owing to the increasing drug development in developed countries, increasing use of certified reference materials (CRMs) to ensure the quality of pharmaceuticals, increasing awareness, regulations on cosmetic products, and the rising popularity of traditional medicines. However, the high cost of pharma & life science analytical standards is expected to affect the sales of these analytical standards overall.
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Asia Pacific likely to emerge as the fastest-growing analytical standards market, globally
Geographically, the emerging Asian countries, such as China, India, South Korea, Taiwan, and Singapore, are offering high-growth opportunities for market players. The Asia Pacific analytical standards market is projected to grow at the highest CAGR from 2020 to 2025. strategic expansions of analytical instrument market players in the region, increasing focus on soil testing, food security concerns in India, an increasing number of bioclusters, high use of analytical technologies in Japan, and the growing biotechnology, biomedical, and pharmaceutical industries in China are driving the growth of the APAC analytical standards market.
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