The market for analytical standards is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2023 to 2028, from USD 1.5 billion in 2023 to USD 2.1 billion. The growing goal encompasses advancements in technology, an increase in the utilization of biopsy tools, and a rise in the quantity of biopsy needles, localization wires, and guidance systems.

The analytical standards industry is poised for significant growth in the near future, driven by advancements in technology and increasing demands for precision and reliability in various sectors such as pharmaceuticals, environmental monitoring, and food safety. With the rise of complex analytical techniques, there will be an escalating need for certified reference materials and calibration standards to ensure the accuracy and consistency of analytical results. Additionally, the globalization of supply chains and stringent regulatory requirements will foster greater standardization and quality assurance, positioning the industry to play a pivotal role in maintaining the integrity of scientific measurements and the safety of products worldwide. This sector’s evolution promises to be integral in facilitating innovation and ensuring the highest standards of quality in a rapidly evolving, data-driven world.

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Key Market Players of Analytical Standards Industry:

The analytical standards market is moderately competitive, with both established companies and upcoming competitors for the same market share. As of 2022, prominent players in the analytical standards market are Merck KGaA (Germany), Agilent Technologies (US), Waters Corporation (US), LGC Standards (UK), and PerkinElmer, Inc. (US) are the major players in market. Other major market players in the 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.

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

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By technique, the spectroscopy segment of the analytical standards industry accounted for the largest share during the forecast period.

Based on the technique, the analytical standards market is segmented into spectroscopy, titrimetry, chromatography, and physical properties testing. In 2022, the spectroscopy segment accounts for the largest share of the market. widespread use of spectroscopic techniques across a broad range of application areas have led to the growth of the segment.

By application, the pharmaceutical & life science standards segment of the analytical standards industry accounted for the largest share during the forecast period.

Based on the application, the analytical standards market is segmented into environmental standards, petrochemistry standards, pharmaceutical & life science standards, food & beverages standards, forensic standards and veterinary drug standards. The pharmaceutical & life science standards segment accounts for the largest share of the market. Increasing drug development in developed countries is expected to propel the growth of this segment during the forecast period.

By methodology, the raw material testing segment of the analytical standards industry is expected to witness significant growth during the forecast period.

Based on the methodology, the analytical standards market is segmented into stability testing, dissolution testing, raw material testing, bioanalytical testing, and other methodologies. The raw material testing segment is expected to witness significant growth during the forecast period. The significant growth in the food & beverage industry, the increasing manufacturing of medicinal and petrochemical products and strong regulatory emphasis on the quality of drugs as well as for food & beverages has led to the significant growth and dominance of the segment in the industry in the upcoming years.

North America is expected to be the largest market of the analytical standards industry during the forecast period.

The analytical standards market has been segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America, comprising the US and Canada, held the largest share of the global market in 2022. On the other hand, the Asia Pacific market is estimated to register the highest growth rate during the forecast period. North America accounted for a share of 38.7% of the market, followed by Europe with a share of 26.8%. This region is witnessing growth due to supportive government regulations and the 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.

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Recent Developments of Analytical Standards Industry:

• 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.

Analytical Standards Market Advantages:

• Accuracy and Precision: Analytical standards provide a benchmark for accurate and precise measurements, enabling scientists and analysts to validate their instruments and methods, ensuring the reliability of data.
• Quality Control: They are crucial for quality control and assurance in various industries, such as pharmaceuticals, food and beverages, and environmental monitoring, helping maintain product consistency and safety.
• Regulatory Compliance: They assist organizations in meeting regulatory requirements by providing certified reference materials, which are often mandated for compliance with industry and government standards.
• Method Development: Analytical standards aid in method development and optimization, saving time and resources by providing a known reference point for calibration and validation.
• Interlaboratory Comparisons: They facilitate interlaboratory comparisons, making it possible to assess and improve the performance of different laboratories, ensuring harmonized results and enhancing trust in data.
• Research and Development: Analytical standards are vital in research and development, as they enable scientists to create and test new methodologies and technologies, fostering innovation in various fields.
• Globalization: With an increasingly interconnected world, analytical standards support global trade by offering common reference points for measurements, promoting consistency in international markets.
• Safety and Consumer Confidence: In sectors like food safety and pharmaceuticals, analytical standards play a crucial role in assuring product safety and maintaining consumer confidence in the quality of goods.
• Environmental Protection: They are indispensable in environmental monitoring and sustainability efforts, helping to assess pollution levels, detect contaminants, and ensure compliance with environmental regulations.
• Data Integrity: Analytical standards contribute to maintaining the integrity of scientific data, which is fundamental in decision-making processes, research, and policy development.

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