Global Analytical Standards Market Overview
An analytical standard is a complex of high purity and identified concentration to be used as a calibration standard for a given assessment. It refers to a material that has been certified by some reliable organization to be of consistent quality and composition. Analytical standards have an extensive range of applications in several fields such as chromatography, electrophoresis, microscopy, spectroscopy, metabolomics, and proteomics. Also, it includes areas of trace analysis, petrochemical, environmental, clinical, certified reference materials, GMO standards, forensic science & veterinary. The analytical standard is being used across numerous end-use industries due to its immense potential to enhance quality and ensure high purity to the product. Analytical standards are adopted across various sectors, such as oil & gas, food & beverage, chemical, food and beverage, pharmaceutical, cosmetic, and others, to ensure optimal product safety and quality. World demand for analytical standards is foreseen to grow with rising safety regulations and concerns in the food and pharma industry, growing environmental safety concerns, and technological advancements leading to new product developments.
According to Value Market Research, the global analytical standards market size was valued at about USD 1.4 billion in 2020 and is estimated to grow at a CAGR of around 7% during the forecast period 2021 to 2027.
Analytical standards are a certain set of methods or degrees which is utilized to inspect the resulting yield, characteristic, and virtue of the medicine or drug manufactured by several pharma organizations. Analytical standards are majorly used in the pharmaceutical sector due to the numerous benefits associated with them. The rapidly growing food & beverage sector globally leads to more demand for analytical standards to maintain food safety and quality. Thus it is positively contributing to the analytical standard market growth.
The outbreak of COVID-19 had positively influenced the analytical standards market at the global level. There is a massive demand for antiviral analytical standards, as there are several COVID-19 therapeutics, diagnostic products, and vaccines under clinical studies. With the novel corona virus's speedy spread, the pharmaceutical industries are at the front position of fighting COVID-19. Analytical standards play a significant role in checking the product quality, efficiency, and purity of the drug being produced by several pharma companies.
The standard analytical market is vast, with the presence of a large number of local and global players. The key leaders such as Merck KGaA, Agilent Technologies, Danaher, Waters Corporation, LGC Standards, and PerkinElmer, Inc. (US) follow various strategies such as acquisition, expanding product portfolio to improve their market position and to meet the growing need of pharmaceutical and food sectors. The analytical standards market players globally have started developing and introducing innovative products for accurate analysis, raising concerns related to food contamination. For example, Danaher increases its analytical standards product portfolio by launching several innovative products, such as analytical standards for five omega-3 fatty acids, phosphatidylethanol (PEth), and two omega-6 fatty acids.
In this research report, the Analytical Standards market is segmented by application, technique, type, and region.
Analysis, By Application
By application, the global analytical standards market is segmented into environmental, food & beverage, pharmaceutical & life sciences, petrochemistry, forensic, and others. Pharmaceutical & life sciences are the fastest-growing segment with a double-digit CAGR growth. Environmental is dominating the segment, followed by food and beverages. The environmental segment is growing attributed to the rising pollutants emissions, regulatory mandates associated with the environment, increasing awareness about the importance of a clean environment, degradation of environmental quality, and solid waste generation. The food & beverage sector across the globe leads to more demand for analytical standards to maintain food safety and quality.
Analysis, By Technique
Based on technique, the global analytical standards market has been segmented into chromatography standards, spectroscopy standards, titrimetry standards, and others. Among these, chromatography standards are dominating the segment, followed by titrimetry standards. Titrimetry standards are estimated to grow at a faster rate over the forecast period. Chromatography standards are widely used across environmental testing, chemicals, research, forensic, food testing, cosmetics, and oil & petrochemical sectors due to its benefits over other analytical techniques such as its high selectivity, reliability, sensitivity, and versatility.
Analysis, By Type
Based on type, the global analytical standards market is bifurcated into organic analytical standards and inorganic analytical standards. Organic analytical standards dominate the segment that accounted for around two-thirds of the market share of the total market. The organic segment acquired a more significant share in the market due to stringent quality standards, calibration methods, and higher use in food & beverage, pharmaceutical, and forensic laboratories.
Analysis, By Region
Based on region, the global analytical standards market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, North America emerged as the leading region in the analytical standard market, accounting for 38%. The demand for the analytical standard in North America is rising due to the regulatory authorities' stringent regulations for food safety testing. The increase in the prevalence of foodborne diseases in the region drives the demand for more efficient safety testing kits, thus creating the immense need for the analytical standard. The growth of the analytical standard market in Asia-Pacific is projected to be highest, growing at a double-digit rate during the forecast period due to the rise in drug discoveries, soil and sediment testing, pesticide analysis, air quality testing, etc.
Market Segmentation covered in the Report:
- Food & Beverage
- Pharmaceutical & Life Sciences
- Physical Property
- Organic Analytical Standards
- Inorganic Analytical Standards
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.