NEW YORK, Oct. 20, 2016 /PRNewswire/ -- The global analytical standards market is estimated to grow at a CAGR of 6.5% from 2015 to 2020 and will be valued at USD 1.56 billion in 2020. North America and Europe held larger shares in the analytical standards market in 2015, the Asia-Pacific region is poised to grow at the highest CAGR in the next five years. Factors such as increasing life science research funding, development of bioclusters in various countries, increasing outsourcing of clinical trials from developed nations to APAC countries, are propelling its growth in the region.
The growth of the analytical standards market is primarily driven by factors such as stringent regulatory environment in the pharmaceutical industry and growing food safety concerns across the globe. However, factors such as high cost of analytical instruments and standards and lack of skilled professionals are restraining the growth of the market.
The global analytical standards market has been segmented on the basis of technique (chromatography, spectroscopy, titrimetry and physical property testing), application (food & beverage, environmental, pharmaceutical and life sciences, forensic, veterinary and petrochemistry), and region (North America, Europe, Asia-Pacific and Rest of the World).
The chromatography standards market is estimated to account for the largest share of the global analytical standards market in 2015 and also estimated to grow at the highest CAGR during the forecast period, followed by the spectroscopy market. Growing food safety concerns, increasing importance of chromatography tests in drug approvals, are the key factors driving the segment.
Geographically, North America commands the largest share of the global analytical standards market in 2015, followed by Europe. The analytical standards market in North America is primarily driven by various factors including availability of huge government research funding, the large of number of ongoing clinical trials.
As of 2014, the global analytical standards market was dominated by Sigma-Aldrich (U.S.), Merck KGaA (Germany), LGC Limited (U.K.), Agilent Technologies Inc. (U.S.), Waters Corporation (U.S.), and Restek Corporation (U.S.), which together accounted for more than 50% of the market. New product launches, partnerships, agreements, and collaborations are strategies adopted by the market players to achieve growth in the analytical standards market.
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