ALBANY, New York, Feb. 27, 2020 /PRNewswire/ -- An array of applications utilize analytical standards for a reliable chemical analysis of various materials, thereby generating billion-dollar revenues to each of the end-use industries. A new study by Transparency Market Research scrutinizes key trends influencing uptake of various calibration standards, notably including the use of microscopy, spectroscopy, chromatography, and electrophoresis, in environmental and pharmaceutical sectors.
The study projects the market to clock CAGR of ~6% from 2019 to 2027. The valuation was pegged at ~US$ 1.2 bn in 2018.
"The use of analytical standards has been witnessing higher demand in organic standards as compared to the inorganic ones, since the former has been increasingly used in laboratory tests of fertilizers and in identifying harmful chemicals. Market players are motivated by environmental regulations to bring improvement in accuracy of qualitative analytical standards," opine the analysts at TMR.
Key Findings of Analytical Standards Market Study
- Increasing implementation of food safety regulations globally spurs the demand for analytical standards in food and beverages industry.
- Among the various key techniques, chromatography has gained traction among end-use industries; its uptake is expected to be higher than spectroscopy, in relation to value and growth rate
- The key application areas comprise pharmaceutical and life sciences, food and beverages, and environmental sciences
- The primary driving force for the analytical standards market come from life-sciences and pharmaceutical industry
- Growing use of analytical standards in ensuring the quality of packaged and processed food is key to rising revenues in the analytical standards market
Explore 182 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Analytical Standards Market (Application: Environmental, Food & Beverages, Pharmaceuticals & Life Sciences, Petrochemistry, Forensics, Veterinary; Technique: Chromatography, Spectroscopy, Titrimetry, Physical Properties Testing; Type: Organic, Inorganic) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/report-toc/30761
Analytical Standards Market: Key Driving Factors
A bevy of trends related to regulatory frameworks and requirements in the vertical industries reinforce revenue potential in the analytical standards market. Strides by life science and healthcare industries, for instance, propel use of analytical standards in drug making. The application aims at maintaining the required physical and chemical stability. Some of the trends that play crucial role are:
- Widespread demand for life science reagents and analytical standards in the biopharmaceutical industry is pivoted on the trillion-dollar pharmaceutical industry. According to the World Industry Outlook, the industry is estimated to touch valuation of US$ 1.2 trillion globally by the end of 2020
- Implementation of regulations in process validation and standardization in life sciences research is a major trend. Particularly in developed markets, life science industry will expand at rapid pace year-over-year.
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Key Impediments to Analytical Standards Market Players
Frequently changing requirements of analytical standards imparts pressure on players aiming to offer customized analytical reagent. The cost of custom synsthesis services, particularly for multi-step syntheses of novel compounds, is a challenge for providers of analytical standards. As a result of pricing pressure, major players face difficulty in consolidating their presence in new geographic regions that are dominated by regional players.
Nevertheless, need for designing better custom synthesized materials has also opened a new innovation avenue in the analytical standards market.
Analytical Standards Market: Region-wise Analysis
Geographically, Europe and North America have been at the forefront in the global analytical standards. The vast uptake in pharmaceutical and life sciences industry in the regional markets is fueled largely by rapidly aging populations. The prevalence of chronic diseases has spurred extensive research in assays and drug making processes, cementing the potential of these markets. On the other hand, developing regions are expected to play key role in the growth of the analytical standards market in next few years. The demands are driven by application of analytical standards to identify harmful chemicals in the environment.
Analyze analytical standards market growth in 30+ countries including US, Canada, Germany, United Kingdom, GCC countries, India, China, and Japan. Request a sample of the study.
The global analytical standards market shows a high degree of fragmentation. Top players are aiming at consolidating their product portfolio by engaging in mergers and acquisitions. A case in point is the LGC, an international life sciences measurement and testing company based in the U.K., announcing a majority stake in Toronto Research Chemicals in 2019. The latter is a well-entrenched supplier of synthetic organic bio-chemicals used as analytical standards. Most players are eying opportunities in meeting the end-use industries' need for custom reagents. Most key players are leaning on producing custom synthesized materials at scale, such as in large GMP facilities.
The analytical standards market is segmented on the basis of:
- Food and Beverages
- Pharmaceuticals and Life Sciences
Analytical Standards Market By Technique
- Physical Properties Testing
Analytical Standards Market By Type
Analytical Standards Market By Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
Life Science Reagents Market - Outbreaks of viruses and increasing chronic diseases have necessitated the need for effective assays in medical specialties and point-of-care centers for early diagnostics. Medical agencies seeking solutions to improve the life expectancy of patients resonate with life science reagents, and further demand advanced testing instruments. Life science reagent manufacturers operate under pressure to develop both, time- and cost-effective testing assays, as they significantly improve the mortality rate, given that patients get proper treatment post diagnostics. Governed by their increasing applications, the sales of life science reagents grew to around US$ 37,000 Mn in 2018.
Immunoassay Market - According to the research study, the global market for immunoassay stood at US$ 16.54 Bn in 2017, is anticipated to reach a value of US$ 28.61 Bn by the end of 2026. The market is expected to register a strong 6.20% CAGR between 2018 and 2026.
Biopharmaceuticals Market - The growth in the global biopharmaceuticals market is seen because of high pharmaceutical expenditure. Moreover, increasing research and development activities carried out by key players and approval of newer biopharmaceuticals products are other key trends seen in the market that boost the demand in the global biopharmaceuticals market. Growing public awareness and increasing expenditure in the healthcare industry is also expected to drive the demand in this market.
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