The global Analytical Standards Market, valued at US$1.44 billion in 2022, is forecasted to grow at a robust CAGR of 5.9%, reaching US$1.53 billion in 2024 and an impressive US$2.16 billion by 2030. Analytical standards refer to substances with high purity and known concentrations used to calibrate instruments and verify the accuracy of analytical methods in a laboratory. These analytical standards act as a benchmark to compare while measuring the concentration of a specific analyte in a sample.
The key factors driving the market growth include the stringent regulatory guidelines in the pharmaceutical industry; increasing public-private investments for research projects; the rising public concerns about food safety & quality; and the growing applications of analytical techniques in proteomics and metabolomics. Additionally, drug development adhering to GMP regulations; the expansion of pharmaceutical & biotechnology industries; and the increasing number of clinical trials are expected to create opportunities for market growth during the forecast period.
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By Based on the technique, over the forecast period of 2024-2030, the spectroscopy segment is to register a significant growth. The analytical standards market is segmented into spectroscopy, chromatography, titrimetry and physical property testing. The analytical standards ‘spectroscopy’ market includes mass spectroscopy, atomic absorption spectroscopy, IR spectroscopy, nuclear magnetic resonance spectroscopy, X-ray fluorescence/diffraction spectroscopy and UV-Vis spectroscopy. The key factors encouraging the growth of spectroscopy segment during the forecast period are the increased adoption of drug development R&D and the rising use of spectroscopic techniques across a broad range of application areas.
By Based on application, during the forecast period, the pharmaceutical & life science standards segment is anticipated to dominate the analytical standards market, holding the largest market share. The pharmaceutical & life science standards segment commands a significant share due to the stringent regulations, increasing focus on quality control and increasing awareness for pharmaceutical & life sciences analytical standards across key markets (such as the US, Europe, China, India, and the Middle East).
By geography, in 2024, Asia Pacific is expected to register the highest CAGR in the market for analytical standards during the forecast period. Asia Pacific comprises China, India, South Korea, Taiwan, and Singapore, and the rest of Asia Pacific. Factors such as the presence of stringent regulatory policies for food and drug safety and the growth of the biotechnology and pharmaceutical industries are driving the growth of the APAC analytical standards market during the forecast period.
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As of 2023, prominent players in analytical standards are Merck KGaA (Germany), Agilent Technologies, Inc. (US), Waters Corporation (US), LGC Limited (UK), PerkinElmer (US), Restek Corporation (US), SPEX CertiPrep (US), AccuStandard (US), Thermo Fisher Scientific, Inc. (US), Mallinckrodt (UK), The United States Pharmacopeial Convention (US), Cayman Chemical (US), RICCA Chemical Company (US) and GFS Chemicals, Inc. (US) among others.
Merck KGaA (Germany)
Merck KGaA held the one of the top positions in the market, with the most significant global share in 2023. The company offers a broad product portfolio to gain the leading market share, and a strong geographical presence in more than 160 countries globally. The company focuses on organic & inorganic growth strategies to enhance its footprint. For instance, the company underwent facility expansion in Nebraska, US, to increase the plant’s manufacturing capacity. The company adheres to regulatory compliance for key end-use customers.
The United States Pharmacopeial Convention (US)
United States Pharmacopeial Convention held a key position in the analytical standards market due to its comprehensive portfolio of reference standards. The company has a strong presence across major countries, including India, Brazil, China, Ghana, the Philippines, Nigeria, Singapore, and Switzerland. The company functions with the help of many subsidiaries across these different regions worldwide. USP has a strong presence in analytical standards market among the various applications of analytical products.
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