Analytical Standards Global Market Opportunities And Strategies To 2031

This report describes and explains the analytical standards market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.

The global analytical standards market reached a value of nearly $1,392.6 million in 2021, having grown at a compound annual growth rate (CAGR) of 4.5% since 2016. The market is expected to grow from $1,392.6 million in 2021 to $1,774.9 million in 2026 at a rate of 5.0%. The market is then expected to grow at a CAGR of 4.8% from 2026 and reach $2,248.2 million in 2031.

Growth in the historic period resulted from increasing strict quality regulations for drug manufacturers, product launches for new application, increased adoption of analytical techniques in pesticide monitoring, expansion of pharmaceutical & biotechnology industries worldwide and stringent regulatory scenario in the pharmaceutical industry. Factors that negatively affected growth in the historic period were limited public awareness related to effective pollution monitoring strategies, stringent storage requirements for the successful deployment of analytical standards and coronavirus pandemic.

Going forward, improving healthcare infrastructure/expenditure, rising public concerns related to optimal food safety and quality, greater regulatory emphasis on effective pollution monitoring and control and patent expiry for major pharmaceutical drugs will drive the growth. Factors that could hinder the growth of the analytical standards market in the future include high capital investment for analytical instruments, shortage of skilled laboratory technicians and Ukraine and Russia's war.

The analytical standards market is segmented by type into organic standards and inorganic standards. The organic standards market was the largest segment of the analytical standards market segmented by type, accounting for 67.7% of the total in 2021. Going forward, the organic standards segment is expected to be the fastest growing segment in the analytical standards market segmented by type, at a CAGR of 6.4% during 2021-2026.

The analytical standards market is segmented by technique into chromatography, spectroscopy, titrimetry, and physical property testing. The chromatography market was the largest segment of the analytical standards market segmented by technique, accounting for 44.1% of the total in 2021. Going forward, the chromatography segment is expected to be the fastest growing segment in the analytical standards market segmented by technique, at a CAGR of 5.1% during 2021-2026.

The analytical standards market is also segmented by application into bioanalytical testing, stability testing, raw material testing, dissolution testing, microbiology testing, physical properties testing, toxicity testing, contamination testing, QA/QC testing, proficiency testing, and other applications. The raw material testing market was the largest segment of the analytical standards market segmented by application, accounting for 26.8% of the total in 2021. Going forward, the physical properties testing segment is expected to be the fastest growing segment in the analytical standards market segmented by application, at a CAGR of 5.6% during 2021-2026.

The analytical standards market is segmented by end-user into food and beverages standards, forensic standards, veterinary drug standards, petrochemistry standards, environmental, pharmaceutical and life science standards and other end users. The environmental market was the largest segment of the analytical standards market segmented by end-user, accounting for 30.0% of the total in 2021. Going forward, the environmental segment is expected to be the fastest growing segment in the analytical standards market segmented by end-user, at a CAGR of 5.7% during 2021-2026.

North America was the largest region in the analytical standards market, accounting for 33.6% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the analytical standards market will be Asia Pacific and Africa where growth will be at CAGRs of 5.8% and 5.2% respectively. These will be followed by North America and Western Europe where the markets are expected to grow at CAGRs of 4.92% and 4.86% respectively.

The global analytical standards market is concentrated, with a small number of large players in the market. The top ten competitors in the market made up to 82.21% of the total market in 2021. The market concentration can be attributed to the high barriers to entry in terms of high costs associated with the research and development of analytical standards and the stringent regulations set up by the regulatory authorities. Major players in the market include Merck KGaA, Agilent Technologies, Inc., Thermo Fisher Scientific Inc, Waters Corporation, PerkinElmer, Inc., Mallinckrodt, LGC Standards, Restek Corporation, GFS Chemicals Inc, RICCA Chemical Company and others.

The top opportunities in the analytical standards market segmented by type will arise in the organic standards segment, which will gain $340.1 million of global annual sales by 2026. The top opportunities in the analytical standards market segmented by technique will arise in the chromatography segment, which will gain $ 171.4 million of global annual sales by 2026. The top opportunities in the analytical standards market segmented by application will arise in the raw material testing segment, which will gain $103.4 million of global annual sales by 2026. The top opportunities in the analytical standards market segmented by end-user will arise in the environmental segment, which will gain $134.3 million of global annual sales by 2026. The analytical standards market size will gain the most in the USA at $92.1 million.

Market-trend-based strategies for the analytical standards market include focus on development of soybean food safety reference materials, focus on investing in bacterial endotoxin testing standards for pharmaceutical parental products, focus on clinical microbiology, focus on developing new analytical standards and focus on developing analytical standards to meet the new environmental guidelines.

Player-adopted strategies in the analytical standards market include strengthening business by opening research facilities, expanding product portfolio through the strategic acquisition of companies within the same business, expanding footprint and improving the customer experience and strengthening business by launching new products into the market.

To take advantage of the opportunities, the publisher recommends the analytical standards companies to focus on soybean certified reference material for pesticide residue analysis, focus on bacterial endotoxin testing, focus on new technology advancements, increase focus on new environment quality guidelines, expand in emerging markets, offer competitive pricing, continue to participate in events and conferences, focus on fast-growing applications and increase focus on fast-growing end-users.