Albany, New York, April 02, 2019 (GLOBE NEWSWIRE) -- The global analytical standards market is considerably in competition and fragmented, says Transparency Market Research dependent on a recently issued report. This is because of the presence of a large number of entrants who are competing to stay on top. In the near term, the global analytical standards market is expected to observe an escalated challenge with the new entrants of various emerging players. In order to stay ahead in the global analytical standards market, some of the key players are seen focusing on collaborations, and strategic mergers and acquisitions. They are also investing a considerable amount of money into R&D for better products. Deploying such approaches, some of the firms holding dominant positions in the area are Agilent Technologies Inc., Mallinckrodt Pharmaceuticals, LGC Standards, Merck KGaA, and Perkinelmer Inc.
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As stated by the TMR research report, the global analytical standard market was valued at US$0.84 bn in 2017. Expanding at a steady 6.30% CAGR during the period of 2017-2022 and reach a value of U$1.14 bn by 2022. On the basis of technique, the analytical standards market is segmented into chromatography, spectroscopy, titrimetry, and physical properties testing. Among these, the chromatography category will lead the global analytical standards market, primarily owing to rising concerns for food safety and rising significance of chromatography tests in drug approvals.
Geographically, the analytical standards market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. North America accounted for the largest share of the market in the estimated timeframe, trailed by Europe. The analytical standards market in North America is primarily driven by the availability of government expenditures for R&D and stringent regulations for biotech and pharmaceutical items. However, Asia-Pacific is projected to register the highest growth rate in the forthcoming years. This is due to the outsourcing of clinical trials from developed to developing Asian economies and rising concentration on food security and soil testing concerns in the area.
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Growing Awareness of Contamination Will Propel the Market
The analytical standards market is one of main aspects for the industry of life sciences. This has been extensively significant owing to the steady growth of industries like healthcare and pharmaceuticals in the past few years. The increased analysis has given rise to these sectors, owing to the significant impact they have on users, has led to amplified needs from the analytical standards market. The analytical standards market has hence become essential for the food and beverage industry in the forthcoming years.
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The global analytical standards market is primarily factoring the market by the growing awareness about the prospect of contamination in essential industrial sectors like pharmaceuticals and food and beverage. Awareness related to food safety has picked up steam in the past few years following balanced expansion of a worldwide food and beverage sector. This is making the analytical standards market likely to enjoy steady demand in the near future.
Absence of Expertise may hamper the Analytical Standards Market
Lack of expertise and enormous capital investments needed for analytical standards and instruments may restraint the global analytical standards market in the coming years. The rising number of public-private partnerships in the pharmaceuticals sector is expected to assist growth of the analytical standards market in the near future. The significance of the pharmaceuticals sector to make sure a healthy citizen demographic has made numerous developing economies eager to put money in the sector hoping for constant beneficial result. This has driven steady investment in the analytical standards market in the past few years and is projected to remain prime investors to the in the near future.
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