Visiongain has published a new report on Analytical Standards Market Report to 2031: Forecasts By Category (Organic Standards and Inorganic Standards) By Technique (Chromatography, Spectroscopy, Titrimetry, and Physical Property Testing) By Application (Environmental, Food & Beverage, Pharmaceutical & Life Sciences, Petrochemistry, Forensic, and Veterinary) PLUS COVID-19 Recovery Scenarios.
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COVID-19 Impact on Analytical Standards Market
The outbreak of SARS CoV - 2 has seriously affected all markets and Industries across the world. The analytical instrumentation segment is facing major hurdles in the industrial supply chain, for instance, transporting products to consumers on time and meeting an irregular demand for the analytical products and services in the market. The analytical standards market is expected to have a short-term negative impact, due to factors such as a reduction in the product demand from consumers, restricted operations in many industries, insufficient funding to research and academic institutes, provisional shutting off most of the educational institutes, disturbed supply chain, and issues in delivering crucial/post-sales services due to unplanned lockdowns. These factors have caused less demand for analytical standards from end-use industries.
Research institutes are the foremost consumer of analytical standards. As the pandemic caused the momentary shutting of numerous research institutes globally, this segment has been affected significantly over the past few months. Global key players such as Agilent, Merck KGAA, and PerkinElmer have experienced imperative damages in their business segment revenue. The company experienced an above 10% slope in the sales revenue of analytical business units in the first quarter of 2020.
Market Drivers
Growing Public Concerns Associated with Optimal Food Safety & Quality
Food contamination is the main concern, worldwide. The intake of hazardous & contaminated food can lead to foodborne poisons, allergic reactions, mercury poisoning, and food intoxication. For example, According to WHO 2020, around ~1.7 billion cases of juvenile diarrhea occur each year across the world. Likewise, as per the Centers for Disease Control and Prevention 2020, about 600 million individuals fall sick owing to the intake of unclean food, of which ~420,000 die of foodborne diseases annually.
Techniques such as chromatography, gas chromatography, mass spectrometry, and other analytical methods are widely used by food testing laboratories to check for contamination and guarantee food safety. Spectroscopy and Chromatography are typically applied analytical methods in quality control and quality testing of food. LC/MS/MS and GC/MS techniques are gaining traction as extremely specific and very delicate methods to test food products with great precision. Furthermore, research institutes collaborating with global market players to use their cutting-edge product offerings to guarantee food safety. Moreover, the government implements stringent laws and regulations to guarantee food safety in the respective nations.
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Market Opportunities
Improving Healthcare Infrastructure in Developing Countries
Developing countries are anticipated to offer lucrative growth opportunities to clinical microbiology product companies and suppliers in the given timeframe. This growth is primarily attributed to the rising occurrence of contagious diseases such as tuberculosis, influenza, HIV, and malaria along with growing research and development initiatives to develop ground-breaking genomic methods for effective infection diagnosis in emerging economies.
The development in these markets is further reinforced by developments in healthcare infrastructure, increasing healthcare spending, and rising accessibility and cost-effective clinical microbiology products. Corresponding to the current trend, numerous government bodies in developing countries mainly in China and India supporting and increasing the healthcare infrastructure.
Competitive Landscape
Key players operating in the global Analytical Standards market are AccuStandard, Inc., Cayman Chemical, Agilent Technologies, Inc., Merck KGaA, Mallinckrodt Pharmaceuticals, Inorganic Ventures, GFS Chemicals, LGC Standards, Chiron AS, and GE Healthcare.
The key players have adopted new product development, product launches, product approval, agreement, partnerships, and merger as its key business development strategies to tap into the global Analytical Standards market. For instance, In August 2019, a visual impact was ascribed to the analytics standard industry with the merger of Toronto Research Chemicals (TRC) and LGC which establishes a well-known presence in reference patterns business across the world. This takeover offers improvement in intensifying the width and magnitude of unusual and scientific chemistry skills. LGC has announced the acquisition of the majority assets of TRC.
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