Wilmington, Delaware, United States, July 25, 2023 (GLOBE NEWSWIRE) -- The global analytical standard market is projected to flourish at a CAGR of 6.7% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 2.29 billion is anticipated for the market in 2031. As of 2023, the market for analytical standard is expected to close at US$ 1.37 billion.
Analytical standards are essential for complying with regulatory guidelines and ensuring the quality, safety, and efficacy of products. The growing stringent regulations in industries such as pharmaceuticals, food and beverage, environmental monitoring, and clinical diagnostics require accurate and reliable analytical testing, boost the demand for analytical standards
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The rapid growth in pharmaceutical and biotechnology industries' and increased research activities drive the demand for analytical standards used in drug development, manufacturing, and research. The increasing need for environmental monitoring to assess pollutants and ensure environmental safety has increased, leading to a rise in demand for analytical standards in environmental testing.
The growing trend of personalized medicine which requires precise and accurate analytical measurements, leading to an increased demand for specialized analytical standards. The growing stringent regulation for life science and research process is driving the analytical standard market.
The increasing advancements in analytical techniques, such as chromatography, mass spectrometry, and spectroscopy, drive the need for new and specialized analytical standards to calibrate and validate these sophisticated instruments, likely to drive the analytical standards market during the forecast period.
Key Takeaways from the Market Report
- As of 2022, the analytical standards market was valued at US$ 1.28 billion
- By application, the pharmaceuticals & life science segment is rising significantly due to the increasing demand
- Based on technique, chromatography segment is expected to account for a significant market share
- By type, the organic segment is expected to generate high revenue during the forecast period.
Analytical Standards Market: Prominent Drivers and Trends
- The increasing emphasis on food safety and quality in the food and beverage industry drives the demand for analytical standards used in food testing and quality control.
- The growing research activities in life sciences, genomics, and proteomics requires high-quality analytical standards for accurate data generation and reproducibility.
- Technological advancements in standard preparation techniques, such as certified reference materials (CRMs) and stable isotope-labeled standards, improve the accuracy and reliability of analytical measurements.
- Increasing application of analytical techniques in metabolomics drives the analytical standard market
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Analytical Standards Market - Regional Profile
- North America, particularly the United States and Canada, is a significant market for analytical standards. The region's well-established pharmaceutical, biotechnology, and life sciences industries, along with strict regulatory requirements, drive the demand for accurate and reliable reference materials for analytical testing and research.
- The Asia Pacific region is witnessing rapid growth in the analytical standards market. Countries like China, India, Japan, and South Korea have significant pharmaceutical and biotechnology sectors, which are driving the demand for reference materials and calibration standards for research and quality control purposes.
Competitive Landscape
The market players operating in analytical standards market are enhancing their product portfolio and expanding the market footprint to strengthen the market position. Transparency Market Research has profiled the following players in its global analytical standards market report:
- AccuStandard, Inc.
- Agilent Technologies, Inc.
- Inorganic Ventures
- Merck KGaA
- Mallinckrodt Pharmaceuticals
- GFS Chemicals
- LGC Standards
- GE Healthcare
- Waters Corporation
- PerkinElmer, Inc.
Key Developments in the Analytical Standards Landscape:
- In June 2023 - Agilent Technologies Inc. announced the release of the enhanced xCELLigence RTCA Software Pro Version 2.8, an integrated software package for running and analyzing real-time cell analysis data. This improved version enables Agilent xCELLigence Real-Time Cell Analysis (RTCA) systems in GMP-regulated facilities.
- In March 2023 - Waters Corporation introduced Alliance iS, the next-generation intelligent HPLC System, designed to reduce compliance risk by adding new levels of proactive error detection, troubleshooting and ease of use. Alliance iS HPLC System helps QC laboratories consistently meet quality, safety, compliance, and on-time product delivery goals.
- In March 2023 – LGC announced the acquisition of Lipomed AG’s reference materials business including standards with drugs of abuse and toxicology applications, and thus greatly complementing LGC’s reference standards offering.
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Analytical Standards Market - Key Segments
Application
- Environmental
- Food & Beverage
- Pharmaceutical & Life Sciences
- Petrochemistry
- Forensic
- Veterinary
- Environmental
- Food & Beverage
Technique
- Chromatography
- Spectroscopy
- Titrimetry
- Physical Properties Testing
Type
- Organic
- Inorganic
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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