Analytical Standards Market Future Scope Analysis Report 2022-2031

Analytical Standards Market Outlook 2031

- The global analytical standards market was valued at US$ 1.2 Bn in 2021

- The global market is projected to grow at a CAGR of 6.7% from 2022 to 2031

- The global analytical standards market is anticipated to reach more than US$ 2.29 Bn by the end of 2031

Analytical Standards Market Introduction

An analytical standard is a compound of excessive purity and known concentration for use as a calibration standard for a given test or assay. These standards are used to verify the presence of specific components in mixtures, increase the precision of quantitative evaluation, and perform a test or a calibration of an analyzer.

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Key analytical standard techniques include chromatography, spectroscopy, titration, and physical property testing. The different analytical standard methods include raw material testing, stability testing, dissolution testing, and bioanalytical testing. Analytical standards are primarily utilized in physical property testing, microbiological testing, contamination testing, toxicity testing, QA/QC testing, proficiency testing, and stability testing. Major end-users of analytical standards are food & beverage, forensic, veterinary drug, petrochemical, environmental, pharmaceutical, and life science industries.

Increase in industrialization and financial support extended by central agencies for pollution prevention & control has increased awareness about the environment among industrialists, which has driven the demand for testing in order to maintain optimum quality standards in the food industry. Furthermore, a surge in awareness about safety measures is propelling the global analytical standards market size.

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Increase in Applications of Analytical Techniques in Metabolomics to Drive Analytical Standards Market

Metabolite analysis plays a major role in diagnosis of diseases, study of physiological state of diverse organisms, phenotypic characterization of strains & cultivars, and checking the quality of food products. In classical metabolite analysis, the sample preparation is typically extensive in order to enrich the samples with targeted metabolite, thereby eliminating non-targeted compounds and interferences. However, conventional targeted metabolite analysis is limited to a small number of compounds, which fail to meet the demand for system-wide studies.

Metabolomics refers to non-targeted and unbiased analysis of cell metabolites in biological samples. This approach offers several advantages over conventional metabolite analysis in terms of reproducibility, scope broadness, specificity, and sensitivity. Metabolomics increases the rate of discoveries, as it is a non-targeted approach, therefore it has become a powerful hypotheses generating tool in modern times. Metabolomics permits the identification and characterization of metabolic reactions when combined with genomics data, which can be used in the reconstruction of metabolic networks. Metabolomics combined with gene-expression (transcriptomics) and protein level (proteomics) data can be used to test and build integrative and quantitative models of cell metabolism. Increase in applications of analytical techniques in metabolomics is likely to propel the global analytical standards market during the forecast period.

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Expansion of Life Sciences Industry to Propel Global Analytical Standards Market

Analytical testing plays a major role in understanding the physical & chemical stability of drug molecules, impact on selection & design of the dosage form, and assessing the stability of the drug molecules. Therefore, demand for analytical standards is largely dependent on expansion of life sciences and healthcare industries. The life sciences industry is growing at a rapid pace in emerging economies. This is projected to augment the analytical standards market share during the forecast period.

According to IQVIA report, the global pharmaceutical market is expected to grow at a CAGR of 3% to 6% by 2025 to reach US$ 1.6 Trn by 2025. Biopharmaceutical is one of the fastest growing segments of the pharmaceutical industry, expanding at nearly double the rate of the parent industry. Extensive applications of life science reagents and analytical standards in the biopharmaceutical industry for the development of various biomarkers, production of biologic drugs, drug discovery, and therapeutic drug monitoring are likely to increase the demand for analytical standards during the forecast period. Furthermore, stringent regulations for life sciences research and process validation & standardization are driving the demand for analytical standards.

Focus on Customized Standards to Fuel Global Analytical Standards Market

The global analytical standards market analysis indicates that companies are gaining expertise in custom synthesis and are designing different methods for synthesis of reagents. Custom synthesis products are backed by analytical data to suit the needs of a customer. Furthermore, companies keep stock of custom synthesized products for quick reorder availability. Various analytical reagents manufacturers are taking efforts to ensure the availability of a range of seamless scale-up options. These companies are also focusing on transferring custom synthesized materials to large-scale manufacturing facilities and GMP facilities. For instance, AccuStandard is one of the players engaged in specialized synthesis of high purity chemicals used as reference standards. The synthesis of numerous organic pollutants and their metabolites is an integral part of the company efforts to provide the community with previously unavailable standards. This is especially true for a rise in the demand for analytical reference standards for explosives and pesticides.

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High Cost of Custom Analytical Standards to Hamper Global Analytical Standards Market

Cost of custom synthesis services differ substantially from project to project, which reflects not only in prices of starting materials or number of synthesis steps, but also in risk profiles; R&D intensities; and requirements regarding purity, safety, documentation, and analytical specification. This imposes pricing pressure on major manufacturers, thereby intensifying competition. The dominance of local players offering a range of analytical standards at lower rates affects the geographic expansion of major players in a particular region, which subsequently hampers the market growth.

Rise in Demand in Emerging Economies to Augment Global Analytical Standards Market

Emerging economies in Asia and Latin America with large populations offer significant opportunities for the analytical standards market. Economic development, rise in disposable income of patients, and increase in awareness are gradually shifting attention of pharmaceutical and biotechnology manufacturers toward these countries. Surge in investment by leading private players in the healthcare and life science industries in countries such as Brazil, India, China, and South Korea owing to favorable regulatory policies is projected to drive the analytical standards market in these regions.

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Regional Outlook of Analytical Standards Market

North America held a major share of the global analytical standards market in 2021. The market in the region is driven by presence of key players, large number of research activities, and highly structured health care industry.

Europe held the second-largest share of the global analytical standards market in 2021. Growth of the market in the region can be ascribed to increase in investment by key players in pharmaceuticals & life sciences and government intervention in environmental control & food safety.

Asia Pacific accounted for a significant share of the global analytical standards market in 2021. The market in the region is expected to grow at a rapid pace during the forecast period. This is ascribed to increase in investment by key players in clinical research & development of new drugs in order to provide innovative treatment options and expansion of the food & beverage industry. Economic growth, government funding for research, improving health care infrastructure, and rise in presence of major global players in countries, such as China and India, are also likely to drive the market in the region during the forecast period.

Analysis of Key Players in Analytical Standards Market

Key players are expanding their footprint to strengthen their positions in the global analytical standards market. Manufacturers are enhancing their product portfolios through custom synthesis, and contract manufacturing & outsourcing. Prominent players operating in the global analytical standards market are AccuStandard, Inc., Agilent Technologies, Inc., Inorganic Ventures, Merck KGaA, Mallinckrodt Pharmaceuticals, GFS Chemicals, LGC Standards, GE Healthcare, Waters Corporation, and PerkinElmer, Inc.

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