Analytical standards refer to substances of known and certified composition that are used as reference materials to calibrate and validate analytical and measurement processes. The analytical standards market is a growing industry, offering a wide range of products for various applications.
Analytical standards are used for a variety of purposes, ranging from quality control and process optimization to product and environmental monitoring. In many cases, accurate and reliable analysis results can only be obtained with the use of certified analytical reference materials. As a result, the demand for analytical standards is increasing.
Currently, Analytical Standards Market is projected to grow at a compound annual growth rate of 6.3% from 2020 to 2025, reaching a total market value of $ 1.1 billion. This growth is being driven by factors such as rising industrial production, increasing drug development activities, and growing government initiatives to promote the use of quality standards.
Merck KGaA (Germany), Agilent Technologies (US), Waters Corporation (US), LGC Standards (UK), and PerkinElmer, Inc. (US) are the major players. Other prominent players are Restek Corporation (US), SPEX CertiPrep (US), AccuStandard, Inc. (US), Thermo Fischer Scientific, Inc. (US), Mallinckrodt (UK), US Pharmacopeial Convention (US), Cayman Chemical Company (US), RICCA Chemical Company (US), GFS Chemicals, Inc. (US), and Chiron AS (Norway) are some of the major players in the analytical standards market among others. The analysis of market developments between 2017 and 2020 revealed several growth strategies such as research collaborations and strategic market expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the analytical standards market.
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Increasing importance of chromatography tests in drug approvals result in the segment occupying a high share of the analytical standards market
The chromatography technique segment owns a good market share In the analytical standards market. The large share of this segment is attributed to factors such as increasing usage of chromatography in the pharmaceutical analysis (especially HPLC) and the presence of a large number of matured and emerging suppliers that provide a broad range of chromatographic standards across the globe.
Pharmaceutical life sciences analytical standards estimated to be the growing market
The pharmaceutical life sciences analytical standards market is expected to witness sustained demand during the forecast period, owing to the increasing drug development in developed countries, increasing use of certified reference materials (CRMs) to ensure the quality of pharmaceuticals, increasing awareness, regulations on cosmetic products, and the rising popularity of traditional medicines. However, the high cost of pharma life science analytical standards is expected to affect the sales of these analytical standards overall.
The analytical standards market is highly competitive, with leading players such as Merck, Sigma-Aldrich, Restek, and LGC Standards. These companies offer a wide range of certified standards and reference materials for various applications.
The use of analytical standards is a must for ensuring the accuracy and reliability of analytical results. As such, it is essential for laboratories and industries to invest in quality products. With the growing demand for analytical standards, the market is expected to continue its growth in the years to come.
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Recent Developments
- In 2020, Waters Corporation (US) established its Innovation and Research Laboratory in Massachusetts (US) for the innovation of analytical instruments and its consumables, which will strengthen the product portfolio of analytical products (including analytical standards)
- In 2020, Restek Corporation (US) launched Ochratoxin A Aflatoxins Standards.
- In 2020, LGC Group (UK) launched ACCURUN Anti-SARS-CoV-2 Reference Materials and reference materials for allergen quantification.
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