May 20, 2020
According to the research report titled ‘Global Analytical Standards Market Size study, by Category (Organic, Inorganic), by Technique (Chromatography Standards, Spectroscopy Standards, Titrimetry Standards, Physical Property Testing Standards), by Application (Food & Beverages, Forensics, Pharmaceutical and Life Sciences Standards, Environmental, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global analytical standards market was worth USD 1.4 billion in the year 2019 and is expected to grow with a CAGR of 6.5% during 2020-2026.
For the record, the analytics standard depicts biochemical characteristics and values which are considered as healthy and optimal for use by health institutions. These standards are used to execute calibration and tests of an analyzer. Moreover, they help health organizations in improving operational performance and compliance.
Shifting focus towards improving food quality as well as safety along with growing demand for analytical solutions in metabolomics and proteomics are major factor driving the growth of the analytical standards market. The industry is expected to register further expansion owing to strict government regulations for pharmaceutical industry. For instance, the FSSAI (Food Safety Standards Authority of India) intends to invest around USD 72.3 million towards development of food testing infrastructure. Moreover, this investment will aid in improving the 59 existing food testing labs while setting up 62 new mobile testing laboratories in India. However, stringent storage requirements for analytical standards along with lack of awareness pertaining to pollution monitoring strategies may act as hindering factors to the overall market growth.
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Considering the geographical landscape, North America analytical standards industry is predicted to showcase robust CAGR during the forecast period, primarily due to rising number of clinical trials and increasing investment towards R&D activities. Meanwhile, the Asia-Pacific market is poised to acquire appreciable returns in the ensuing years. Rising adoption of analytical solutions in Japan coupled with escalating public and private funding in biotechnology industry is favoring the business outlook in the region.
General Electric Co., Thermo Fisher Scientific Inc., PerkinElmer Inc., LGC Standards, AccuStandard Inc., SPEX CertipPep, Restek Corp., Waters Corp., Agilent Technologies Inc., and Merck KGaA are the major participants in global analytical standards industry.