The analytical standards market is a key need in the life sciences sector due to the growing need for testing procedures to ensure the safety of consumers of products such as pharmaceuticals and food and beverages. Food safety has become a major concern in recent years due to the growing risk of food poisoning from packaged and fast food. Globalization of the food and beverage and pharmaceuticals sectors has been beneficial for the global analytical standards market, which is likely to prosper in the coming years. The increased government support and public awareness about environmental contamination and the risks posed by the same to human health has also been beneficial for the global analytical standards market, which is likely to experience growing demand from environmental applications in the coming years.
The Global Analytical Standards Market was valued at more than US$1.2 bn in 2017 and is likely to rise to more than US$1.6 bn by 2022 at a robust CAGR.
Here’s a look at the key factors affecting the growth trajectory of the global analytical standards market:
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Global Analytical Standards Market: Key Insights
The growing contribution of the life sciences sector to the analytical standards market is likely to result in dominance of the organic analytical standards segment in the coming years. Valued at US$843.5 mn in 2017, the organic analytical standards segment is likely to exhibit a robust CAGR of 6.3% over the 2017-2022 forecast period and rise to a valuation of U$1,144.8 mn.
Environmental applications are likely to dominate demand from the analytical standards market in the coming years due to the growing support for environmental conservation measures and the steady need for analytical standards in the same. The rising scale of deforestation and industrial pollution in a number of areas across the world has driven the demand for analytical standards in a variety of environmental applications. The problem posed by environmental contamination and manmade environmental damage is growing steadily, making the analytical standards market likely to exhibit steady growth in the coming years.
Food and beverage applications are also likely to feature prominently in the global analytical standards market in the coming years. The growing demand for packaged and ready-to-consume food has driven the demand for closer inspection of the food to ensure it is safe for consumption. The steady growth of a globalized food and beverage sector is likely to ensure steady demand from the analytical standards market in the coming years.
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The pharmaceuticals and life sciences sector is also expected to emerge as a major contributor to the global analytical standards market in the coming years. The development of novel product types in the pharmaceuticals sector is likely to aid the growth of the analytical standards market, as new modes of delivery need to be inspected comprehensively before commercial adoption. The increasingly stringent regulatory framework supporting the same is also thus likely to help the analytical standards market’s growth in the coming years.
Geographically, North America and Europe are likely to hold the dominant shares in the global analytical standards market in the coming years. The North America market for analytical standards is likely to rise to more than US$500 mn over the 2017-2022 forecast period, and while Europe’s share in the global market is likely to drop due to rapid growth of the Asia Pacific market, it is likely to exhibit steady growth in the coming years. The APEJ (Asia Pacific except Japan) analytical standards market held more than 20% of the global analytical standards market in 2017 and is likely to exhibit rapid growth in the forecast period due to growth of the life sciences sector in emerging countries such as China.
Global Analytical Standards Market: Competitive Dynamics
Key analytical standards market players assessed in the report include Accustandard Inc., Cayman Chemical Company, GFS Chemicals Inc., Chiron AS, Agilent Technologies Inc., GE, Mallinckrodt Pharmaceuticals, Merck KGaA, LGC Standards, and Perkinelmer Inc.
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