Analytical Standards Global Market Opportunities and Strategies to 2032

This report describes and explains the analytical standards market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global analytical standards market reached a value of nearly $1,481.8 million in 2022, having grown at a compound annual growth rate (CAGR) of 4.6% since 2017. The market is expected to grow from $1,481.8 million in 2022 to $2,039.2 million in 2027 at a rate of 6.6%. The market is then expected to grow at a CAGR of 7.1% from 2027 and reach $2,880.1 million in 2032.

Growth in the historic period resulted from the emerging markets growth, the stringent regulatory scenario in the pharmaceutical industry, the increasing strict quality regulations for drug manufacturers, the expansion of pharmaceutical and biotechnology industries worldwide and the increased adoption of analytical techniques in pesticide monitoring. Factors that negatively affected growth in the historic period were the stringent storage requirements for the deployment of analytical standards and the limited public awareness related to effective pollution monitoring strategies.

Going forward, the government support, the improving healthcare infrastructure/expenditure, the rising public concerns related to optimal food safety and quality, the greater regulatory emphasis on effective pollution monitoring and control and patent expiry for major pharmaceutical drugs will drive the growth. Factors that could hinder the growth of the analytical standards market in the future include the shortage of skilled laboratory technicians, the stringent laws and regulations and the high capital investment for analytical instruments.

The analytical standards market is segmented by type into organic standards and inorganic standards. The organic standards market was the largest segment of the analytical standards market segmented by type, accounting for 68.7% of the total in 2022. Going forward, the organic standards segment is expected to be the fastest growing segment in the analytical standards market segmented by type, at a CAGR of 8.0% during 2022-2027.

The analytical standards market is segmented by technique into chromatography, spectroscopy, titrimetry and physical property testing. The chromatography market was the largest segment of the analytical standards market segmented by technique, accounting for 44.0% of the total in 2022. Going forward, the chromatography segment is expected to be the fastest growing segment in the analytical standards market segmented by technique, at a CAGR of 6.70% during 2022-2027.

The analytical standards market is segmented by application into bioanalytical testing, stability testing, raw material testing, dissolution testing, microbiology testing, physical properties testing, toxicity testing, contamination testing, QA/QC testing, proficiency testing and other applications. The raw material testing market was the largest segment of the analytical standards market segmented by application, accounting for 26.8% of the total in 2022. Going forward, the physical properties testing segment is expected to be the fastest growing segment in the analytical standards market segmented by application, at a CAGR of 7.2% during 2022-2027.

The analytical standards market is segmented by end user into food and beverages standards, forensic standards, veterinary drug standards, petrochemistry standards, environmental, pharmaceutical and life science standards, and other end users. The environmental market was the largest segment of the analytical standards market segmented by end user, accounting for 30.2% of the total in 2022. Going forward, the environmental segment is expected to be the fastest growing segment in the analytical standards market segmented by end user, at a CAGR of 7.4% during 2022-2027.

North America was the largest region in the analytical standards market, accounting for 33.7% of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the analytical standards market will be Asia Pacific and Africa where growth will be at CAGRs of 7.4% and 6.6% respectively. These will be followed by Western Europe and North America where the markets are expected to grow at CAGRs of 6.42% and 6.40% respectively.

The global analytical standards market is concentrated, with a few large players in the market. The top ten competitors in the market made up to 82.21% of the total market in 2021. The market concentration can be attributed to the high barriers to entry in terms of high costs associated with the research and development of analytical standards and the stringent regulations set up by the regulatory authorities. Merck KGaA was the largest competitor with 15.54% of the market, followed by Agilent Technologies, Inc. with 14.19%, Thermo Fisher Scientific Inc with 13.07%, Waters Corporation with 10.59%, PerkinElmer, Inc. with 9.20%, Mallinckrodt with 7.13%, LGC Standards with 6.75%, Restek Corporation with 3.24%, GFS Chemicals Inc with 1.32%, and RICCA Chemical Company with 1.18%.

The top opportunities in the analytical standards market segmented by type will arise in the organic standards segment, which will gain $480.3 million of global annual sales by 2027. The top opportunities in the analytical standards market segmented by technique will arise in the chromatography segment, which will gain $249.6 million of global annual sales by 2027. The top opportunities in the analytical standards market segmented by application will arise in the raw material testing segment, which will gain $150.5 million of global annual sales by 2027. The top opportunities in the analytical standards market segmented by end user will arise in the environmental segment, which will gain $ 191.1 million of global annual sales by 2027. The analytical standards market size will gain the most in the USA at $136.5 million.

Market-trend-based strategies for the analytical standards market include focus on technology advancements, focus on bacterial endotoxin testing standards for pharmaceutical parental products, product innovation, development of analytical standards to meet the new environmental guidelines, collaborations and acquisitions, development of soybean food safety reference materials, focus on increasing investment to develop new product solutions and focus on clinical microbiology.

Player-adopted strategies in the analytical standards market include strengthening business by opening research facilities, expanding product portfolio through the strategic acquisition of companies within the same business, expanding footprint and improving the customer experience and strengthening business by launching new products into the market.

To take advantage of the opportunities, the publisher recommends the analytical standards companies to focus on technological advancements, focus on product innovations, increase focus on bacterial endotoxin testing solutions, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on fast-growing applications and continue to target fast-growing end-users.