The market for analytical standards is a highly competitive market, states a new report by Transparency Market Research (TMR). Accustandard Inc., GFS Chemicals Inc., Cayman Chemical Co., Chiron AS, GE, Agilent Technologies Inc., Mallinckrodt Pharmaceuticals, LGC Standards, Merck KGaA, and Perkinelmer Inc. are some of the leading players operating in this market. Researchers at TMR expect the rivalry within the market to intensify in the near future, thanks to the steady influx of capital investments, notes the market study.
According to the research report, the analytical standard market stood at US$0.84 bn in 2017. Expanding at a robust 6.30% CAGR over the period from 2017 to 2022 and reach a value of U$1.14 bn by the end of the period of the forecast. Organic and inorganic analytical standards are the two main products available in this market. With over 70% share, the organic analytical standards segment led the market in 2017 and is expected to continue on the top over the forthcoming years. Environmental applications are projected to report a greater demand for analytical standard solution in the coming years among other applications, owing to the rising support for environmental conservation measures from consumers across the world.
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In terms of the region, North America has been leading the overall market on account of the presence of a number of prominent players. The significant rise in the healthcare, pharmaceutical, and the food and beverage sectors in this region likely to support the North America market for analytical standards to ensure its dominance in the years to come, states the research report.
Increasing Need for Testing Processes to Boost Analytical Standards Market
“The rising requirement for testing procedures in order to ensure the safety of consumers of various pharmaceutical and food and beverage products is the main factor that has been fueling the demand for analytical standards across the world,” says an analyst at TMR.
In the recent years, food safety has emerged as a major concern among consumers across the world, on account of the escalating risk of food poisoning from the usage of packaged food. This, together with the globalization of the pharmaceuticals and the food and beverage industries, is expected to boost the worldwide market for analytical standards in the years to come, states the research report.
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Absence of Governing Bodies to Hamper Growth
On the flip side, the absence of governing bodies in a number of emerging economies may limit the uptake of analytical standards across the world, which may reflect negatively on the market for analytical standards in the near future. However, the increasing support by governments, in terms of funding and awareness programs, is projected to aid the market considerably over the next few years, reports the market study.
The review is based on a report by Transparency Market Research, titled “Analytical Standards Market (Product – Organic, Inorganic; Application – Environmental, Food and Beverage, Forensic, Pharmaceutical and Life Sciences, Oil and Gas, Veterinary; Technique – Chromatography, Spectroscopy, Titrimetry, Physical Properties Testing) – Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”
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