Global Analytical Standards Market: Overview
The analytical standards market forms a key component of the life sciences industry and has become increasingly important due to the steady growth of industries such as healthcare and pharmaceuticals in recent years. The increased scrutiny given to these industries, due to the vital impact they have on consumers has led to increased demand from the analytical standards market. The analytical standards industry has thus also become important for the food and beverage industry in recent years.
The report provides a close look at the growth dynamics of the global analytical standards market. The key growth drivers and restraints affecting the analytical standards market are profiled in the report, along with information about the leading segments of the market by each criterion. Historical information about each segment is provided in the report, along with detailed projections regarding their likely growth trajectory in the 2017-2022 forecast period.
Global Analytical Standards Market: Dynamics
The global analytical standards market is driven primarily by the rising awareness about the possibility of contamination in crucial industrial sectors such as food and beverage and pharmaceuticals. The increasing demand from consumers for products in these industries has led to these industries facing increasing scrutiny. The rising competition in these competitive sectors has also led to growing demand for analytical standards in order to avoid embarrassing mistakes, which can be unaffordable in terms of consumer outreach. Concerns related to food safety have picked up steam in recent years following steady expansion of a globalized food and beverage industry, making the analytical standards market likely to enjoy steady demand in the coming years.
The increasing number of public-private partnerships in the pharmaceuticals industry is likely to aid the analytical standards market’s growth in the coming years. The importance of the pharmaceuticals industry to ensuring a healthy citizen demographic has made several emerging countries eager to invest in the industry hoping for sustained beneficial output. This has driven steady investment in the analytical standards market in recent years and is likely to remain a major contributor to the market in the coming years.
Global Analytical Standards Market: Segmentation
By product type, the global analytical standards market is segmented into organic and inorganic standards. Organic analytical standards dominate the global analytical standards market at present, accounting for more than 70% of the global market in 2017. The segment is likely to rise to a valuation of US$1,144.8 mn by 2022, with its market share also likely to rise slightly to 71.2% over the forecast period.
Geographically, North America dominated the global analytical standards market due to the presence of several leading players in the pharmaceutical, healthcare, and food and beverage industries. The North America market for analytical standards was valued at US$371.3 mn in 2017 and is likely to rise to more than US$500 mn by the end of the 2017-2022 forecast period. The 6.1% CAGR expected of the North America analytical standards market is the highest of all geographical segments, further underlining the region’s importance to global market figures in the analytical standards industry. Further, Europe is also a leading contributor to the global analytical standards market, the region accounting for 25.9% of the global revenue of the analytical standards market.
Global Analytical Standards Market: Competitive Dynamics
Leading players in the global analytical standards market include Accustandard Inc., Cayman Chemical Company, GFS Chemicals Inc., Chiron AS, Agilent Technologies Inc., GE, Mallinckrodt Pharmaceuticals, Merck KGaA, LGC Standards, and Perkinelmer Inc. The competition in the analytical standards market is likely to intensify in the coming years due to the steady funding available in the market, which could lead to steady entry of new players.
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