Market Size of Global Analytical Standards Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | 5.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Analytical Standards Market Analysis
The analytical standards market studied was anticipated to grow with a CAGR of 5.5% during the forecast period.
The emergence of COVID-19 had a significant impact on the studied market. The analytical standard techniques have been extensively used in the manufacturing of the COVID-19 vaccine mainly, thereby contributing to the growth of the market. According to the 2022 update by Agilent technologies, the COVID-19 pandemic led to an increase in research and development (R&D) of vaccines for the disease, and separation-based analytical characterization tools such as chromatography and mass spectrometry were employed by researchers to understand the SARS-CoV-2 virus. For the development of better therapies, vaccines, and diagnostic tools to aid in the fight against the COVID-19 pandemic, the adoption of such analytical methods increased among end users. Thus, the studied market witnessed growth during COVID-19, and it is expected to continue its stronghold during the forecast period.
The major factors attributing to the growth of the analytical standards market are rising stringent quality legislation for drug manufacturers, which has led to a huge demand for analytical standards across the globe. The steep rise in the global prevalence of infectious diseases, HIV, cancers, and other diseases has also necessitated the development of novel drugs and diagnostic products.
The incidence and prevalence of chronic diseases are increasing globally, this is further fueling the demand for drug development by major biopharmaceutical companies. The July 2022 update by the Centers for Disease Prevention and Control (CDC) showed that more than 1 in 7 persons or 15% of adults or 37 million people in the United States had CKD in 2021. Similarly, according to the GLOBOCAN 2020 report, the total number of people in the world affected by cancer is estimated to rise to 28.89 million cases by 2040. The large population affected by chronic diseases and the increase in the necessity of novel drugs generate demand for analytical techniques such as chromatography, spectroscopy, and titrimetry, among others used during drug discovery. Thus, an increasing global burden of diseases leads to develop new drugs, and their validations with enhanced quality led to the growth of the market. Additionally, a steep rise in quality testing of products with regular inspections, certification of analytical procedures, and others are likely to contribute to the growth of the global market during the forecast period.
To make informed decisions concerning the quality and safety of pharmaceutical products, reliable analytical data are required. Such analytical data are also necessary for regulatory submissions supporting the registration of medicinal products. As a result, planning for the anticipated application of the process requires developing meaningful experimental designs that include system suitability characteristics. Thus, manufacturers are focused on the launch of new methods.
For instance, in August 2022, Thermo Fisher Scientific launched a new Raman spectroscopic analyzer for process monitoring for a variety of applications, including biopharmaceutical manufacturing. The Thermo Scientific Ramina Process Analyzer offers non-destructive and continuous analysis without the need for sample preparation, with rapid system setup and deployment in just 15 minutes to generate spectral data on target analytes within seconds. Such developments are majorly contributing to the market growth during the analysis period.
Analytical Standards Industry Segmentation
As per the report's scope, analytical standards are used to confirm the presence of a specific analyte in a mixture of components. These standards help measure the purity and quality of the formulations, drugs, and biomarkers to increase the precision of an analytical procedure and calibrate various analytical equipment. The Analytical Standards Market is Segmented by Technique (Chromatography, Spectroscopy, Titrimetry, Physical Properties Tests, and Other Techniques), Product Type (Organic and Inorganic), Application (Bioanalytical Testing, Stability Testing, Raw Material Testing, Microbial Testing, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (in USD million) for the above segments.
By Technique | |
Chromatography | |
Spectroscopy | |
Titrimetry | |
Physical Properties Tests | |
Other Techniques |
By Product Type | |
Organic | |
Inorganic |
By Application | |
Bioanalytical Testing | |
Stability Testing | |
Raw Material Testing | |
Microbial Testing | |
Other Applications |
Geography | ||||||||
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Global Analytical Standards Market Size Summary
The analytical standards market is poised for significant growth, driven by the increasing demand for stringent quality control in drug manufacturing and the rising prevalence of chronic diseases globally. The market has experienced a boost due to the COVID-19 pandemic, which necessitated the use of advanced analytical techniques in vaccine development and research. This trend is expected to continue as the need for novel drugs and diagnostic tools grows, fueled by the rising incidence of infectious diseases and chronic conditions such as cancer and kidney disease. The market's expansion is further supported by the development and adoption of sophisticated analytical methods, including chromatography and mass spectrometry, which are essential for drug discovery and validation processes.
North America is anticipated to lead the analytical standards market, supported by a robust presence of key industry players and favorable government policies promoting drug innovation. The region's growth is also attributed to the high demand for analytical standards in developing high-quality pharmaceuticals to address infectious diseases. In Canada, the market is bolstered by increased healthcare spending, a surge in clinical trials, and a focus on analytical testing of biologics and biosimilars. The competitive landscape of the market is characterized by the presence of major companies such as Mallinckrodt Pharmaceuticals, Merck KGaA, and Waters Corporation, which are actively involved in product innovations and strategic collaborations to enhance their market position.
Global Analytical Standards Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Burden of Chronic Diseases Coupled with Increase in Drug Development
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1.2.2 Increased Demand for Quicker and Reliable Results along with Product Safety and Quality
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1.3 Market Restraints
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1.3.1 Lack of Skilled Professionals
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1.3.2 Challenges in Development of Analytical Standards and Reagents Due to Complex Regulatory Requirements.
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1.4 Porter Five Forces
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Technique
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2.1.1 Chromatography
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2.1.2 Spectroscopy
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2.1.3 Titrimetry
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2.1.4 Physical Properties Tests
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2.1.5 Other Techniques
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2.2 By Product Type
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2.2.1 Organic
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2.2.2 Inorganic
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2.3 By Application
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2.3.1 Bioanalytical Testing
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2.3.2 Stability Testing
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2.3.3 Raw Material Testing
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2.3.4 Microbial Testing
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2.3.5 Other Applications
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Global Analytical Standards Market Size FAQs
What is the current Global Analytical Standards Market size?
The Global Analytical Standards Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in Global Analytical Standards Market?
Restek Corporation, Mallinckrodt Pharmaceuticals, GFS Chemicals Inc, LGC Group and Merck KGaA are the major companies operating in the Global Analytical Standards Market.