lobal Analytical Standards Market: Snapshot
The global analytical standards market has exhibited rapid growth in the last few years on the back of steady growth of the healthcare industry and growing demand for inspection in other industries such as the food and beverage and pharmaceuticals industry. Environmental applications have also become important consumers in the analytical standards market due to the declining environmental conditions across the world. The analytical standards market has thus enjoyed steady growth and is likely to benefit from the promising growth prospects of several end use industries in the coming years. Analytical standards have become vital due to the need for increased inspection in industries whose products interact closely with human beings and are thus liable for considerable damage.
According to Transparency Market Research, the global analytical standards market was valued at more than US$1.2 bn in 2017 and is likely to rise steadily in the 2017-2022 forecast period at a robust single-digit CAGR.
Growing Need in Food and Beverage Industry Drives Demand from Analytical Standards Market
One of the key growth drivers for the global analytical standards market is the growing need for testing services in the booming food and beverage industry. Globalization of the food and beverage industry has led to the conception of several innovations that are novel to the industry, such as international packaging of fresh produce. The rising demand for packaged food in urban areas has also led to a need for comprehensive testing procedures. The food and beverage industry is likely to remain a key consumer for the analytical standards market in the coming years due to the steady growth prospects of the industry across the world.
Organic Analytical Standards to Dominate Global Market Figures
By product type, the global analytical standards market is bifurcated into organic and inorganic analytical standards. Organic analytical standards are likely to remain the leading contributor to the global analytical standards market through the 2017-2022 forecast period due to the rising need in pharmaceutical and food and beverage industries. The life sciences sector is likely to exhibit the highest CAGR in the global analytical standards market through the 2017-2022 forecast period, leading to a steady growth in demand for organic analytical standards.
Environmental Applications to Dominate despite Growing Demand from Life Sciences Sector
Despite the rising role of the pharmaceuticals and healthcare sectors in the global analytical standards market, environmental applications are likely to remain the leading contributor to the market in the coming years. The intense scale of environmental damage in several areas across the world and the increasing government support to reverse the same is likely to keep the demand from the analytical standards market high from environmental applications.
North America to Dominate, Asia Pacific to Exhibit Steady Growth
The global analytical standards market is dominated by North America, which accounted for US$371.3 mn in 2017 and is expected to rise to US$500.1 mn by 2022 at a robust 6.1% CAGR. Europe is another major contributor to the global analytical standards market, with the region’s contribution to the global market estimated at 25.9% in 2017. However, the regional market is likely to drop in market share over the forecast period due to the steady growth of the life sciences sector in Asia Pacific. The Asia Pacific except Japan market for analytical standards is expected to rise in prominence in the global analytical standards market over the 2017-2022 forecast period. The Middle East and Africa plays a relatively minor role in the global analytical standards market, but is projected to exhibit a steady 5.4% CAGR over the 2017-2022 forecast period on the way to a rise in valuation to US$69.7 mn.
Global Analytical Standards Market: Competitive Dynamics
Some of the key companies in the global analytical standards market are 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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