Analytical Standards Market : North America is the largest regional market for Analytical Standards
Market Estimation By 2025
The global analytical standards market size is projected to reach USD 1.7 billion by 2025 from USD 1.3 billion in 2020, at a CAGR of 6.3% during the forecast period. The global analytical standards market offers rising public concerns related to optimal food safety and quality, growing applications of analytical techniques in proteomics & metabolomics, and greater regulatory emphasis on effective pollution monitoring & control are some of the key factors driving the growth of the analytical standards market.
North America is the largest regional market for Analytical Standards
North America (comprising the US and Canada) dominates the analytical standards market. North America is a mature market, with high penetration of analytical technologies among key end-users (food testing labs, environmental pollution monitoring laboratories, drug testing laboratories, and forensic laboratories) and well-established distribution channels for analytical standards product manufacturers and suppliers. Easy accessibility to and the high adoption of advanced analytical technologies due to the significant per capita annual healthcare expenditure by the US and Canadian governments, as well as supportive government regulations, are driving the growth of the analytical standards market in this region.
Recent Developments : Analytical Standards Market
- In 2020, Waters Corporation (US) established its Innovation and Research Laboratory in Massachusetts (US) for the innovation of analytical instruments and its consumables, which will strengthen the product portfolio of analytical products (including analytical standards)
- In 2020, Restek Corporation (US) launched Ochratoxin A & Aflatoxins Standards.
- In 2020, LGC Group (UK) launched ACCURUN Anti-SARS-CoV-2 Reference Materials and reference materials for allergen quantification.
- In 2018, LGC Group (UK) launched VALIDATE hsTnT kit, VALIDATE Fibrinogen, and VALIDATE Procalcitonin kit
Key Market Leaders:
Merck KGaA (Germany), Agilent Technologies (US), Waters Corporation (US), LGC Standards (UK), and PerkinElmer, Inc. (US) are the major players. Other prominent players are Restek Corporation (US), SPEX CertiPrep (US), AccuStandard, Inc. (US), Thermo Fischer Scientific, Inc. (US), Mallinckrodt (UK), US Pharmacopeial Convention (US), Cayman Chemical Company (US), RICCA Chemical Company (US), GFS Chemicals, Inc. (US), and Chiron AS (Norway) are some of the major players in the analytical standards market among others. The analysis of market developments between 2017 and 2020 revealed several growth strategies such as research collaborations and strategic market expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the analytical standards market.
Merck KGaA (Germany) and Agilent Technologies (US) are Leading Players in the Analytical Standards Market
- Merck KGaA is one of the leading manufacturers of analytical standards. The company offers analytical standards for various applications such as environment, food & beverage, pharmaceutical & life sciences, and petrochemistry. The company is focused on increasing its analytical standards product portfolio to increase its market share and build a competitive advantage. The company’s key strengths are its geographic presence, strong product portfolio, and wide distribution networks across major markets (such as the US, Europe, and the Asia Pacific). The company mainly focuses on expanding its analytical standards business through growth strategies such as distribution agreements and market expansions.
- Agilent Technologies Inc. holds a significant position in the analytical standards market, owing to its strong R&D capabilities and innovative products. The companys product portfolio includes analytical standards for various techniques, including chromatography, spectroscopy, and titrimetry. The high demand for its analytical standards from research laboratories and academic institutes has helped the company maintain its share. To strengthen its current position and gain a larger share of the analytical standards market, the company focuses on inorganic business growth strategies such as partnerships, collaborations, and market expansions.