Analytical Standards Market by Category (Organic, Inorganic), Technique (GC, MS, LC, IR, NMR, Gravimetry), Method (Bioanalytical, Dissolution, Material Testing), Application (Food, Environmental, Pharmaceutical, Forensics) - Global Forecast to 2028", size is expected to grow from an estimated USD 1.5 billion in 2023 to USD 2.1 billion by 2028, at a CAGR of 6.9%. Factors such as growth in the applications of analytical techniques in proteomics & metabolomics and the rising public concerns related to optimal food safety & quality are high growth prospects for the analytical standards market during the forecast period.

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Key Market Players
The analytical standards market includes major Tier I and II suppliers like Merck KGaA (Germany), Agilent Technologies (US), Waters Corporation (US), LGC Standards (UK), and PerkinElmer, Inc. (US). Other major market players in the analytical standards market include Restek Corporation (US), SPEX CertiPrep (US), AccuStandard, Inc. (US), Thermo Fisher 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), among others.

Driver: Rising public concerns related to optimal food safety & quality

To check for adulteration and ensure food safety, techniques such as chromatography, mass spectrometry are extensively used by food testing laboratories. Spectroscopy and chromatography are the most commonly applied analytical techniques in quality testing and quality control of food. GC/MS and LC/MS/MS techniques are gaining recognition as highly specific and extremely sensitive techniques testing food products with high accuracy. Moreover, the government implements strict regulations to ensure food safety in the respective countries. Additionally, the research institutes collaborate with key market players to use their advanced product offerings to ensure food safety. Food safety has been prioritized by concerned authorities due to growing concerns over food contamination and food adulteration, thus driving the growth of the analytical testing market

Restraint: Limited public awareness related to effective pollution monitoring strategies

The increasing pollution levels lead to various respiratory infections, respiratory diseases, allergic reactions, and cancer. High sulfur dioxides levels can affect functioning of lung, aggravate existing heart disease and worsen asthma attacks. Similarly, carbon dioxide is considered a potentially inhaled toxicant which may lead to coma, convulsions, acidosis, CNS depression, or even death. Environmental degradation also results in serious environmental changes such as reduced crop yields, changes in weather patterns, and the greenhouse effect.

Opportunities: Improving healthcare infrastructure across emerging countries

Emerging markets are expected to offer significant growth opportunities to clinical microbiology product manufacturers and distributors during the forecast period. This can be attributed to the growing prevalence of infectious diseases such as HIV, tuberculosis, influenza, and malaria as well as increasing R&D initiatives to develop innovative genomic techniques for efficient disease diagnosis in developing nations.

The growth in these markets is further supported by improvements in healthcare infrastructure, growing healthcare expenditure, and increasing availability and affordability of low-cost clinical microbiology products. In line with the ongoing trend, several government initiatives have been undertaken across emerging markets (particularly in China and India) to strengthen and expand the healthcare infrastructure.

Governments are taking initiatives in various regions, to improve air quality, focusing on promoting power plants that use clean and renewable fuels; promoting public transport, walking, and cycling; and improving the energy efficiency of homes, buildings, and facilities (both commercial and manufacturing). However, there is limited awareness about governments’ initiatives.

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The spectroscopy segment is to register a significant growth rate over the forecast period of 2023-2028.

Based on the technique, over the forecast period of 2023-2028, the spectroscopy segment is to register a significant growth rate. The key factor encouraging the growth of this segment during the forecast period is the presence of a widespread use of spectroscopic techniques across a broad range of application areas along with increasing drug development R&D. The spectroscopy segment is further divided into atomic absorption spectroscopy, mass spectroscopy, IR spectroscopy, nuclear magnetic resonance spectroscopy, X-ray fluorescence/diffraction spectroscopy, UV/Vis spectroscopy.

The pharmaceutical & life sciences standards segment accounted for the largest share of analytical standards in 2023-2028.

Based on application, the pharmaceutical & life sciences standards segment is estimated to hold the largest market share of the analytical standards market during the forecast period. The rising popularity of traditional medicines, the increasing drug development in developed countries and the increasing use of certified reference materials (CRMs) to ensure the quality of pharmaceuticals, increasing awareness, regulations on cosmetic products lead to a large share of this segment.

Asia Pacific registered the highest CAGR in the market during the forecast period.

In 2023, Asia Pacific is expected to register the highest CAGR in the market for analytical standards during the forecast period. Asia Pacific comprises China, India, South Korea, Taiwan, and Singapore, and the rest of Asia Pacific. Factors such as the increasing focus on soil testing, food security concerns in India, high use of analytical technologies in Japan, an increasing number of clusters, high-growth opportunities for market players and the growing biotechnology, biomedical, and pharmaceutical industries in China are driving the growth of the APAC analytical standards market during the forecast period.

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Recent Developments of Analytical Standards Industry:

In June 2023, Merck KGaA (Germany) invested 74 million USD (70 million Euro) for expanding production capacity for highly purified reagents at its site in Nantong, China.
In August 2022, Agilent Technologies, Inc. (US) acquired Polymer Standards Service, broadening offerings for gel permeation chromatography (GPC) and size exclusion chromatography (SEC) polymer analysis.
In June 2022, LGC Limited (UK) to act as global distributor of InBio’s (US) purified food allergen reference materials expanding LGC’s offering to more than 180 allergen reference materials for a range of applications including method development and method verification
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