Major players in the analytical standards market are Merck KGaA, Agilent Technologies, Waters Corporation, LGC Standards, PerkinElmer Inc, Restek Corporation, SPEX CertiPrep, AccuStandard Inc. , Thermo Fisher Scientific Inc, and Mallinckrodt.
New York, March 08, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Analytical Standards Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06033658/?utm_source=GNW
The global analytical standards market is expected to grow from $1.34 billion in 2020 to $1.52 billion in 2021 at a compound annual growth rate (CAGR) of 11.8%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.98 billion in 2025 at a CAGR of 6.75%.
The analytical standards market consists of sales of analytical standards and related products by entities (organizations, sole traders, and partnerships) that manufacture analytical instruments.An analytical standard is a high-grade compound and a defined concentration to be used as a calibration standard for a specified experiment.
Analytical standards are introduced in all fields such as veterinary, life sciences, food, and beverage, forensics, environmental and pharmaceutical industries.
The analytical standards market covered in this report is segmented by type into organic standards, inorganic standards; by technique into chromatography, spectroscopy, titrimetry, physical property testing; by methodology into bioanalytical testing, stability testing, raw material testing, dissolution testing, others; by application into microbiology testing, physical properties testing, toxicity testing, contamination testing, QA/QC testing, proficiency testing, stability testing, others and by end-user into food & beverages standards, forensic standards, veterinary drug standards, petrochemistry standards, environmental, pharmaceutical and life science standards.
North America was the largest region in the analytical standards market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The high capital investment required for the analytical instruments is expected to hamper the growth of the analytical standards market in the coming years.Analytical instruments are a broad variety of tools employed for analytical purposes in clinical, oil refineries, pharmaceutical, chemical, and food processing laboratories.
The cost of the instrument is generally perceived to be an investment in a new method.The cost of the analytical instrument ranges between $17,000 to $25,000.
The maintenance cost further includes service contract cost of $2,000, which is usually 10%-15% of the purchase cost of the equipment every year. Therefore, the huge capital investment required for the analytical instruments restraints the growth of the analytical standards market.
In December 2019, LGC Ltd, a UK-based company that provides laboratory services, measurement standards, reference materials, and proficiency testing marketplaces, acquired Toronto Research Chemicals Inc for an undisclosed amount.The acquisition of Toronto Research Chemicals Inc complements LGC’s existing reference standards business, which includes the Mikromol and Dr.
Ehrenstorfer’s product portfolios, and provides commercial and operational opportunities to develop the combined product and service offering to customers globally. Toronto Research Chemicals Inc is a Canada-based company that manufactures and supplies researchers in the biomedical fields with specialized complex organic small molecules not otherwise commercially available.
The rising public concerns related to optimal food safety and quality are predicted to boost the growth of the analytical standards market over the coming years.Consumption of contaminated and adulterated food comprising chemical compounds, dangerous bacteria, parasites, and viruses produces more than 200 diseases ranging from diarrhea to cancer.
Analytical techniques such as mass spectrometry and chromatography are widely employed by food testing laboratories to scan for spoilage and guarantee food safety.For instance, according to the World Health Organization’s report published in 2020, it is projected that 600 million (nearly 1 in 10 people) fall ill in the nation after consuming adulterated food and 420 000 die each year, resulting in the loss of 33 million healthy years of life.
Diarrheal illnesses are the most prevalent diseases caused by the ingestion of infected food, leading 550 million individuals to fall sick and 230 000 losses per year. Therefore, the rising public concerns related to optimal food safety and quality drive the growth of the analytical standards market.
Technological advancement is a key trend gaining popularity in the analytical standards market.Major companies operating in the analytical standards sector are focusing on developing new technological solutions for analytical standards.
For example, in September 2020, Waters Corp, a US-based analytical laboratory instrument manufacturing company declared the formation of the new Waters Analytical Laboratory Immerse Cambridge.Immerse Cambridge’s open technology concept comprises the latest analytical, informatics, and automation resources that span a broad spectrum of domains across the life, food, and materials sciences.
It is also tailored for disseminating and spreading concepts through training, collaborative study, and mentoring experience for students and emerging business experts.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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