(MENAFN- PR Newswire) The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, May 25, 2023 /PRNewswire/ --
As per The Business Research Company's Analytical Standards Global Market Report 2023, the global analytical standards market size will grow from $1.4 billion in 2022 to $1.5 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The analytical standards market size is then expected to grow to $1.9 billion in 2027 at a CAGR of 6%. Going forward, rise in government support, improving healthcare infrastructure/expenditure, rising public concerns related to optimal food safety and quality, greater regulatory emphasis on effective pollution monitoring and control and patent expiry for major pharmaceutical drugs will drive the analytical standards market growth.
The global analytical standards market is segmented - By Type: Organic Standards, Inorganic Standards By Technique: Chromatography, Spectroscopy, Titrimetry, Physical Property Testing By Methodology: Bioanalytical Testing, Stability Testing, Raw material Testing, Dissolution Testing, Other Methodologies By Application: Microbiology Testing, Physical Properties Testing, Toxicity Testing, Contamination Testing, QA/QC Testing, Proficiency Testing, Stability Testing, Other Applications By End User: Food And Beverages Standards, Forensic Standards, Veterinary Drug Standards, Petrochemistry Standards, Environmental, Pharmaceutical And Life Science Standards
The top growth potential in the analytical standards market segmented by type will arise in the organic standards segment , which will gain $480.3 million of global annual sales by 2027.
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companies in the analytical standards market are focusing on new technologies and developing new product solutions to strengthen their position in the market. For example, in February 2021, Waters Corporation, a USA-based analytical laboratory instrument and software company, introduced the Waters ACQUITY PREMIER Solution, the next generation in liquid chromatographs featuring Waters' breakthrough MaxPeak High Performance Surface (HPS) technology. The solution leverages HPS to vastly improve analytical data quality and eliminate the need for time-consuming and costly passivation. ACQUITY PREMIER is a universal liquid chromatograph (LC) solution that combines the ACQUITY PREMIER System with ACQUITY PREMIER Columns with MaxPeak HPS technology.
Furthermore, in January 2022, Agilent Technologies, a USA-based provider of instruments, software, services, and consumables for laboratories, launched Agilent Seahorse XF Pro Analyzer, featuring new pharma-oriented workflow solutions incorporating advanced experimental design and analysis tools. With enhanced performance, more robust and efficient workflows, and an optimized user experience, the XF Pro enables operators at any skill level to access the most advanced cellular metabolism analysis technology for understanding cellular fate, fitness, and function.
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According to TBRC's analytical standard market analysis, North America was the largest region in the analytical standards market and was worth $499.5 million in 2022.
The analytical standards market in North America is supported by the high adoption of tuberculosis diagnostic tools, the high demand for efficient and accurate diagnostics procedures and by favorable government initiatives in the region.
The Business Research Company recommends players in the analytical standards market to strengthen their business by opening research facilities, expanding product portfolio through the strategic acquisition of companies within the same business, and expanding footprint and improving the customer experience.
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