Analytical Standards Market Forecasted Double-Digit Growth Rate Through 2024
Sarasota, FL -- (SBWIRE) -- 08/15/2017 -- Global Analytical Standards Market: Overview
The specific property used to scale purity and quality of the drug and formulated medicine is called as an analytical standard. By assimilating methods, formulations, and drugs, they provide safety, efficacy, and quality medicines. Reagents and standards are the main components used in order to achieve optimal performance and compliance with the help of analytical instrumentation. However, technical and regulatory requirements for testing, preparation, and documentation of analytical standards and reagents become complex and time-consuming. In order to standardize the analytical method, the standard amount of the analyte is used. Hence, the accuracy of standardization mainly depends on the quality of glassware and reagents used.
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The major growth factors of the global analytical standards market are stringent environmental regulation set by the government in the pharmaceutical industry and growing food safety concerns across the world. Other business strategies such as geographic expansions and penetration of the market, new product launches, streamline manufacturing capabilities, collaboration, merger, agreement, acquisition are anticipated to open up new growth opportunities in the global market. Conversely, lack of skilled professionals and huge capital investment required for the analytical instruments and standards may hinder the global analytical standards market to some extent.
The global analytical standards market is segmented based on the application as food & beverages, veterinary, pharmaceutical and life science, petrochemistry, environment, and forensics. The food & beverage segment is sub-segmented as genetically modified organisms (GMO), flavors and fragrances, mycotoxins, food additives, fatty acids/FAME/lipids, carbohydrates, and peptides/amino acids. Of these, pharmaceutical and life sciences segment is the dominating segment across the globe due to increased pharmaceutical & life science R&D spending and stringent regulation are implemented for the pharmaceutical industry. On the basis of technique, the global market is categorized as physical properties testing, spectroscopy, titrimetry, and chromatography. Of these, chromatography segment is the largest in the global analytical standards market due to growing food safety concerns.
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North America holds the largest market share in the global market due to increasing life science research funding. Other factors such as a large number of ongoing clinical trials and government support for the huge spending on the research activities are projected to propel the global market growth. Europe is following the same trend and is expected to continue its dominance in the near future, owing to the outsourcing of clinical trials from developed nations to this region. Asia-Pacific is expected to grow at a faster rate owing to the development of clusters in various countries.
Market Competitive Players
Major players operating in the global analytical standards market are Spex Certiprep, Agilent Technologies Inc., Waters Corporation, Restek Corporation, Cayman Chemical Company, and Ricca Chemical Company. Other players in the global market include Sigma-Aldrich Co. Llc., Accustandard Inc., Merck KGAA, and Lgc Standards.
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Analytical Standards Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa
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