Analytical Standards Market To Generate $2,588.1 Million Revenue by 2030

The analytical standards market is set to progress at a CAGR of 7.0% during 2024–2030, to reach USD 2,588.1 million by 2030.

These standards are utilized to determine the safety and purity of the chemicals used in pharmaceuticals, environmental analysis, forensic standards, and a host of other applications.

Analytical standards are used as reference compounds for testing samples and calibrating analyzers. This helps in achieving the best results and ensuring regulatory compliance. Moreover, such analytical standards have important applications in the chromatography and spectroscopy techniques.

Owing to the rising research and development activities in the healthcare industry, environmental analytics, food testing, forensics, and other fields, the North American region makes the largest contribution to the global market.

Rising Research Expenditure in Pharmaceutical Sector by Emerging Economies

The growth of the analytical standards market is propelled by the rising R&D expenditure in the pharmaceutical industry. The biopharmaceutical industry invested more than any other sector on medical and health R&D, representing over 75% of the total spending in 2020.

In the last few years, developing countries, such as Brazil, Russia, India, China, and South Africa (BRICS), have increased their R&D expenditure considerably. For instance, in China, R&D expenditure was USD 405.0 billion in 2021, and the same stood at USD 21.5 billion in Russia. A major share of this increase in R&D expenditure is accounted for by analytical standard chemicals, thereby leading to the growth of the market.

Moreover, companies including Roche and Johnson & Johnson have testing divisions, which majorly contribute to research and development costs. Additionally, other companies, such as Bristol Myers Squibb and Novartis, are focusing primarily on drug development; thus, the rising expenditure on R&D propels the demand for analytical standards.

Environmental Analytical Standards To Hold Significant Share in Global Market

The environment analysis category holds a share of 20%, in 2023, and it is expected to show the same trend over the forecast years. This is attributed to the rising concerns because of the surging emission of pollutants and increasing efforts for a clean environment and efficient waste processing.

Regulatory agencies frequently collaborate with environmental testing laboratories and research institutions, to whom market players offer a wide range of testing reference chemicals for ultra-trace analysis through isotope dilution mass spectrometry. The use of such solvents for chromatography and spectroscopy has gained high importance at environmental testing laboratories.

The most-significant analytical standards market players are Merck KGaA, Agilent Technologies Inc., Waters Corporation, LGC Standards Ltd., PerkinElmer Inc., SPEX CertiPrep, AccuStandard Inc., and Thermo Fisher Scientific Inc.