The analytical standards market studied was anticipated to grow with a CAGR of 5.5% during the forecast period. The major factors attributing to the growth of the analytical standards market are rising stringent quality legislation for drug manufacturers, which has lead to a huge demand for analytical standards across the globe. The steep rise in the global prevalence of infectious diseases, HIV, cancers, and other diseases has also necessitated the development of novel drugs and diagnostic products. According to the Joint United Nations Programme on HIV and AIDS (UNAIDS) report, about 24.5 million people with HIV were accessing antiretroviral therapy globally in 2019. This is expected to increase in the forecast period. Thus, an increasing global burden of diseases leads to develop new drugs, and their validations with enhanced quality lead to the growth of the market. Additionally, a steep rise in quality testing of products with regular inspections, certification of analytical procedures, and others are likely to contribute to the growth of the global market during the forecast period.
Key Market Trends
The Chromatography Sub-segment by Application is Expected to Hold the Largest Market Share in the Analytical Standards Market
The chromatography technique is anticipated to hold the largest market share in the analytical standards market throughout the forecast period. The dominance of this technique can be attributed to their high performance in the identification and separating the impurities with the most straightforward procedures. Their rapid and precise method of separation in various forms of samples contains a wide range of components. Furthermore, the availability of equipment, reagents, and reference standards for various types of chromatography such as liquid chromatography, gas chromatography, and others have increased their demand. Additionally, the application of this equipment in-line with other analytical instruments, such as mass spectrometers, etc., increased adoption of the technique. Thus, easier inter-operability that requires less manpower has reduced overall cost of analysis is expected to drive the growth of the segment.
North America Dominates the Market and it is Expected to do the Same in the Forecast Period
North America is expected to dominate the overall analytical standards market throughout the forecast period. The highest revenue can vary due to the presence of a high volume of key players with higher affordability and favorable government initiatives to develop innovative drugs. As per the U.S. Department of Health & Human Services report published in January 2020, about 37,832 people in the United States were diagnosed with HIV in 2018, and 38,000 new HIV infections are recorded each year. This results in the necessity of developing high-quality drugs and other products with enhanced safety precautions in a lesser period. This leads to a rise in demand for analytical standards such as Abacavir sulfate, other new molecules under development. Furthermore, the increased adoption rate of advanced infrastructure by the analytical testing companies and the volume of diagnostic centers are factors estimated to boost the market in the region.
The Analytical standards market is moderately competitive and consists of several major players. Some of the companies are expanding their market position by adopting various strategies such as mergers & acquisitions. For instance, in August 2019, LGC acquired a majority stake in Toronto Research Chemicals (TRC), strengthening its presence in the reference standards market. The acquisition provides commercial and operational opportunities to develop the combined product and service offering to customers globally. Additionally, various blockbuster product portfolios of TRC such as Mikromol and Dr Ehrenstorfer were added to LGC’s existing reference standards business. Such strategic alliances are expected to have a positive impact on the market over the course of the period. Some of the companies which are currently dominating the market are Mallinckrodt Pharmaceuticals, Merck KGaA, Waters Corporation, Restek Corporation, and LGC Group.
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