Analytical Standards Market Size, Share, and COVID-19 Impact Analysis, By Technique (Chromatography, Spectrophotometry, Titration, and Others), By Application (Bioanalytical Testing, Stability Testing, Raw Material Testing, Microbial Testing, and Others), By Type (Organic Analytical Standards and Inorganic Analytical Standards), and Regional Forecast, 2024-2032

An analytical standard is a high-grade compound of known concentration that is used as a reference standard for a specific test. Standards are used to check the presence of specific components in mixtures, to perform a calibration or a test of an analyzer, to increase the precision of quantitative analysis, and for other purposes. Analytical standards are applicable for different analytical techniques such as chromatography (HPLC, GPC, and GC), spectrophotometry, electrophoresis, microscopy, titration, and physical property testing, covering pharmaceutical & life sciences standards, environmental standards, food and beverage standards, forensic & toxicology standards, etc.

Analytical standard plays a major role in the pharmaceutical industry in assessing and evaluating the physical & chemical stability of drug molecules. Rapid growth in the life science, healthcare, and pharmaceutical industries is projected to drive the growth of the analytical standard market in the upcoming years.

• For instance, according to the data published by the European Federation of Pharmaceutical Industries and Association in 2021, the pharmaceutical and biotechnology sector accounted for about 18.4% of total business R&D expenditure worldwide in 2020.

In addition, analytical standards have extensive applications in the development of various biomarkers, production of biological drugs, and therapeutic drug monitoring which is projected to increase its demand. Furthermore, the rise in the global prevalence of infectious diseases, cancers, HIV, and other diseases has necessitated the development of novel drugs and their validation with enhanced quality which leads to the growth of the global market.

• For instance, according to data published by World Cancer Research Fund International, around 18.1 million cancer cases were reported in 2020 across the globe. The number is projected to rise to 28.89 million cases by 2040.

Moreover, manufacturers in the market are focusing on expanding their market presence by opening analytical lab services in pharmaceutical manufacturing, thereby projected to drive the growth of the global market.

• For instance, in December 2022, the U.S. Pharmacopeia (USP) announced the opening of the USP Advanced Manufacturing Technology Lab as part of its launch of a suite of R&D analytical solutions. These analytical lab services support the efforts of drug manufacturers seeking to adopt advanced manufacturing technologies including pharmaceutical continuous manufacturing (PCM) as one way to expand geographic presence and support medicines supply chain resilience.

Impact of COVID-19 on the Analytical Standards Market

The analytical standards market witnessed a positive impact in 2020 of the COVID-19 pandemic. They were extensively used in the manufacturing of COVID-19 vaccines, thereby influencing the growth of the market. Furthermore, the COVID-19 outbreak gave rise to innovations and product development in analytical standards. Prominent players in the market increased their investment in new product developments as a response to the growing market needs.

• For instance, in May 2020, LGC’s (U.K.) SeraCareLife Sciences (U.S.) announced the release of ACCURUN Anti-SARS-CoV-2 Reference Materials to address the critical need for clinical laboratories to respond to the ongoing COVID-19 pandemic.

However, the research activity continued to grow rapidly after the second wave and led to the extensive use of analytical standards to produce vaccines. It has also empowered drug discovery scientists to test the potency of the vaccine. Therefore, since the second wave of the COVID-19 pandemic, the market boomed and is expected to grow over the forecast period.

Key Insights

The report will cover the following key insights:

• Prevalence of Major Chronic Diseases - by Key Countries/Regions, 2021/2022.


• Technological Advancements in Analytical Standards.


• New Product Launches, by Key Market Players.


• R&D Investment Initiatives by Pharmaceutical and Biotechnology Companies in the Market.


• Key Industry Developments (Mergers, Acquisitions, Partnerships, etc.).


• Impact of COVID-19 on the market.

Analysis by Technique

Based on technique, the chromatography segment accounted for a significant share of the global analytical standards market. The growth is mainly attributed due to rapid and precise performance in the identification and separation of the impurities in various forms of samples. Moreover, market players have increased their emphasis on advanced product launches to improve analytical performance and sample security for users in routine and research laboratories.

• In February 2022, Thermo Fisher Scientific launched a SureSTART portfolio of chromatography and mass spectrometry consumables to improve analytical performance and sample security for users in routine and research laboratories.

The spectrophotometry segment is projected to grow at a significant CAGR over the forecast period owing to a surge in drug discovery and development activities across the globe. In addition, a rise in the need for spectrophotometers in the toxicology & proteomics department along with growth in R&D activities is projected to boost segmental growth in the upcoming years.

Regional Analysis

North America is anticipated to hold a significant market share in the analytical standards market and is projected to maintain its position during the forecast period. The growth is mainly attributed to the presence of established players with higher affordability and favorable government initiatives to develop innovative drugs.

• For instance, as per the data published by National Center for Science and Engineering Statistics (NCSES), R&D expenditures in the U.S. accounted for USD 717 billion in 2020, and in 2021 accounted for USD 792 billion.

Furthermore, the rising adoption of advanced technology in diagnostic assay and a high focus on clinical research in the U.S. is projected to boost the market growth in North America.

Asia Pacific is projected to grow at a rapid pace over the forecast period. The growth is mainly attributed to the rise in the presence of major global players in countries, such as India and China. Moreover, an increase in investments by prominent players in clinical research & development of new drugs in order to provide innovative treatment options is projected to boost the market growth in Asia Pacific.

Key Players Covered

The report will include the profiles of key players such as AccuStandard, Alfa Chemistry, Waters Corporation, GFS Chemicals, Inc., Agilent Technologies, Inc., PerkinElmer Inc., Merck KGaA, Spex CertiPrep, Inorganic Ventures, RICCA Chemical Company, and others.

Segmentation

Key Industry Developments

• July 2022: Bio-Rad Laboratories, Inc. launched EconoFit low-pressure prepacked chromatography column packs to support reason screening experiments in the development of protein purification workflows.


• March 2022: YMC Europe GmbH launched a new liquid chromatography expertise portal to offer technical information.


• May 2022: Waters Corporation launched an innovation and testing laboratory in Massachusetts for the innovation of analytical and consumable goods.