Press release
Analytical Standards Market to Reach USD 2.16 Billion by 2030, Driven by Advancements in Drug Development and Regulatory Compliance
United States Pharmacopeial Convention held a key position in the analytical standards market due to its comprehensive portfolio of reference standards. The company has a strong presence across major countries, including India, Brazil, China, Ghana, the P
The global Analytical Standards Market, valued at USD 1.44 billion in 2022, is projected to expand at a robust CAGR of 5.9%, reaching USD 1.53 billion by 2024 and surging to USD 2.16 billion by 2030.
Analytical standards-high-purity substances with defined concentrations-play a pivotal role in laboratory settings, enabling accurate calibration of instruments and validation of analytical methods. These standards serve as reference points for determining the concentration of specific analytes within a sample, ensuring precision and reliability in scientific analysis.
Key Market Drivers
The market's growth is fueled by several critical factors:
* Stringent regulatory frameworks in the pharmaceutical industry
* Rising public and private investments in research and development
* Heightened public concern over food safety and quality
* Expanding use of analytical techniques in proteomics, metabolomics, and clinical diagnostics
Additionally, growing compliance with Good Manufacturing Practice (GMP) standards, ongoing expansion of pharmaceutical and biotechnology industries, and the increasing number of clinical trials are expected to open new avenues for growth.
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Market Segmentation Highlights
By Technique: The spectroscopy segment is poised for significant growth between 2024 and 2030. This includes a wide range of spectroscopic techniques such as:
* Mass Spectrometry
* Atomic Absorption Spectroscopy
* Infrared (IR) Spectroscopy
* Nuclear Magnetic Resonance (NMR)
* X-ray Fluorescence/Diffraction
* UV-Vis Spectroscopy
The segment's expansion is largely attributed to the increasing application of spectroscopy in drug development research and its versatility across multiple scientific domains.
By Application: The pharmaceutical & life sciences standards segment is expected to dominate the market throughout the forecast period. This is driven by:
* Strict regulatory mandates
* Rising focus on quality assurance
* Growing awareness of analytical standards across key global markets including the US, Europe, China, India, and the Middle East
By Region: Asia Pacific is anticipated to register the highest CAGR during the forecast period. The region-comprising China, India, South Korea, Taiwan, Singapore, and others-is witnessing rapid advancements in the biotech and pharmaceutical sectors. Moreover, regulatory authorities are increasingly enforcing food and drug safety standards, further propelling market demand.
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Competitive Landscape
The analytical standards market is characterized by a strong presence of global players. Key companies include:
* Merck KGaA (Germany)
* Agilent Technologies, Inc. (US)
* Waters Corporation (US)
* LGC Limited (UK)
* PerkinElmer (US)
* Restek Corporation (US)
* SPEX CertiPrep (US)
* AccuStandard (US)
* Thermo Fisher Scientific, Inc. (US)
* Mallinckrodt (UK)
* United States Pharmacopeial Convention (USP) (US)
* Cayman Chemical (US)
* RICCA Chemical Company (US)
* GFS Chemicals, Inc. (US)
Merck KGaA held a leading position in 2023, supported by a broad product portfolio and operations in over 160 countries. The company continues to invest in both organic and inorganic growth strategies, including recent facility expansions in Nebraska, US, to scale up manufacturing capacity.
United States Pharmacopeial Convention (USP) stands out for its extensive catalog of reference standards and a robust global footprint. With operations across countries such as India, Brazil, China, Ghana, and Switzerland, USP plays a crucial role in the standardization and reliability of analytical procedures worldwide.
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