GLOBAL – The Global Analytical Standards market held is estimated to reach USD 2,168.5 million by the year 2027 registering a CAGR of 6.1% during the forecast period.
Analytical standards are a compound of known concentration and high purity meant to be used as a calibration standard for a particular assay.
The market is anticipated to be driven by the rising concerns for optimal food safety and quality. One of the major concerns globally is the low quality of food or contaminated food, according to ResearchsAndMarket.com.
Rising awareness regarding this concern is increasing the demand for maintaining optimal food quality and safety. Therefore, the adoption of analytical techniques such as chromatography and mass spectrometry, among others is boosting the market growth.
Moreover, government regulations for maintaining food quality are also expected to drive market growth.
The rising regulatory emphasis on effective pollution monitoring and control is also estimated to boost the market growth.
The North American region is expected to hold the largest market share owing to the presence of a well-established market and easy accessibility for advanced analytical technologies.
The Asia Pacific region is anticipated to grow at the fastest rate thanks to increasing research and development activities related to chromatography and the growing outsourcing market in the region.
Segments market share
In view of the segments, the inorganic segment is expected to hold the largest market share. The organic segment is also estimated to grow significantly, as reported by Businesswire.
Meanwhile, the chromatography segment is anticipated to hold the largest market share of more than 44% owing to the presence of numerous emerging as well as matured companies manufacturing a varied range of chromatographic standards across the globe.
In addition, the material testing segment is anticipated to hold the dominant share of the market owing to the rising adoption of this method for maintaining analytical standards in various industries. The dissolution and the bioanalytical segment are also expected to grow significantly.
The environmental segment held the largest market share owing to the increasing emission of pollutants in the environment and rising awareness regarding the importance of a clean environment.
The market is expected to be restrained by the limited public awareness related to effective pollution monitoring strategies.
The decline in the demand for products and services negatively influenced the market growth during the pandemic. Companies in the market also experienced a decline in their revenues owing to COVID-19.
In 2020, the global analytical standards market held a market value of USD 1,432.7 million.
Liked this article? Subscribe to Food Safety Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food safety, quality and compliance. SUBSCRIBE HERE