(PharmaNewsWire.Com, July 02, 2021 ) The global analytical standards market size is projected to reach USD 1.7 billion by 2025 from USD 1.3 billion in 2020, at a CAGR of 6.3% during the forecast period. Factors such as the stringent regulatory scenario in the pharmaceutical industry, increasing public-private investments for various researches, and rising public concerns related to optimal food safety and quality are some of the key factors driving the growth of the analytical standards market. However, limited public awareness related to effective pollution monitoring strategies across developing countries is hampering the development of this market.
Merck KGaA (Germany), Agilent Technologies (US), Waters Corporation (US), LGC Standards (UK), and PerkinElmer, Inc. (US) are the major players. Other prominent players are Restek Corporation (US), SPEX CertiPrep (US), AccuStandard, Inc. (US), Thermo Fischer Scientific, Inc. (US), Mallinckrodt (UK), US Pharmacopeial Convention (US), Cayman Chemical Company (US), RICCA Chemical Company (US), GFS Chemicals, Inc. (US), and Chiron AS (Norway) are some of the major players in the analytical standards market among others. The analysis of market developments between 2017 and 2020 revealed several growth strategies such as research collaborations and strategic market expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the analytical standards market.
Merck KGaA is one of the leading manufacturers of analytical standards. The company offers analytical standards for various applications such as environment, food & beverage, pharmaceutical & life sciences, and petrochemistry. The company is focused on increasing its analytical standards product portfolio to increase its market share and build a competitive advantage. The company’s key strengths are its geographic presence, strong product portfolio, and wide distribution networks across major markets (such as the US, Europe, and the Asia Pacific). The company mainly focuses on expanding its analytical standards business through growth strategies such as distribution agreements and market expansions.
Agilent Technologies Inc. holds a significant position in the analytical standards market, owing to its strong R&D capabilities and innovative products. The companys product portfolio includes analytical standards for various techniques, including chromatography, spectroscopy, and titrimetry. The high demand for its analytical standards from research laboratories and academic institutes has helped the company maintain its share. To strengthen its current position and gain a larger share of the analytical standards market, the company focuses on inorganic business growth strategies such as partnerships, collaborations, and market expansions.
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