Horizontal Opportunities for Analytical Standards Market
Subject matter experts of the analytical standards market at recalibrated the dynamics of varying impacts, and found that, food safety turning into a global concern will chart the future growth course of the landscape. The influence of profound trends in the food and beverage industry, which include increasing consumer inclination toward packaged goods, underpinned by the ‘grab ‘n go’ culture, has put pressure on food producers to bring in innovation onto the table. However, compromised food quality, on account of the reckless use of chemicals as flavor enhancers, is the gap that has been serving as an entrance for manufacturers in the analytical standards market.
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Opportunities also await in the environmental sector. Rapid rise in industrialization, coupled with financial support extended by central agencies for pollution prevention and control, has been increasing environmental consciousness among industrialists. Although the relevance of success factors is promising enough with billion-dollar horizontal markets, complementing the growth of the analytical standards market, the report also identifies a few inhibitors, which could slow down market movement.
Chromatography Vs. Spectroscopy – Which is the Gold-standard Technique?
The study finds that, the adoption of the chromatography technique is projected to remain high as compared to spectroscopy, both, in terms of value and growth rate. Primarily, pharmaceutical and life sciences, food and beverages, and environmental applications account for the wide scope of application of this technique.
In the environmental sector, identifying the presence of harmful components in solid waste, flame retardants, and pesticides, are the weighted applications relying on chromatography techniques to be considered as environmentally-benign products. While the purview of this technique also holds prominence in analyzing flavors and fragrances, GMO, Mycotoxins, and food additives, to ensure food safety. In the pharmaceutical industry, this technique is used to meet ideal drug and cosmetic standards.
Spectroscopy is a technique that is used for the identification of the nature of a compound. However, electronic circuit designs of spectrometers often affect the amount of noise, which, in turn, takes a toll on their accuracy.
How Players are Securing their Market Position to Grow Vertically
The analytical standards market is fragmented in nature, with numerous players operating at global, regional, and domestic levels. The high investment capabilities of global players set them apart in the space, with customization being their key feature. A leading player, Merck KGaA, illustrates this strategy. This market player boasts of its competency in the customization of chemicals for organic synthesis. However, the pricing strategy incorporated by regional and local players challenges the penetration of global players in local regions.
Strategies devised by regional players are intended toward establishing a strong market presence by upgrading the required competency through reciprocal advantages. It is, therefore, observed that, acquisitions, partnerships, and collaborations remain the standard strategies for this batch of players. For instance, in 2019, LGC announced the acquisition of Toronto Research Chemicals, a key manufacturer of synthetic organic bio-chemicals. This acquisition is intended at creating operational and commercial opportunities by introducing advanced products and services, in order to cater to the right mass.
Given the intensely-competitive space that the analytical standards market is, dedicated efforts made toward offering accuracy can help gain a distinguished position in the landscape.
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Being a horizontal landscape, the analytical standards market operates at the intersection of numerous applications, from veterinary, forensic, petrochemistry, pharmaceuticals and life sciences, food and beverages, and environment. To cut through this thick space to establish a brand image, manufacturers of analytical standards are found catering to the customized requests from their clientele, which, in turn, puts pressure on their counterparts to adapt to new manufacturing trends.
It is also worth noting that, the cost of custom synthesis services varies on a project-to-project basis, which also increases the purview of work, given the additional research, documentation, testing, and development associated with customization. This is engendering the volatility in product offerings, which only financially-sound market players can afford to bear.
As a response to this approach, regional and local players squeeze their profit margins and sell products at relatively lower prices than the average selling price, which further intensifies the competition level.
Analysts’ Take on Analytical Standards Market Growth
Weighing the relevance and impact of influential dynamics, authors of the report opine that, the analytical standards market will advance steadily at a CAGR of ~6% during the forecast period of 2019-2027. According to the analysis, North America will be on the vanguard, with high government funding in the environmental and pharmaceutical sectors serving as a base for research & development activities in the analytical standards market.
Based on types of analytical standards, organic standards are projected to witness significantly higher demand as compared to the inorganic ones, since the former holds high prominence in the laboratory tests of fertilizers and harmful chemicals. Since government initiatives are instigating environmentalists to conduct laboratory tests, market players can increase investments toward the development of qualitative analytical standards to improve the outcomes of these tests.
The global analytical standards market for the historical period of 2017 – 2018 and forecast period of 2019 – 2027, rise in the number of researches in the life science industry and increase in regulations regarding pharmaceutical and biotechnology manufacturing are anticipated to drive the global analytical standards market over the period of forecast.
According to the report, the global analytical standards market was valued at ~US$ 1.2 Bn in 2018, and is projected to expand at a CAGR of ~6% from 2019 to 2027.
Rapid Expansion of Life Sciences Industry to Propel Market: A Key Driver
Analytical testing plays a major role in understanding the physical and chemical stability of drug molecules, impact on selection and design of dosage form, and assessing the stability of drug molecules. Hence, the demand for analytical standards is largely dependent on the expansion of the life science and healthcare industries. The life science industry is expanding at a rapid pace in developing markets. This is projected to boost the analytical standards market during the forecast period.
According to the World Industry Outlook, the global pharmaceutical market is projected to reach US$ 1.2 Trn by 2020, expanding at a CAGR of 4.4% from 2016 to 2020. Latin America’s pharmaceutical spending is anticipated to increase at a CAGR of 6.6% between 2016 and 2020.
Biopharmaceutical is one of the fastest-growing segments of the pharmaceutical industry, expanding at nearly double the rate of the pharmaceutical industry. Wide applications of life science reagents and analytical standards in the biopharmaceutical industry for the development of various biomarkers, production of biologic drugs, drug discovery, and therapeutic drug monitoring are likely to increase the demand for analytical standards during the forecast period.
Besides, stringent regulations regarding life science research, and process validation and standardization, drive the demand in the global analytical standards market.
Focus on Customized Standards
Companies are gaining expertise in custom synthesis by designing different methods for the synthesis of reagents. Custom synthesis products are backed by analytical data to suit the needs of customers. Moreover, companies keep stock of custom synthesized products for quick reorder availability.
Various analytical reagent manufacturers are taking efforts to ensure the availability of a range of seamless scale-up options. These companies are also focusing on transferring custom synthesized materials to large-scale manufacturing facilities and GMP facilities.
For instance, AccuStandard is one of the players engaged in the specialized synthesis of high purity chemicals used as reference standards. The capabilities of custom synthesis range from milligrams to kilograms. The synthesis of numerous organic pollutants and their metabolites is an integral part of the efforts of companies to provide the community with previously unavailable standards. This is especially true for the rise in the demand for reference standards for explosives and pesticides.
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High Cost of Custom Analytical Standards to Hamper Analytical Standards Market
The costs for custom synthesis services differ substantially from project to project, which reflects not only in the prices of starting materials or number of synthesis steps, but also in risk profiles; R&D intensities; and requirements regarding purity, safety, documentation, and analytical specification.
Well-documented synthesis of standard chemicals is much cheaper than first-time, multi-step syntheses of novel compounds.
This imposes a pricing pressure on major manufacturers, thereby intensifying competition. The dominance of local players offering a wide range of analytical standards at lower rates affects the geographic expansion of major players in a particular region, which is subsequently hampering the growth of the analytical standards market.
Global Analytical Standards Market: Competition Landscape
This report profiles major players in the global analytical standards market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments.
The analytical standards market is highly fragmented, with the presence of a large number of international as well as regional players in the market.
Prominent players operating in the global analytical standards market include –
- AccuStandard, Inc.
- Agilent Technologies, Inc.
- Inorganic Ventures
- Cayman Chemical
- Merck KGaA
- Mallinckrodt Pharmaceuticals
- Chiron AS
- GFS Chemicals
- LGC Standards
- GE Healthcare
Key Questions Answered in Analytical Standards Market Report
- What is the scope of growth of product companies in the analytical standards market?
- What will be the Y-o-Y growth of the analytical standards market from 2019 and 2027?
- What is the influence of the changing trends in technologies on the global analytical standards market?
- Will North America continue to remain the most profitable regional market for analytical standards providers?
- Which factors are anticipated to impede the growth of the global analytical standards market during the forecast period?
- Which are the leading companies in the global analytical standards market?
Global Analytical Standards Market – Segmentation
- Food & Beverages
- Pharmaceuticals & Life Sciences
- Physical Properties Testing
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
TABLE OF CONTENT
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary : Global Analytical Standards Market
4. Market Overview
4.3. Market Dynamics
4.4. Global Analytical Standards Market Analysis and Forecast, 2017–2027
5. Market Outlook
5.1. Pricing Analysis
5.2. Recent Development
6. Global Analytical Standards Market Analysis and Forecast, by Type
6.1. Introduction & Definition
6.1.1. Key Findings / Developments
6.2. Global Analytical Standards Market Revenue (US$ Mn) Forecast, by Type, 2017–2027
6.3. Global Analytical Standards Market Attractiveness, by Type
7. Global Analytical Standards Market Analysis and Forecast, by Application
7.1. Introduction & Definition
7.2. Global Analytical Standards Market Revenue (US$ Mn) Forecast, by Application, 2017–2027
7.2.2. Food & Beverage
7.2.3. Pharmaceutical & Life Sciences
7.3. Global Analytical Standards Market Attractiveness, by Application
8. Global Analytical Standards Market Analysis and Forecast, by Technique
8.1. Introduction & Definition
8.2. Global Analytical Standards Market Revenue (US$ Mn) Forecast, by Application, 2017–2027
8.2.4. Physical Properties Testing
8.3. Global Analytical Standards Market Attractiveness, by Technique
9. Global Analytical Standards Market Analysis and Forecast, by Region
9.1. Key Findings
9.2. Global Analytical Standards Market Revenue (US$ Mn) Forecast, by Region
9.2.1. North America
9.2.3. Asia Pacific
9.2.4. Latin America
9.2.5. Middle East & Africa
9.3. Global Analytical Standards Market Attractiveness, by Region
10. North America Analytical Standards Market Analysis and Forecast
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