The Business Research Company has updated its global market report with the latest market sizing information for 2023 and forecasts to 2032. The report, Analytical Standards Global Market Report 2023, highlights that the standard market size is expected to grow from $1.4 billion in 2022 to $1.5 billion in 2023, at a compound annual growth rate (CAGR) of over 6%. The analytics standard market size is expected to grow to $1.9 billion by 2027, at a CAGR of 6%.
Increased government support, improved healthcare infrastructure/spending, increased public concern over optimal food safety and quality, increased regulatory focus on effective contamination monitoring and control, and key drug patent expiry are expected to drive the growth of the analytical standards market.
The Global Analytical Standards Market is segmented by type, technology, methodology, application, and end-user. Types will emerge in the Organic Standards segment, accounting for $480.3 million in global annual revenue by 2027 expected to win dollars. North America is the largest region in the Analytical Standards market, expected to grow to 4% by 2022. It was worth $99.5 million.
Companies in the analytical standards market are seeking new technology and new product solutions to strengthen their market position. For example, Waters Corporation announced in February 2021 that a next-generation liquid chromatograph featuring Waters’ breakthrough MaxPeak High Performance Surface (HPS) technology will be implemented in a Waters ACQUITY PREMIER solution. Additionally, in January 2022, Agilent Technologies will launch a new pharmaceutical-oriented workflow solution for laboratories that incorporates advanced experimental design and analysis tools.
The Business Research Company recommends analytical standards market players to strengthen tuberculosis diagnostic tools, grow their business by opening research facilities, expanding their product portfolio through strategic acquisitions of companies within the business, expanding their footprint, and improving their customer experience.
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