Global Analytical Standards Market Size

Analytical Standards Market Analysis

The analytical standards market studied was anticipated to grow with a CAGR of 5.5% during the forecast period.

The emergence of COVID-19 had a significant impact on the studied market. The analytical standard techniques have been extensively used in the manufacturing of the COVID-19 vaccine mainly, thereby contributing to the growth of the market. According to the 2022 update by Agilent technologies, the COVID-19 pandemic led to an increase in research and development (R&D) of vaccines for the disease, and separation-based analytical characterization tools such as chromatography and mass spectrometry were employed by researchers to understand the SARS-CoV-2 virus. For the development of better therapies, vaccines, and diagnostic tools to aid in the fight against the COVID-19 pandemic, the adoption of such analytical methods increased among end users. Thus, the studied market witnessed growth during COVID-19, and it is expected to continue its stronghold during the forecast period.

The major factors attributing to the growth of the analytical standards market are rising stringent quality legislation for drug manufacturers, which has led to a huge demand for analytical standards across the globe. The steep rise in the global prevalence of infectious diseases, HIV, cancers, and other diseases has also necessitated the development of novel drugs and diagnostic products.

The incidence and prevalence of chronic diseases are increasing globally, this is further fueling the demand for drug development by major biopharmaceutical companies. The July 2022 update by the Centers for Disease Prevention and Control (CDC) showed that more than 1 in 7 persons or 15% of adults or 37 million people in the United States had CKD in 2021. Similarly, according to the GLOBOCAN 2020 report, the total number of people in the world affected by cancer is estimated to rise to 28.89 million cases by 2040. The large population affected by chronic diseases and the increase in the necessity of novel drugs generate demand for analytical techniques such as chromatography, spectroscopy, and titrimetry, among others used during drug discovery. Thus, an increasing global burden of diseases leads to develop new drugs, and their validations with enhanced quality led to the growth of the market. Additionally, a steep rise in quality testing of products with regular inspections, certification of analytical procedures, and others are likely to contribute to the growth of the global market during the forecast period.

To make informed decisions concerning the quality and safety of pharmaceutical products, reliable analytical data are required. Such analytical data are also necessary for regulatory submissions supporting the registration of medicinal products. As a result, planning for the anticipated application of the process requires developing meaningful experimental designs that include system suitability characteristics. Thus, manufacturers are focused on the launch of new methods.

For instance, in August 2022, Thermo Fisher Scientific launched a new Raman spectroscopic analyzer for process monitoring for a variety of applications, including biopharmaceutical manufacturing. The Thermo Scientific Ramina Process Analyzer offers non-destructive and continuous analysis without the need for sample preparation, with rapid system setup and deployment in just 15 minutes to generate spectral data on target analytes within seconds. Such developments are majorly contributing to the market growth during the analysis period.