Pure, homogenous and stable chemicals, analytical standards are responsible for precision in quantitative analysis and thus, they are used in examination of analytical method performance and calibration of apparatus. Moreover, they can help detect specific substances in mixtures. Commonly used standards include microscopy, chromatography (PPCL, GPC and GC), electrophoresis and spectroscopy.
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And, owing to these characteristics mentioned above, these are used in a number of industries like petrochemical, cosmetics, forensic and food and beverages. They are used for GMO standards, and trace analysis
Thus, they are expected to chart a notable CAGR (Compound Annual Growth Rate) between 2019 and 2027 creating a higher market and new growth opportunities. It is noteworthy here that the organic segment will hold a major share of the market in this period owing to high demand for and application.
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Lifesciences and Pharmaceutical Industry to Drive Growth in the Global Analytical Standards Market
The life sciences and pharmaceutical industry is set to witness growth owing to expansion of demand in the market. There is a notable growth in geriatric population and increase in incidence of chronic diseases that will lead to the industry seeing super-active participation from players in drug development, packaging and everything in between. And, since analytical standards are used extensively in these processes, the market will see an upward growth trajectory owing to this expansion.
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It is worth mentioning here that one in six people in the world will be aged 65 or above by 2050 and one in four in North America and Europe. And, in the year 2018, the world saw the historic demographic shift where number of geriatrics (65 and over) was more than number of people aged 5 and below. Similarly, incidence of chronic diseases is particularly high. In the United States, six in every ten people have a chronic disease and four in every ten have at least two chronic diseases.
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Rise in Demand for Packaged and Processed Food Will Contribute to Analytical Standards Market Growth
Lifestyle changes are leading to more people opting for foods that are ready to eat or easy to cook. Besides, a constant demand is for foods with longer shelf life. This has led to growth of demand for analytical standards in the food and beverages industry which will also a significant market share over the forecast period.
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