The analytical standards market was USD 1,618.9 million in 2023, which will increase to USD 2,588.1 million, powering at a 7.0% compound annual growth rate, by 2030.
This progression is because of the increasing application of the related products in biotechnology, pharmaceutical, food quality & safety assurance, forensics, environmental analysis, and various other areas.
Furthermore, their increasing use in the clinical study of complete metabolites and proteins in an organism or a cell, with the surging worry to monitor or control pollution, boosts this growth.
Moreover, the growing worry about product expiry analysis and food quality & safety, owing to the strict government guidelines in this regard, is boosting the acceptance of analytical standards.
In 2023, the environmental science category, based on application, accounted for a 20% share, and it will continue this trend during this decade. This can be because of the increasing worries owing to the rising pollutants emissions and growing efforts for an effective waste processing and clean environment.
North America led the industry, and it will remain leading, advancing at a 7.2% CAGR, till 2030. This is because of the high R&D spending by pharmaceutical firms and the existence of most global manufacturers and regulatory bodies, who have laid down stringent quality standards to fulfill by pharmaceutical businesses.
Furthermore, the advancing biotechnology sector and consequently rising application of analytical standards and technologies also assist this regional growth.
In addition, the existence of key manufacturers has resulted in the high sale of standards or reference compounds to the chemical and pharmaceutical sectors in this continent.
It is because of the growing concerns regarding the safety as well as the quality of food, the analytical standards industry will advance continuously in the coming years.
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