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(Health-NewsWire.Net, July 28, 2020 ) The global analytical standards market is projected to reach USD 1.73 Billion by 2022 from 1.27 Billion in 2017, at a CAGR of 6.3%. Some of the factors driving the growth of this market are the stringent regulations over pharmaceutical industry, rising public concern related to optimal food safety and quality, increasing public-private investments for various research, and growing use of analytical techniques in proteomics and metabolomics. However, limited public awareness related to effective pollution monitoring strategies and stringent storage requirements for analytical standards are the key factors hindering the growth of the market.
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Analysis of the market developments between 2014 and 2017 (April) reveals that several growth strategies such as product launches, strategic acquisitions, agreements, partnerships, collaborations, and expansions are adopted by the market players to strengthen their product portfolios and maintain a competitive position in the analytical standards market. Among these business strategies, product launches and expansions were the most widely adopted growth strategies by players in the market.
Merck KGaA (Germany) holds the leading position in the market with its broad range of analytical standards. The company primarily focuses on product launches to sustain its position in the analytical standards market. The market has witnessed several product launches by Merck KGaA (Germany) in the last three years including Cerilliant certified reference materials, internal standards of antifungal agents (including fluconazole, itraconazole, ketoconazole, posaconazole, and voriconazole), and tryptamine reference standards. The company also focuses on other growth strategies such as agreements, strategic acquisitions, and expansions. During 2014-2017, the company signed distribution agreements with VWR International (U.S.), Public Health England (PHE) (U.K.), National Institute of Standards and Technology (NIST) (U.S.), and Cawthron Institute (New Zealand) to strengthen its distribution network.
LGC Limited (U.K.) is one of the prominent players in the analytical standards market. The company has a strong foothold in the market with a wide range of analytical standards. The company mainly focuses on product launches to maintain its significant market share and competitive advantage. The company launched several analytical standards during 2013-2017, including meat mixture reference materials, amino acid reference materials, and pharmaceutical reference materials. Furthermore, the company also focuses on other growth strategies such as agreements, strategic acquisitions, and expansions. In line with this, during 2014-2017, the company acquired Maine Standards Company (U.S.) and Dr. Ehrenstorfer (Germany) to enhance the analytical standards product portfolio.
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