The global analytical standards market is poised to grow at a CAGR of 6.5% in the forecast period. This market is segmented into major regions, namely, North America (U.S. and Canada), Europe (Germany, France, U.K. and Rest of Europe), Asia-Pacific and Rest World (RoW). In 2015, North America accounted for the largest share of the global analytical standards market followed by Europe. The largest share of this region is attributed to several factors such as the availability of huge government funding for life science research and development activities, stringent drug development and food and environmental safety regulations, high adoption rate of technologically advanced analytical solutions, and large number of ongoing clinical research studies in this region. The U.S. is estimated to grow at the highest CAGR in North American analytical standards market in the next five years. A number of factors such as the strict drug development regulations, growing metabolomics research studies, conferences, discussions, symposiums, and seminars related to analytical technologies as well as rising prevalence of chronic diseases are the major drivers contributing to the growth of the analytical standards market in the U.S.
However, APAC is poised to grow at the highest CAGR during the forecast period. This is primarily due to increasing life science research funding, development of bioclusters in various countries, and increasing outsourcing of clinical trials from developed nations to APAC countries. Driven by its high growth potential, several market players operating in analytical instrument and analytical standards have expanded their presence in the Asia-Pacific region especially in China. In June 2013, Thermo Fisher Scientific (U.S.) invested USD 9.5 million to establish the China Innovation and Technology Center at Shanghai so as to expand its research, development, and training capabilities. This center provides the company with the capacity to train thousands of customers every year for its analytical instruments and other technologies. The company also invested more than USD 20 million to establish a manufacturing facility in China in November 2012. Similarly, in 2013, Ionics (U.S.) expanded its presence in China by offering high-performance LC-MS/MS systems through partnerships with various Chinese distributors. In May 2013, Agilent Technologies established a new office in Ho Chi Minh City, Vietnam, which is equipped with bioanalytical instruments (such as chromatography instruments) that are used by scientists and researchers.
A number of players involved in the analytical standards market are focusing on growth strategies such as new product launches, expansions, and strategic acquisitions, to expand their product portfolio and geographic presence across different geographies. Significant companies in the analytical standards market involve Sigma-Aldrich (U.S.), Merck KGaA (Germany), LGC Limited (U.K.), Agilent Technologies Inc. (U.S.), Waters Corporation (U.S.), and Restek Corporation (U.S.). Other key players in this market include AccuStandard, Inc. (U.S.), Cayman Chemical Company (U.S.), RICCA Chemical Company (U.S.), and SPEX CertiPrep (U.S.)., among others are investing in this high-growth market to gain more profits and increase their share in the global analytical standards market.