STRONTIUM BROMIDE MARKET ANALYSIS

Strontium Bromide MarketSize and Trends

The global strontium bromide market is estimated to surpass US$ 4.91 Mn by the end of 2030 in terms of revenue, exhibiting a CAGR of 5.3% during the forecast period (2022 to 2030).

Market Trends

Strontium bromide seeks applications in the manufacturing of chemical reagents. In recent period, the companies engaged in the global laboratory chemical reagents market are growing investments in research and development activities. According to a report published by American Chemical Society in June 2019, 20 of the world’s largest chemical firms upped their research and development spending by 3.3% in 2018. This factor is projected to fuel the expansion of the global market for laboratory chemical reagents in the years ahead. A wide range of technologies such as cell culture, recombinant DNA technology, and bio-therapeutics are experiencing continuous evolution. This factor is likely to stimulate promising demand opportunities in the global laboratory chemical reagents market.

On the basis of applications in 2021, Analytical Reagent Segment accounted for 33.47% of the revenue share, in the global strontium bromide market. Analytical reagents are widely used in many industries, such as biopharmaceuticals and pharmaceuticals, food and beverages, petrochemicals, and agriculture. The pharmaceutical industry is one of the most regulated industries in the world, as medicines must be safe and effective. Pharmaceutical and biotech companies are investing heavily in research to develop breakthrough protein-related products to meet the growing needs of the healthcare industry. For instance, according to a report presented by the United States Congressional Budget Office in April 2021, in 2019 the pharmaceutical industry spent US$ 83 billion on research and development. The spending on the research and development by the pharmaceutical and other industries is driving the market for strontium bromide as analytical reagents.