Transparency Market Research has published a new market report titled, “Testing and Analysis Services Market: [By Sample Type: Water, Soil/Sediment, Clay Mineral, Metal Alloy, Biological Sample, Food, Chemicals, Corrosion, Oil and Gas, and Minerals and Ores; By Analysis Type: Elemental, Organic, Isotopic, Particle Size, Mineralogical, Metallurgical, Petroleum and Petrochemical, Biomedical and Biopharmaceutical, and Others; By Industry: Food/Beverages, Pharma/Medical Device, Energy, Minerals, Chemicals and Other Commodities, Environment and Metal and Alloy] – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015–2023.” According to the report, the global testing and analysis services market in was valued at US$17.9 bn in 2014 and is projected to expand at a CAGR of 5.6% from 2015 to 2023 to reach US$29.1 bn in 2023.
The testing and analysis services industry process millions of samples annually, making it a multi-billion dollar industry. Thorough testing of various products, raw materials, and other commodities are essential to increase safety, regulatory compliance, reduce the risk of failure, and to reduce financial burden following any such event. Hence, testing services in any industry is essential before the products are market ready. Even in times of drastic cost cutting across the globe, most of the manufacturers continue to spend large sums on testing and analysis services in order to maintain quality of the products. A large number of EU industrial regulations, Food and Drug Administration (FDA) safety regulations, and consumer grievances have led to progressively rigorous testing requirements and analysis of products prior to sale. The impact of this increasingly regulated environment is the unprecedented pressure on manufacturers to ensure the safety and quality of their products. In turn, organizations offering testing services have thrived across the globe.
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The testing and analysis services market has been segmented on the basis of sample type, analysis type, industry and geography. On the basis of sample types, the market has been further categorized into water, soil/sediment, clay mineral, metal alloy, biological sample, food, chemicals, corrosion, oil and gas, and minerals and ores. By analysis type the market has been classified into elemental, organic, isotopic, particle size, mineralogical, metallurgical, petroleum and petrochemical, biomedical and biopharmaceutical, and others. The industry covered in the report includes food/beverages, pharma/medical device, energy, minerals, chemicals and other commodities, environment and metal and alloy.
On the basis of geography, the market has been segmented into: North America, Europe, Asia Pacific, Latin America, Middle East and North Africa (MENA), Rest of the World (RoW). North America was the largest regional market for testing and analysis services market in 2014, followed by Europe. In the last five years, high industrial activities in chemical, food and beverages, and energy industries has ensured sustained growth in the North America, subsequently making it global hub for testing and analysis services market. However, with manufacturing migration in Asia countries such as China and India, 2016 would witness restrained demand for testing services in the region. Europe was the second largest regional market in 2014. In the past few years, the Western European region (Germany, U.K., France, and Italy), has witnessed relatively slow growth owing to the effect of market saturation and very high competition. However, over the past few years, the European countries have made bulk of investments to support increased manufacturing activity in food and beverages, energy and chemical industries, a promising event for large players in this industry.
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The growing demand for testing services in emerging markets is expected to drive the growth of this market in Asia-Pacific and Rest of the World (RoW). Furthermore, increased penetration by companies based in the Europe and other western countries is also likely to drive the growth of the market in the region. For instance, SGS S.A., world leading testing and analysis company acquired a number of small companies to strengthen its position in the fastest growing geography. In 2015, the company singed multi-million dollar deal with a leading Japanese testing company. Moreover, all established players are acquiring smaller companies in order to decrease operational cost, meet assorted consumer needs, and make a mark in the Asia Pacific market.
Major players operating in the testing and analysis services market include Bureau Veritas , SGS S.A., Intertek Group plc, ALS Global, Eurofins, Exova, TÜV Rheinland, Acuren, Maxxam, Koninklijke Philips N.V., TÜV SÜD, Applus, and LECO Corporation. Many of these players continuously innovate by developing new testing methodologies with technological advances in order to maintain their position in the global market.
The Testing and Analysis Services Market has been segmented as follows:
Global Testing and Analysis Services Market, by Sample
- Clay Mineral
- Metal Alloy
- Biological Sample
- Oil and Gas
Global Testing and Analysis Services Market, by Analysis Type
- Particle Size
- Petroleum and Petrochemical
- Biomedical and Biopharmaceutical
Global Testing and Analysis Services Market, by Industry
- Pharma/Medical Device
- Chemicals and Other Commodities
- Metal and Alloy
Global Testing and Analysis Services Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and North Africa
- Rest of the World
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