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Testing and Analysis Services Market To Witness Exponential Growth, in-Depth Analysis and Forecast

A latest market report published by Transparency Market Research is Testing and Analysis Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023
Published 03 February 2016

According to a recent market study published by Transparency Market Research (TMR), 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.

Testing and analysis services market is engaged in the provision of testing and analysis services (and related services) for industries including oil and gas, mineral and mining, food and beverage, and chemical and other commodities. The purpose of these services is to help increase manufacturing efficiency, help local producers meet global standards, manage risk and improve the quality, safety and compliance of a company and their products or services. Future trends and development in the testing and analysis services industry depends upon technological advancement and regulatory scenario globally. For instance, the Food Safety Modernization Act, passed in 2011, has been considered as the most comprehensive food safety legislation in the U.S. The passage of the Food, Drug, and Cosmetic Act in 1938 has completely changed food and beverage standards. The legislation has obelized domestic and foreign laboratories to adopt appropriate testing and analysis methodologies, and must conduct all regulatory food testing as new Food Safety Modernization Act.

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The report explores vast scope of global testing and analysis services market and draws upon the market analysis through four broad perspectives: sample type, analysis type, industry participants, and geography. Following the brief economic slowdown in 2009, the testing services market has accelerated due to mandatory government requirements regarding the products such as quality assurance, safety, and product characterization. Furthermore, expansion of testing services into end markets such as food safety and oil and gas analysis has been a major driver of organic growth for several companies. Increasing trend of outsourcing of testing services is also propelling the market growth owing to its innate benefits such as cost effectiveness and quality services. According to Laboratory Services Outsourcing Survey, 2012, 93% of participant organizations have outsourced some form of laboratory services.

Based on industry, the market is segmented as food/beverages, pharmaceuticals/medical device, energy, minerals, chemicals and other commodities, environment and metal and alloy. In 2014, the food and beverages industry segment is estimated to account for the largest share of the global testing and analysis services market. Furthermore, the food and beverage industry is one of the major contributors to growth of the testing and analysis services market and has historically witnessed consistent growth.

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. The dominance of these two regions is attributed to growing demand for technologically advanced elemental analysis services and financial capability of SMEs (manufacturing sector) to avail and afford expensive services. Furthermore, increasing demand and high preference for environmental and chemical testing services is likely to fuel the market growth in this region from 2015 to 2023. Asia Pacific is anticipated to witness the fastest growth rate during the forecast period due to manufacturing migration to Asian countries and increased penetration European and American testing companies in the region.

Major players operating in the testing and analysis service 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.

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