Testing and Analysis Services Market to Make Great Impact in Near Future by 2027

Transparency Market Research (TMR) has published a new report titled, 'Testing and Analysis Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2027'. According to the report, the global testing and analysis services market was valued at US$ 21,837.0 Mn in 2018 and is projected to expand at a CAGR of 7.0% from 2019 to 2027.

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Overview

The testing and analysis services industry facilitates large volumes of samples, making it a multi-billion dollar industry. Testing and analysis services in this dynamic industry are expected to be compliant with regulatory changes as well as spikes in demand. Thorough testing of various products, raw materials, and other commodities are essential to reduce the risk of failure, increase safety, regulatory compliance, and to minimize ?nancial losses resulting from any such events. 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. These companies inevitably invest in testing to support product development, quality assurance, and safety compliance.

The testing analytical services market comprises companies that help businesses to manufacture, conduct research & development, maintain a streamline of quality products, and validate and execute regulatory compliance that range from routine to highly complex programs

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Global Trade is a Major Driver of Growth due to its Correlation to the Size of Testing Volumes

Products are now not confined to any specific geography, instead these are available across the globe with international standards. Global trade has increased test volume multiple times as products require to adhere to local and international standards.

Global trade has maximized the opportunities for international testing services companies, especially in Europe. Large testing services companies have benefitted the most from global trade as multinational manufacturers stick to same service providers in different geographies.

Oil and Gas Samples Segment to Dominate Market

Based on sample type, the global testing and analysis services market has been divided into Water, Soil (Manure and Air), Sediment, Clay minerals, Metal Alloys, Biological Sample, Food/Beverage, Chemical Products, Corrosion Products, Oil , Gas and Fluids, Minerals and Ores

Oil and gas samples accounted for the largest share of the global elemental analysis market in 2018 due to high demand for due to presence of large number of small and medium food companies which outsource most of the testing services. In addition, it is estimated that the increase in the disposable income and hence increase demand for packaged food would double the size of current food testing market by 2027.

Moreover, the food and beverage segment is likely to expand at the highest rate from 2019 to 2027 due to increasing awareness among people about food safety and rising demand for quality food among people globally

On the other hand, rising regulatory compliance pertaining to elemental analysis for various samples is expected to hamper market growth during the study perio.

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Elemental Analysis to be Highly Lucrative Segment

The testing and analysis services market comprises hundreds of tests for qualitative and quantitative measures of products

Based on type of analysis, the market has been segmented into nine major categories. Furthermore, each category has been divided into subcategories based on closely related analysis/tests.

The major analysis/testing type categories include elemental analysis, organic analysis, isotopic analysis, particle size analysis, mineralogical analysis, metallurgical analysis, petroleum and petrochemical tests, biochemical analysis, and others.

Food and Beverage Industry to Dominate Global Market

Testing and analysis services are an important part of several industries including food and beverage, environmental, pharmaceutical and medical devices, energy, and mining and minerals. Analysis services in these industries include testing materials for suitability and strength, environmental, food quality and quantification, chemical and composition analyses of broad categories of products, and several other exclusive and non-exclusive testing services.

Industries involved with food production or pharmaceutical manufacture, for example, rely heavily on tests to ensure that their products meet health and safety standards. In the case of pharmaceutical manufacture, testing is also essential to ensure that the product works in the way it is supposed to.

Food and beverage manufacturers are under pressure to deliver quality products due to growing dominance of private companies and increased competition from players in the emerging markets. This has increased the importance of food testing services. Additionally, regulations and industry requirements for quality and traceability are tightening, with greater demand for scientific verification of product claims and safety of product ingredients.

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

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North America to Dominate Global Market

In terms of region, the global testing and analysis services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global testing and analysis services market in 2018, followed by Europe.

North America accounted for the largest share of the global elemental analysis services market in 2018, 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 to avail and afford expensive services (elemental).

However, Asia Pacific is likely to witness the highest CAGR during the forecast period from 2019 to 2027. Rising disposable income, rapid urbanization, increase in health care infrastructure, and distribution and partnership strategies adopted by the players support market growth in the region.

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Competitive Landscape

The global Testing and Analysis Services market is fragmented in terms of number of players. Key players in the global market include ALS Limited, Activation Laboratories Ltd., EAG Inc., Element Materials Technology, Elemental Analysis, Inc., Galbraith Laboratories, Intertek Group plc, Eurofins Scientific Group., Maxxam, Acuren, Laboratory Testing Inc., Lucedeon Limited, Micro Analysis, Inc., Midwest Microlab, LLC, NSL Analytical Services, Inc., Particle Technology Labs, SGS SA, Solvias AG, Exeter Analytical (UK) Ltd., among others.

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