Testing and Analysis Services Market to Grow at a 7.0% CAGR from 2019 to 2027, Reaching US$ 27,864.7 Mn: TMR Report

Transparency Market Research's most recent report on the global 𝐭𝐞𝐬𝐭𝐢𝐧𝐠 𝐚𝐧𝐝 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 highlights the significant impact of international standards and regulations on market growth throughout the forecast period spanning from 2019 to 2027. The report underscores how adherence to these standards has emerged as a key driver propelling the market forward.

The global testing and analysis services market achieved a valuation of US$ 21.8 billion in 2018, as stated in the report. Moreover, it forecasts a robust compound annual growth rate (CAGR) of 7.0% to reach US$ 27,864.7 Mn from 2019 to 2027, indicating sustained expansion within the industry.

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=7643&utm_source=OpenPR&utm_campaign=MansiR

The global testing and analysis services market is a multibillion-dollar industry that facilitates massive amounts of samples. In this fast-paced market, testing and analysis services are required to keep up with regulatory reforms and increased demand. To decrease the risk of failure, promote safety, comply with regulations, and limit financial losses, thorough testing of diverse products, raw materials, as well as other goods is required. As a result, testing services are required in every business before items are ready for sale.

𝐊𝐞𝐲 𝐃𝐫𝐢𝐯𝐞𝐫𝐬:

Most testing services, notably in life sciences, petrochemical, and chemical sectors, are conducted in-house. Currently, around 42% to 45% of these services are outsourced to independent service providers, a percentage that has notably increased over the past five years. Compared to 2015, the outsourced testing services market has grown by more than 5%, with further growth anticipated in the forecast period.

Large companies increasingly outsource testing to reduce costs, particularly due to rising regulatory requirements, which make in-house testing more expensive. These companies are delegating responsibilities to independent third parties to ensure regulatory compliance while focusing on core activities.

Outsourcing is most prominent in the environmental (including agriculture) industry, reaching approximately 60% in 2018. The food & beverage sector follows as the second-largest market for outsourcing services. However, recent trends indicate that the biopharmaceutical and medical devices industry will witness the highest growth rate in outsourcing services.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:

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

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

𝐒𝐚𝐦𝐩𝐥𝐞 𝐓𝐲𝐩𝐞

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

𝐓𝐲𝐩𝐞 𝐨𝐟 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

Elemental Analysis
Organic Analysis
Isotopic Analysis
Particle size analysis
Mineralogical Analysis
Metallurgical Analysis
Petroleum Petrochemical
Biomedical and Biopharmaceutical Analysis
Others

𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲

Food & Beverage
Pharmaceutical, Medical Devices
Environmental
Energy (Oil & Gas)
Mining & Minerals
Chemical & Commodities
Heavy Industry

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𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

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This release was published on openPR.