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Dietary*Supplement Testing Services Market Size, Analysis, Trends, Opportunities And Strategies 2024-2033
Dietary Supplement Testing Services Market
As per the report, the dietary *supplement testing services market size has grown strongly in recent years. It will grow from $2.65 billion in 2023 to $2.91 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The dietary *supplement testing services market size is expected to see rapid growth in the next few years. It will grow to $4.33 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
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Healthcare Spending Drives Dietary *Supplement Testing Market
The increase in healthcare spending is expected to propel the growth of the dietary& supplement testing services market going forward. Healthcare spending refers to the total amount of money spent on healthcare goods and services within a specific time. Healthcare spending are also allocated towards conducting safety and efficacy testing of dietary* supplements. This includes funding research studies and clinical trials to evaluate the potential benefits and risks associated with specific dietary *supplements, supporting the growth of the market. For instance, in May 2023, according to a report published by the Office for National Statistics, a UK-based government department, between 2020 and 2021, healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms. Furthermore, spending on preventive care was $45.72 billion in 2021, more than doubling from 2020. Therefore, the increase in healthcare spending is driving the growth of the dietary* supplement testing services market.
Strategic Alliances Propel Growth In Dietary *Supplement Testing Services Market
Major companies operating in the dietary *supplement testing services market are adopting a strategic partnerships approach to launch dietary *supplements into new markets. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in May 2022, HealthLoq, a US-based Blockchain-Powered Nutraceutical Information Platform, partnered with UL Solutions, a US-based safety science company. With this partnership, they combine HealthLoq's blockchain-based transparency platform with UL's expertise in independent testing, inspection, and audit activities. This collaboration streamlines the launch of dietary *supplements into new markets, ensuring manufacturers deliver quality and safety, while the HealthLoq platform provides consumers with trustworthy, detailed information about specific nutraceutical products, contributing to the growth of the dietary* supplement testing services market.
The dietary* supplement testing services market covered in this report is segmented -
1) By Service: Stability Testing, Analytical Testing, Microbiological Testing, Regulatory Testing And Compliance, Other Services
2) By Ingredient: Herbal, Vitamins, Minerals, Amino Acids, Enzymes, Other Ingredients
3) By Service Provider: Testing laboratories, Contract research organizations (CROs), Regulatory consultants, Other Service Providers
4) By End-User: Manufacturers, Contract manufacturers, Distributors, Regulatory bodies
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Major companies operating in the dietary *supplement testing services market report are Eurofins Scientific Pvt. Ltd., SGS S.A., Bureau Veritas S.A., Intertek Group PLC., UL LLC, TÜV SÜD, Element Materials Technology, ALS Limited, LGC Limited, NOW Foods, NSF International, Certified Laboratories Inc., United States Pharmacopeia (USP), Modern Testing Services, Applied Technical Services Inc., Merieux NutriSciences, Microbac Laboratories Inc., ChromaDex Corp., EAG Laboratories, Spectro Analytical Labs, Nutrasource Diagnostics Inc., Auriga Research Limited, Q Laboratories Inc., Pacific BioLabs Inc., Columbia Laboratories Inc., Advanced Laboratories Inc., ConsumerLab.com LLC, Purity-IQ Inc., Alkemist Labs, Flora Research Laboratories, Foodscan Analytics Limited
Contents of the report:
1. Executive Summary
2. Dietary* Supplement Testing Services Market Report Structure
3. Dietary *Supplement Testing Services Market Trends And Strategies
4. Dietary *Supplement Testing Services Market - Macro Economic Scenario
5. Dietary *Supplement Testing Services Market Size And Growth
…..
27. Dietary *Supplement Testing Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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