Testing and Analysis Services Market Estimated to Accumulate more than US$29.1 bn by 2023

The global testing and analysis market is exhibiting a CAGR of 5.60% within a forecast period from 2015 to 2023. This market is expected to reach US$29.1 bn in 2023. It was valued at US$17.9 bn in 2014, as stated in a research report released by Transparency Market Research. The report, titled “Testing and Analysis Services Market: - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023,” encapsulates all factors important in understanding the future situation that this market is expected to be in.

According to the report, the primary driver for the global testing and analysis services market is the rapidly increasing need for it in the industries of food and beverages, pharmaceuticals, and medical devices. These sectors have undergone several changes in terms of new legislations. Companies in these sectors need to comply with the new standards of safety and therefore need to make wider use of testing and analysis services.

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Government regulations have grown more stringent after most economies started recovering following the 2009 meltdown. These mandatory requirements imposed by governments on multiple industries involve product characterization, safety, as well as quality assurance. Companies that are looking for organic growth must also make sure their locations and products meet the latest regulatory standards.

One of the major trends in the global testing and analysis services market is the growing preference for outsourcing testing and analysis services. Outsourcing provides the benefits of customized testing services and also helps a company cut down on costs while availing high-quality services. In a 2012 survey for laboratory services outsourcing, it was revealed that 93.0% of the companies that took part in the survey had opted for some form of outsourcing of lab services.

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The report provides a segmented analysis of the global testing and analysis services market through the criteria of sample type, analysis type, industry, and geography.

Based on sample type, the global testing and analysis services market was dominated by the food and beverages segment in 2014 owing to a growing presence of small and medium companies in this sector. Most of these companies prefer to outsource testing and analytical services. The food and beverage segment is also expected to expand at the fastest rate due to the growing awareness among consumers regarding food safety standards.

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In terms of analysis type, the global testing and analysis services market was dominated by the elemental analysis segment in 2014. The report goes further into this segment’s analysis, stating that 44.0% of SMEs outsource their elemental testing analysis needs. Additionally, almost 70.0% of outsourced tests are provided by industrial sources, while the remainder is given to public or private organizations.

North America dominated the global testing and analysis services market in 2014, followed closely by Europe. These regions led the global testing and analysis services market due to the high demand for advanced testing and analytics, especially in elemental testing, as well as the financial ability of SMEs to procure these tests.

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The key players in the global testing and analysis services market are LECO Corporation, Applus, TÜV SÜD, Koninklijke Philips N.V., Maxxam, Acuren, TÜV Rheinland, Exova, Eurofins, ALS Global, Intertek Group plc, SGS S.A., and Bureau Veritas.

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This release was published on openPR.