ALBANY, New York, November 18, 2015 /PRNewswire/ --
Transparency Market Research has published a new market report titled, "Testing and Analysis Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023." According to the report, 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.
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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.
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The critical need for testing services is expected to increase in the next few years especially in pharmaceutical, medical devices, and food and beverages industry owing to new legislations regarding safety and compliance. The need would further augment with growing manufacturing sector in the developing world such as India, Brazil, Taiwan, Mexico, and Indonesia. The testing and analysis services market is highly fragmented with large number of small companies, propagating intense competition by offering services at low cost. The effect of competition is clearly visible in the industry, and even major players are no exception to this. This has resulted in higher customer acquisition cost which affected profitability and put small laboratories on the risk of shutdown.
However, none of the large companies reported organic revenue decline in any year since 2000, although some segments are cyclical. In addition, acquisition has been one of the core strategies for all major global players and mid-sized companies. For instance, SGS has completed 32 deals since 2010 and Bureau Veritas has acquired 50 businesses in the past five years.
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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.
The Testing and Analysis Services Market has been segmented as follows:
Global Testing and Analysis Services Market, by Sample
- Clay Mineral
- Metal Alloy
- Biological Sample
- Oil and Gas
Global Testing and Analysis Services Market, by Analysis Type
- Particle Size
- Petroleum and Petrochemical
- Biomedical and Biopharmaceutical
Global Testing and Analysis Services Market, by Industry
- Pharma/Medical Device
- Chemicals and Other Commodities
- Metal and Alloy
Global Testing and Analysis Services Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and North Africa
- Rest of the World
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