The testing and analysis services market is fairly fragmented with the presence of a number of small players offering services at competitive pricing, notes Transparency Market Research (TMR). Some of the leading players in the global testing and analysis services market are LECO Corporation, Koninklijke Philips N.V., Maxxam Analytics, Acuren, Eurofins, ALS Global, Intertek Group plc., SGS S.A., Exova Group plc., and Bureau Veritas S. A. Several key players are adopting organic growth strategy and capitalizing on emerging opportunities in the areas of food testing and in the oil and gas analysis, in order to strengthen their presence across various end-use industries. In addition, several major global players and mid-sized companies opt for acquisitions as the key strategy to consolidate their shares, observes TMR.
Request Brochure of Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=7643
The market for global testing and analysis services stood at US$17.9 bn in 2014 and is anticipated to rise at a CAGR of 5.6% from 2015 to 2023. The opportunities in the market are projected to reach US$29.1 bn by the end of the forecast period.
Substantial Demand for Advanced Elemental Analysis Services in North America
Regionally, the global testing and analysis services market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East and North Africa (MENA), Rest of the World (RoW). Of these, currently, North America leads the regional market. The growth of this regional market is anticipated to be driven by the burgeoning demand for a variety of environmental and chemical testing services.
On basis of the type of analysis, the testing and analysis market is segmented into elemental, organic, particle size, isotopic mineralogical, metallurgical, biomedical and biopharmaceutical, and petroleum and petrochemical. The elemental analysis segment is anticipated to occupy a substantial market share by the end of the forecast period. A growing number businesses, especially small and medium-scale enterprises (SMEs), are outsourcing elemental analysis services to testing companies and a major chunk of services are offered by industry bodies.
Request for Analysis of COVID19 Impact on Testing and Analysis Services Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=7643
Pressing Need for Safety and Compliance of Processes Trigger Bolster Uptake
The testing and analysis services market is driven by their demand for testing in various end-use industries such as oil and gas, mineral and mining, food and beverages, and pharmaceutical industries. The growing uptake of these services is fueled by several benefits. Testing and analysis services help end users augment manufacturing efficiency, enable local producers to meet global standards, and help companies manage risks. Furthermore, the drive for testing and analysis services in companies stems for the need of meeting the compliance of their processes and safety of their products.
The evolving regulatory landscape in the pharmaceutical and medical devices industries has led to a rapidly growing demand for these services. The rising demand for biologics has spurred the demand for chemical testing services. In addition, the increasing popularity of these services by a number of emerging SMEs has boosted the testing and analysis market in developed countries. A rapidly burgeoning manufacturing sector in emerging nations is further expected to accentuate the testing and analysis services market.
Buy Testing and Analysis Services Market Report – https://www.transparencymarketresearch.com/checkout.php?rep_id=7643<ype=S
However, the higher customer acquisition cost associated with small laboratories providing testing and analytical services has negatively affected their profit margins. This is likely to hamper the growth of the market. Nevertheless, the rapidly rising drug delivery activities undertaken by several pharmaceutical and biopharmaceutical companies has led to the need for regulatory submissions made to various regional and global authorities. This is a key factor expected to open up lucrative growth avenues for market players, especially in emerging and developed markets.
More Trending Reports by Transparency Market Research –
Transparency Market Research is a global market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for several decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts so that it always reflects latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
USA – Canada Toll Free: 866-552-3453