Testing analysis services play an important role across many industries and help save time and money by performing critical analysis throughout the product life cycle and improving customer satisfaction. Testing laboratories are investing on testing and analysis services to decrease cost as well as improve analytical testing.
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The growing trend of outsourcing, coupled with stringent regulations and standards has propelled the growth of the global testing and analysis services market. The migration of manufacturing services to Asia Pacific, global trade, and short product life cycle have further fuelled the growth of the market. However, high capital investments and competitive pricing will restrain the growth of the market in the coming years. The overall market has a huge opportunity to grow with increasing investments in the emerging markets of Asia Pacific.
Elemental Analysis Segment Accounted for Largest Share in Market in 2014
In terms of sample, food and beverages samples accounted for the largest share in the global testing and analysis services market owing to the presence of a large number of small and medium food companies that outsource most of their testing requirements. During the period between 2015 and 2023, the segment is estimated to register the highest growth rate due to the increasing awareness among people about food safety and the growing demand for quality food across the world.
According to analysis type, the global testing and analysis services market is categorized into organic, elemental, particle size, isotopic, metallurgical, mineralogical, biomedical, biopharmaceutical, and petroleum and petrochemical. The elemental analysis segment dominated the market in 2014. About 44% of small and medium enterprises outsource the task of elemental analysis to analytical testing companies. While 70% of outsourced elemental analysis services are offered by the industry, only 30% of the services are provided by public and private institutions.
Food and Beverages Represented Largest Industry Segment in 2014
On the basis of industry, the global testing and analysis services market can be segmented into pharmaceuticals/medical devices, minerals, energy, food/beverages, chemicals, and other commodities, metal, environment, and alloy. The food and beverages segment accounted for the largest share in the market in 2014. The segment has witnessed consistent growth historically and is one of the major contributors towards the growth of the global testing and analysis services market.
Key Regions in Global Testing and Analysis Services Market
The global testing and analysis services market is segmented into six key regions: North America, Asia Pacific, Europe, Latin America, Middle East & North Africa, and Rest of the World. North America dominated the overall testing and analysis services market in 2014, closely followed by Europe. The rapid growth of the market across these two regions can be attributed to the increasing demand for technologically advanced elemental analysis services as well as the financial capability of SMEs in the manufacturing sector to avail such services.
During the period between 2015 and 2023, the growing demand and high preference for chemical and environmental testing services is likely to augment the growth of the market in these regions. In the coming years, Asia Pacific is anticipated to witness the fastest growth in the market owing to increased migration of American and European testing companies in the region.
Key Players in Global Testing and Analysis Services Market
Some of the key players in the global testing and analysis services market are SGS S.A., Bureau Veritas, ALS Global, Intertek Group plc, TÜV Rheinland, Applus, Eurofins, Exova, Acuren, Koninklijke Philips N.V., Maxxam, TÜV SÜD, and LECO Corporation.