Testing and Analysis Services Market Overview 2030
Testing and analysis services play an important role to ensure products and materials are safe for consumer use and for environment. These services protect consumers and environment from hazardous chemicals. Testing and analysis services analyses every product as per the regulations from specific governments and ensure the amount of content in products. These services help end users augment manufacturing efficiency, enable local procedures to meet global standards, and help companies to manage their risks.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Coronavirus disease 2019 (COVID-19) has created an economic crisis in addition to the healthcare crisis. COVID-19 pandemic has stretched healthcare system worldwide; developed countries are expected to cause economic recession. The pandemic has an adverse impact on the healthcare system, resulting in 50% to 70% drop in revenue from March. Many small hospitals, clinics, and nursing homes, have been forced to shut their operations. In addition, social distancing and localized curfews have resulted in delayed elective surgical procedures. Further, visa cancellations have led to an interruption in medical tourism and can negatively impact the healthcare services market growth.
Top Impacting Factors
- Rise in usage of testing & analysis services by pharmaceutical companies, surge in concerns about environmental harm, increase in usage of bio analytical testing, rise in per capita incomes, surge in drug developments activities by pharmaceutical industries, and increase in chemical testing services by food industries are the major factors that drive the growth of the testing and analysis services market.
- In addition, rise in adoption of advanced healthcare services to reduce time in testing, increase in popularity of testing and analytical services in developing countries, surge in R & D activities in drug discovery & drug development procedures, government initiatives to regulate contents of each pharmaceutical & biopharmaceutical products, and rise in demand for tests that are needed for bio-similar compounds are the factors, that fuel the growth of the testing and analysis services market.
- However, lack of access in underdeveloped countries hinder the growth of the testing and analysis services market.
- Contrarily, growth opportunities in emerging markets is expected to offer lucrative opportunities for the expansion of the market.
New Product Launches and Business Expansion Strategies
In 2020, LabCorp’s Drug Development Business announced launch of preclinical, clinical, post approval cell, and gene therapy drug testing and analysis service solutions.
In 2019, Eurofins Scientific announced merger with Transplant Genomics Inc to expand their testing footprint services.
In 2019, Frontage Labs partnered with Johnson & Johnson corporate Services Inc. to expand their healthcare analytical testing services in Canada and west coast of North America.
In 2019, SGS announced mergers with Chemical Solutions Ltd, a testing laboratory specialized in elemental and heavy metal testing for foods, nutraceuticals, pharma, and cosmetic products.
Key Benefits of the Report
- This study presents the analytical depiction of testing and analysis services market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the testing and analysis services market share.
- The current market is quantitatively analyzed to highlight the testing and analysis services market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Testing and Analysis Services Market Report
- Which are the leading players active in the testing and analysis services market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What is "testing and analysis services"?
- What is "testing and analysis services" market prediction in the future?
- Who are the leading global players in the "testing and analysis services" market?
- What are the current trends and predicted trends?
- What are the key benefits of the "testing and analysis services" market report?
Testing and Analysis Services Market Report Highlights
By Sample Type
By Service Provider
By End User
Key Market Players
NSL Analytical Services, Midwest Microlab, Galbraith Laboratories, Elemental Analysis Inc, Micro Analysis, Limited Liability Company(LLC), Intertek Group, Maxxam, Eurofins Scientific Group, Element Materials Technology, Activation Laboratories, Acuren, EAG, Lucedeon