Research Nester has released a report titled “Environmental Testing Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global environmental testingmarket in terms of market segmentation by product, sample, technology, contaminant, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global environmental testing market is segmented byproduct into bio-testing/pathogen testing, mass spectrometers, chromatography products, molecular spectroscopy products, toc analyzers, dissolved oxygen analyzers and others, out of which, the bio-testing/pathogen testing segment registered the largest market share of 27.62% in the year 2019on the back of the need to determine the sanitation effectiveness throughout the production of environment products. The segment is further anticipated to gain an incremental $ opportunity of USD 181.01 million in the year 2020 as compared to the previous year and grow with a CAGR of 7.17% during the forecast period, i.e. 2020-2028. Additionally, the segment is also expected to achieve an absolute $ opportunity of USD 2002.19 million by growing at 1.74x during the forecast period.
The global environmental testing market is anticipated to achieve a CAGR of 7.07% across the globe during the forecast period. The market is thriving on account of the increasing advancements in environmental testing technologies, increasing focus towards rapid testing methods in comparison to conventional testing methods, growing adoption of business intelligence tools to save costs, and the increasing awareness for the environment. The global environmental testing market, which was valued at USD 9146.30 million in the year 2019, is further expected to grow up to USD 16914.36 million by the end of 2028.
Regionally, the global environmental testing market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. The market inNorth America registered the largest market share of 30.94% in the year 2019 and is further anticipated to gain an incremental $ opportunity of USD 86.63 million in the year 2020 as compared to the previous year. The growth of the market in the region can be attributed to thegrowing awareness for the environment amongst individuals, private and public institutions, increasing number of environment regulatory bodies,increasing number of manufacturing industries,growing government participation to regulate environmental testing,and increasing pollution amongst others.The market in the region, which was valuedat USD 2829.41 million in the year 2019, is also anticipated to gain anabsolute $ opportunity of USD 943.23 million by growing at 1.7x during the forecast period.
Growing Stringent Regulations for the Environment
There has been a significant concern amongst business organizations for the impact on their businesses led by the enactment of the environmental regulations in the 1970s. Although, the enactment has significantly contributed to the improvement in the quality of air and water, the EPA or the Environment Protection Act has led the government to control and restrict environmental pollution in a massive way. Development of control indexes, such as the Environmental Democracy Index (EDI), that deals with the scores of 70 countries and tracks their progress on the action they take for the environment, has significantly contributed to the rising awareness amongst the individuals for environmental pollution and the benefits of keeping our environment clean. On the other hand, increasing concerns for the impact on health led by environmental pollution is another significant factor anticipated to drive the growth of the global environmental testing market during the forecast period.
However, concerns regarding the high cost of test as well as for the equipment required by laboratory analysts for undergoing the tests, such as RT-PCR testing, mass spectrometers and molecular spectroscopy products, are anticipated to lower the market growth in the coming years.
This report also provides the existing competitive scenario of some of the key players of the global environmental testing market, which includes company profiling ofIntertek Group PLC (LON: ITRK), bioMérieux SA (EPA: BIM), Eurofins Scientific (EPA: ERF), Microbac Laboratories, Inc., R J Hill Laboratories Limited, Symbio Laboratories, SGS SA (SWX: SGSN), AB Sciex Pte. Ltd., and Suburban Testing Labs. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global environmental testing market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.