Environmental Testing: Market Expected To Grow USD 16914.36 Million By 2028

Market Segmentation Synopsis

ByProduct

The global environmental testing market has been segmented on the basis of product into bio-testing/pathogen testing, mass spectrometers, chromatography products, molecular spectroscopy products, toc analyzers, dissolved oxygen analyzers and others. The bio-testing/pathogen testing segment registered the largest market share of 27.62% in the year 2019 and is anticipated to grow with a CAGR of 7.17% during the forecast period. Bio-testing/pathogen testing is used for the determination of the potency or concentration of a compound by its effect on animals, isolated tissues, or microorganisms, as compared with an analysis of its chemical or physical properties. It is used to verify 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. Further, the segment is also expected to achieve an absolute $ opportunity of USD 2002.19 million by growing at 1.74x during the forecast period.

Environmental Testing image

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Growth Highlights Based on Region During 2019-2028

The global environmental testing market is segmented by regions into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Among these regions, the market inNorth America registered the largest market share of 30.94% along with a value of USD 2829.41 million in the year 2019 and is expected to grow at a CAGR of 7.12% during the forecast period.The market in the region is anticipated to grow on account of the increasing number of environment regulatory bodies, growing government participation to regulate environmental testing, increasing number of manufacturing industries, growing awareness for the environment amongst individuals, private and public institutions and increasing pollution amongst others. The market in the region is also anticipated to gain an incremental $ opportunity of USD 86.63 million by in the year 2020 as compared to the previous year. Additionally, the North America environmental testing market is also anticipated to gain an absolute $ opportunity of USD 943.23 million by growing at 1.7x during the forecast period.

Environmental Testing Market Graph The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Market Drivers and Challenges

Growth Indicators

Growing Stringent Regulations for the Environment

Ever since the first major environmental regulations were enacted in the 1970s, there have been concerns about their potential impacts on businesses. Environmental regulations have greatly improved air and water quality, especially in areas that were the dirtiest before regulation.The Environmental Protection Act authorizes the government to control and reduce pollution from all sources, protect and improve environmental quality, and prohibit or restrict the setting and/or operation of any industrial facility on environmental grounds. Environmental impact assessments examine the potential consequences under specific scenarios of the results of an action. On the other hand, development of the Environmental Democracy Index (EDI), which is an online platform that tracks and scores the progress of 70 countries in enacting national laws to promote transparency, accountability and citizen engagement in environmental decision making is further raising awareness for the environment.

Top 5 countries

Growing Concern for the Impact on Health Owing to Pollution

Urbanization and industrialization along with the economic development have led to the increase in energy consumption and waste discharges. Environmental pollutants have various adverse health effects,such as, perinatal disorders, infant mortality, respiratory disorders, allergy, malignancies, cardiovascular disorders, increase in stress oxidative, endothelial dysfunction, mental disorders, and various other harmful effects. The increasing concern amongst individuals for such harmful diseases on the back of the increasing pollution worldwide is anticipated to drive the need for environmental testing, which in turn will drive the market growth.

Barriers

High Cost of Test and Equipment

Environmental testing procedures cost extremely high. The extensive sample preparation requires the laboratory analysts to use advanced testing technologies. The instruments used in environmental testing such as RT-PCR testing, mass spectrometers and molecular spectroscopy productsare extremely costly and also require highly skilled person to conduct and operate testing procedures. Such factors are anticipated to hinder the growth of the global environmental testing market.

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Top Featured Companies Dominating the Market

Some of the affluent industry leaders in the global environmental testing market are Intertek Group PLC, bioMérieux SA, Eurofins Scientific, Microbac Laboratories, Inc., R J Hill Laboratories Limited, Symbio Laboratories, SGS SA, AB Sciex Pte. Ltd., and Suburban Testing Labs.

In The News

December 2019: Intertek Group PLC announced that it has successfully acquired Check Safety First Limited (CSF), a leading player for global health, safety, quality and security risk management that focuses on the travel, tourism and hospitality sectors.
January 2019: bioMérieux SA announced that it has acquired the developer, manufacturer and marketer of innovative and user-friendly molecular diagnostic solutions, Invisible Sentinel,which is used for the rapid, accurate and reliable detection of pathogens and spoilage organisms in food and beverages.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the Environmental Testing market?

Ans: Growing stringent regulations for the environment, is one of the major factors that is driving the growth of the market.

2) What would be the CAGR of Environmental Testing market over the forecast period?

Ans: The market is anticipated to attain a CAGR of 7.07% over the forecast period, i.e. 2020-2028.

4) Which region will provide more business opportunities for growth of Environmental Testing market in future?

Ans: The market in Europe is anticipated to display significant business opportunities in the future.

5) Who are the major players dominating the Environmental Testing market?

Ans: The major players in the market are Intertek Group PLC, bioMérieux SA, Eurofins Scientific, Microbac Laboratories, Inc., R J Hill Laboratories Limited, Symbio Laboratories, SGS SA, AB Sciex Pte. Ltd., and Suburban Testing Labs.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What can be the significant growth opportunity for the product segment in the environmental testing market?

Ans: The bio-testing/pathogen testing segment, which is a sub-segment of the product segment, held the largest market share of 27.62% in the year 2019 and is anticipated to display significant growth opportunity.

8) What are the restraining factors for the market?

Ans: High cost of test as well as for the equipment required by laboratory analysts is one of the major factors anticipated to act as a barrier towards the growth of the global environmental testing market.