In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
December, 2021: Eurofins Scientific and Transgenic Inc. to acquire Genetic Lab Co., Ltd. To establish the network of clinical diagnostics laboratories in Asia.
June, 2020: Intertek to expand its business to personal protective equipment services, including respirator precertification testing after COCID-19.
Ans: The growing geriatric population is estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the rising technological advancement in the region.
Ans: The major players in the market are SGS S.A., TUV Rheinland Group, Eurofins Scientific, Cordant Health Solutions, Legacy Medical Services, LLC, Omega Laboratories, Inc., GE Healthcare, and others.
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.
Ans: The market is segmented by services, technology, application, end-user, and by region.
Ans: The IVD segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: Strict regulations on the standard of medical devices are estimated to hamper the market growth.