Global Testing Laboratories Market to Reach $109.3 Billion by 2026

Testing Laboratories industry comprises establishments, both independent and those operating as part of a corporate entity, offering a wide range of chemical, physical and analytical testing services. Growth in the global is set to be driven by globalization of trade, rising concerns over product quality and safety, implementation of new standards and stringent regulations, and the trend towards outsourcing of testing operations. Development of new and advanced testing technologies and processes and growing awareness among industry participants and consumers about product quality and safety, specifically with regard to food products that carry high health risks, are necessitating various industries to opt for testing services. Manufacturers also opt for testing services to protect their highly valuable brand assets, amidst rising consumer awareness and constant scrutiny. Other factors contributing to the growth in testing services are the escalating cost of product liability insurance, lack of comparable testing facilities within smaller facilities, and continued desire from large corporations to rely on independent testing facilities for securing independent results. Amid the COVID-19 crisis, the global market for Testing Laboratories estimated at US$75.7 Billion in the year 2020, is projected to reach a revised size of US$109.3 Billion by 2026, growing at a CAGR of 6.4% over the analysis period.

The U.S. Market is Estimated at $25.4 Billion in 2021, While China is Forecast to Reach $15.2 Billion by 2026

The Testing Laboratories market in the U.S. is estimated at US$25.4 Billion in the year 2021. The country currently accounts for a 32.17% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$15.2 Billion in the year 2026 trailing a CAGR of 9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 6.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR while Rest of European market (as defined in the study) will reach US$16.7 Billion by the end of the analysis period. Developed markets have been witnessing a steady rise in the number and size of testing laboratories. Industrialization and infrastructure development activities, and increased awareness about product safety and quality in countries such as China, India and Brazil are contributing to the increased demand for testing services from various industry verticals in Asia-Pacific region.