Research Nester has released a report titled “Environmental Testing Market – Global Demand Analysis Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
In the 1970s, when the environmental regulations were enacted, there has been a significant concern amongst business organizations for the impact on their businesses upon the enactment of the act. Over the years, the enactment has significantly contributed to the improvement in the quality of air and water and has provided greater authority to the government to control and restrict environmental pollution. Moreover, with the development of control indexes, such as the Environmental Democracy Index (EDI), it is now possible to understand and track the progress of nations on the action they take for the environment, which on the other hand is also raising the awareness amongst individuals of the nation to keep the environment clean. Further, the increasing concern for health led by the impact of environmental pollution is also raising the need for environmental testing, which in turn is anticipated to drive the growth of the market in the coming years.
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The global environmental testing market is anticipated to achieve a CAGR of 7.07% across the globe during the forecast period, i.e. 2020-2028 owing to the increasing focus towards rapid testing methods in comparison to conventional testing methods, growing adoption of business intelligence tools to save costs, increasing advancements in environmental testing technologies, and the increasing awareness for the environment. Additionally, the market is also expected to grow up to USD 16914.36 million by the end of 2028 from a value of USD 9146.30 million in the year 2019.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
The global environmental testing market is segmented by product into bio-testing/pathogen testing, mass spectrometers, chromatography products, molecular spectroscopy products, toc analyzers, dissolved oxygen analyzers and others. Among these segments, the bio-testing/pathogen testing segment registered the largest market share of 27.62% in the year 2019 and is anticipated to gain an incremental $ opportunity of USD 181.01 million in the year 2020 as compared to the previous year. Factors such as the need to determine the sanitation effectiveness throughout the production of environment products is anticipated to drive the growth of the segment in the global environmental testing market during the forecast period.
Geographically, the global environmental testing market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Among these regions, the market in North America registered the largest market share of 30.94% in the year 2019 on the back of growing 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 North America environmental testing market is further anticipated to gain an absolute $ opportunity of USD 943.23 million by growing at 1.7x during the forecast period.
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However, concerns for the high cost of equipment such as RT-PCR testing, mass spectrometers and molecular spectroscopy products, that are required by laboratory analysts for undergoing the tests, and the high cost of test, are anticipated to hamper the market growth in the coming years.
This report also studies existing competitive scenario of some of the key players of the global environmental testing market, which includes profiling of Intertek 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 comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Environmental Testing Market – Global Demand Analysis Opportunity Outlook 2028”, analyses the overall environmental testing industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global environmental testing market in the near future.
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