According to the business intelligence report titled ‘Global Testing and Analysis Services Market Size study, by Type (Water, Soil/Sediment, Clay Minerals, Metal Alloy, Biological Samples, Chemical Products, Corrosion, Oil and Gas, Minerals and Others), by Application (Food & Beverages, Pharma/Medical Device, Oil & Gas Energy, Automobile and Transportation, Chemicals, Environment and Agriculture, Metal and Alloys and Architecture and Infrastructure) and Regional Forecasts 2020-2027’, available with Market Study Report, global testing and analysis services market was worth USD 23,365.6 million in 2019 and is estimated to register 7% CAGR over 2020-2027, subsequently reaching a valuation of USD 40,146.50 million by the end of the forecast period.
 

As per the report findings, rising investments by manufacturers towards testing for supporting product development, quality assurance, and safety compliance, along with escalating demand for technologically advanced elemental analysis services are catalyzing global testing and analysis services market growth.
 

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Additionally, broadening application of testing and analysis services across various industries is rendering a positive impact on the industry growth. For instance, these services are highly utilized by healthcare sector and associated companies for conducting research & development activities, ensuring high-quality manufacturing, and adhering to stringent regulatory standards.
 

For those unaware, testing and analysis services are adopted for managing large volumes of data samples. They are utilized for testing various parameters regarding products, raw materials, and other commodities to reduce risk of failure, enhance safety, and minimize financial loss.
 

Speaking of the factors restraining global testing and analysis services industry expansion, imposition of stringent regulatory compliances germane to elemental analysis will barricade business development in the forthcoming years.
 

From a regional viewpoint, the key contributors to the market growth are North America (U.S., Canada), Europe (France, UK, Germany, Italy, Spain), Asia Pacific (India, China, Japan, South Korea, Australia), and Latin America (Mexico, Brazil)
 

North America testing and analysis market is slated to amass substantial returns through 2027. High concentration of SMEs along with surging demand for technologically advanced elemental analysis services are fostering the regional market expansion.
 

Accuratus Lab Services, Inc., Lucideon Ltd., SGS S.A., Exova Group PLC, PPD, Inc., Boston Analytical, Inc., Galbraith Laboratories, Inc., Solvias AG, Dynalabs, LLC, BioScreen Testing Services, Inc., and Element Materials Technology Group Ltd. are the key participants operating in global testing and analysis services market sphere.