In an increasingly regulated society, pressure on Laboratory Testing Services industry operators to ensure the safety and quality of their products is higher than ever. A greater number of government safety regulations and consumer lawsuits have led to rigorous testing of manufacturers' goods prior to sale. Although revenue briefly dipped in 2009 as the US economy suffered from the recession, revenue has since rebounded, driven by renewed consumer spending and companies' investments in the development of new products. As a result, IBISWorld estimates industry revenue to grow over the five years to 2015.
Companies in this industry perform physical, chemical and other analytical testing for commercial purposes. Such testing may occur in a laboratory or on-site (i.e. where the product is manufactured or developed). Most results from industry-led tests are checked against government regulations and environmental, industrial and product standards. This industry excludes medical and veterinary testing labs.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.