(I-BusinessNews.Com, January 30, 2020 ) Increasing regulations pertaining to environment protection, cost- & time-effective customized testing services, and active participation of government and regulatory bodies to monitor environmental conditions are factors driving the environmental testing market. This market is projected to reach USD 12.75 billion by 2022, at a CAGR of 7.1% from 2017.
On the basis of sample, the water segment is projected to grow at the highest rate from 2017 to 2022. Water testing has become an important sector because of the disposal of industrial effluents into water bodies and rise in concerns about water degradation, thereby prompting government regulations to tackle this problem. Also, water contamination is linked to the spread of diseases such as cholera, diarrhea, dysentery, hepatitis A, typhoid, and polio.
On the basis of contaminant, the organic segment is projected to be the fastest growing. Economically motivated adulteration, poor storage hygiene, faulty supply chains, and contaminated equipment have led to milk being contaminated, consumption of which can cause serious health problems to humans. Due to this, testing of milk & milk powder is projected to be the fastest-growing segment.
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By technology, the market for rapid technology is projected to be the fastest growing owing to its high level of emissions and sustained growth in consumption, mainly of hydrocarbons. They are also known to cause serious illnesses such as cancer, kidney damage, and liver damage.
Asia Pacific is projected to be the fastest-growing regional market for environment testing from 2017 to 2022. This growth is attributed to infrastructure development such as construction and energy-related projects, growing awareness regarding environmental pollution, and sustainable transformation of environmental policies.
Wide-scale adoption of advanced technologies is an opportunity for medium- and small-scale laboratories to expand their service offerings and compete with large players in the environment testing market, as these technologies offer higher sensitivity, accuracy in results, reliability, multi-contaminant, and non-targeted screening with low turnaround time, among other benefits.
The environment testing industry is experiencing technological innovations as major players are offering new, fast, and more accurate technologies such as LC (Liquid Chromatography), HPLC (High Performance Liquid Chromatography), and ICP-MS (Inductively Coupled Plasma Mass Spectrometry). Investing in untapped environment markets with future growth potential—such as Southeast Asian countries—through expansions and establishment of labs is also an opportunity for market players.
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