GCC Laboratory Analytical Testing Services Market Outlook and Trends to 2020 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Aug 9, 2018--The “Laboratory Analytical Testing Services Market in the GCC Outlook and Trends” report has been added to ResearchAndMarkets.com’s offering.
Initiatives to develop halal clusters beneficial for overall market growth. Service segments like food, cosmetics and personal care items to benefit.
While economic uncertainty will impact new projects of oil, gas and construction, the established/existing industrial base will continue to seek laboratory analytical services. Stringent enforcement of regulations and growth in local populace coupled with increase in number of expats, especially in GCC countries has translated into greater demand food and food services, which has increased opportunities for laboratory analytical services.
It will be crucial for Service Providers to offer end to end services; faster service and proximity to customer location will be an added advantage. This Industry docket provides an overview of the market, its growth path, drivers and restraints impacting it and the way forward for success in this market.
Key Topics Covered:
Scope & Limitations
Lab Analytics Market - GCC OverviewCurrently affected by the drop in oil prices, GCC countries will need to undergo a transformational shift to achieve desirable growth In 2016, GCC market for laboratory analytical services was USD 721 Mn; CAGR expected until 2020 is 3% Top 4 end-user segments drive the demand for the top services of material testing & analysis, chemical and microbiological analysis Lab analytical service providers based out of Dubai (UAE) cater to 50+% requirements; inclusive of those of other GCC countries Growing population and increasing imports boost market growth Lab analytical services market to become a USD 811 Mn opportunity by 2020 Initiatives to develop halal clusters beneficial for overall market growth; service segments like food, cosmetics and personal care items to benefit Dubai-based laboratory analytical service providers to retain dominant market standing throughout forecast period as GCC countries continue to rely on them In 2015, SGS, Intertek and Bureau Veritas constituted ~47% of the overall market 60+% share of Others translates to fragmented nature of market; intense price wars are a common feature End-user companies directly engage with laboratory service providers for all service requirements; pertinent government entities mandate guidelines New testing techniques/testing kits are being developed to reduce time taken to test samples Pricing is derived based on number of samples and tests; usually, higher the volume of samples, lower is cost of test End-user companies expect laboratory service providers to be certified; accreditation by the regulatory authorities renewed promptly Lead time, proximity and industry references feature among the key criteria for vendor evaluation/selection Upstream material tested onsite; downstream tested in labs; additional discounts expected by customers for more tests and samples Agriculture, food & food services is the key segment to target for analytical services End users conduct various tests like chemical and micro biological analysis as it is very important to determine foreign bodies and product quality Samples tested in-house & also outsourced to rule out variations in results: have implications on product quality and also to avoid health hazards Most of the end users follow USEPA/USFDA/APHA regulation standards Regulations expected to increase the usage of laboratory services across end-user segments
The Industry going ForwardEconomic uncertainty to impact new O&G & construction projects; however, established/existing industrial base to continue laboratory analytical services Market consolidation is a key market feature; Cosmetic testing is an emerging area Scheduled plant maintenance activities to generate additional revenue; halal, cosmetic & FMCG to be emerging sectors
Companies MentionedSGS Intertek Bureau Veritas
For more information about this report visit https://www.researchandmarkets.com/research/d89dvn/gcc_laboratory?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20180809005294/en/
Laura Wood, Senior Manager
For E.S.T. Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics:Laboratory Testing
INDUSTRY KEYWORD: OTHER SCIENCE SCIENCE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 08/09/2018 06:01 AM/DISC: 08/09/2018 06:01 AM