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Global Testing Labs Market to Reach $77 Billion by 2017

New Global Industry Analysts report provides lab revenue estimates and projections through 2017

Global Industry Analysts
Wed, 04/20/2011 - 12:11
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(GIA Inc: San Jose, CA) -- The number as well as size of testing laboratories worldwide, especially in developed markets such as the United States, has been on the rise during the past several years. Increasing consumer demand, globalization in sourcing and distribution, and the existence of significant product diversity are providing substantial impetus to product testing and certification.

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Other factors contributing to growth in product testing numbers include rising cost of product liability insurance, lack of comparable testing facilities within smaller facilities, and continued interest from large corporations to rely on independent testing facilities for securing independent results.

Growing concerns over safety of food and other products, and the subsequent implementation of regulations that necessitated testing of ingredients used in these products, led to the emergence of testing laboratories. During this time, several testing laboratories emerged in regions that had legislation mandating specific safety standards.

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