Deep-dive industry trend analysis for a broader outlook of investment opportunities in the testing equipment space
Ensuring that products comply with changing quality check regulations while adhering to industry compliance is the need of the hour. Manufacturing companies increasingly investing in effective and less complex quality check procedures in a genuine effort to meet desired regulatory standards.
Decentralisation is spreading its roots
The quality testing equipment market that was earlier a centralised landscape is witnessing a brisk shift towards decentralisation, clearly attributed to the rapid expansion of the industrial sector.
Over the recent past, industries have been preferring dedicated testing setups that serve specific business verticals and more importantly, support the objective of reduced transportation costs that are otherwise involved in cost-intensive transit of test samples. The market for test equipment is thus witnessing the emergence of a number of domain-specific testing facilities, translating further into increased demand volume of testing equipment.
Standards are evolving, making room for testing equipment adoption
ISO (the International Organization for Standardization) has been playing a crucial role in shaping innovations, new developments, and applicability of an extensive range of testing machinery. However, with brands embracing a customer-centric product driven approach in manufacturing, the standardisation process continues to evolve.
Today, quality assurance/quality check procedures tend to vary according to diverse regulations and standards mandated by different regional authorities across the globe.
Companies are increasingly focussing on product quality improvement along with end-to-end testing solutions, which is boosting the expanse of the testing equipment landscape at a global level.
As manufacturing companies continue to subject different production levels with distinct testing equipment, product quality is rapidly becoming a central goal – in effect boosting the testing equipment landscape.
The testing equipment market has huge potential for growth across various end-use industries that include but are not limited to –
This growth is predominantly driven by rapid technological advancements and increased R&D budgets, offering lucrative growth opportunities for testing equipment market players.
Laboratory testing of food & beverages represents a broad spectrum targeting safety
The standard food testing compliance organisations such as FDA (the Food and Drug Administration), USDA (the US Department of Agriculture), FSIS (Food Safety and Inspection Service), or the BAM (Bacteriological Analytical Manual) remain imperative in assuring the evaluation of solid and liquid food safety.
The quality control studies include a range of applications such as food microbiology, food chemistry, allergen testing, nutrition analysis, shelf life evaluation, and natural and synthetic toxin analysis. The criticality of evaluating the integrity and quality of food and beverage samples is growing rapidly, creating opportunities for food testing equipment vendors.
Demand for quality management standards extends in medicine and healthcare
While the FDA has been in action for approving an exhaustive range of medical devices and pharmacological products, standard compliance to a few other quality management organisations is also of paramount importance in the medical and healthcare space – USP (United States Pharmacopeial Convention) and AOAC (Association of Official Agricultural Chemists).
Improving prospects of biomedical testing, diagnostics, and speciality drug testing are providing a strong push to the demand for testing equipment at a global level.
Is Industry 4.0 the game changer for test equipment operating in the manufacturing industry?
Material testing equipment widely used by the construction sector involves a selection of testing equipment that adapt to field testing demands. Although there has been a slight global slowdown in the material testing equipment landscape in the recent past, the rampant progress of the automotive domain is readily causing its revival at present, as automotive quality test equipment are extensively adopted to ensure an effective and efficient overall performance of vehicles.
The emergence of automated testing equipment following the widespread incorporation of IoT, IIoT, robotics, and connected technologies in the manufacturing sector is attracting investment interests of a majority of testing equipment manufacturers and distributors across key verticals.
However, looking at the graduation of the manufacturing domain towards Industry 4.0 and smart manufacturing, it still remains to be seen how the existing testing equipment ecosystem manages to keep pace with the evolving technological landscape and what impact it holds over revenue growth prospects of the testing equipment market.
Our expertise in testing equipment market analysis to row you across industrial sectors
The expertise of Future Market Insights in the testing equipment practice covers a broad spectrum of equipment across various sectors, and includes consumables and spare parts. A proactive approach towards analysing each facet of the market helps us identify early opportunities and subsequent challenges facing clients in the global testing equipment sector.
Our insights on next-generation testing equipment technologies ensure clients stay at the forefront of innovation to achieve an edge over competition. Our competencies transcend regular market research to deliver tailored solutions in an industry marked by increasing regulations, evolving trends, and a shifting landscape of emerging markets.