Laboratory Testing Services in Florida
The Laboratory Testing Services industry in Florida has flourished over the five years to 2017, slightly outpacing growth at the national level. Driven by strengthening economic activity in the Sunshine State, businesses have scaled up their operations to keep up with growing consumers' appetite for products and services. Demand for industry services has further picked up, as labs must test new products for safety and quality, as well as other regulatory standards, before being introduced to the market. The industry has also benefited from increased government regulations that have prompted businesses to rely on laboratory testing to ensure regulatory compliance and to avoid high litigation costs. As a result of these trends, the industry is expected to grow over the five years to 2017.
The essential nature of laboratory testing will continue to drive industry demand. As the Florida economy gains momentum, businesses will bolster their research and development efforts to keep their pipelines full with new products and stay competitive. At the same time, regulations regarding the public health and safety will become more stringent, compelling businesses to test their products to ensure compliance with applicable health and safety requirements. As a result, IBISWorld forecasts industry revenue to grow at an over the next five years.
Companies in this industry perform physical, chemical and other analytical testing for commercial purposes. Such testing may occur in a laboratory or an on-site facility (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.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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