The Dietary Supplement Testing Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Dietary Supplement Testing Services Global Market Report 2024, The dietary supplement testing services market size has grown strongly in recent years. It will grow from $2.65 billion in 2023 to $2.91 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to increased degree of knowledge about healthy foods and nutrition, growth in importance of an active lifestyle, growth in demand for dietary supplements, increase in need to validate nutritional information, increase in prevalence of supplement use,.
The dietary supplement testing services market size is expected to see rapid growth in the next few years. It will grow to $4.33 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to increasing consumer awareness, increasing influence of urbanization and modern lifestyles, growing demand for preventive healthcare solutions, increasing focus on quality and safety, increasing number of dietary supplement products. Major trends in the forecast period include ongoing technological advancements, strict regulations governing the dietary supplement, increasing importance of quality control, growing emphasis on safety and efficacy, adoption of innovative testing methodologies.
The increase in healthcare spending is expected to propel the growth of the dietary supplement testing services market going forward. Healthcare spending refers to the total amount of money spent on healthcare goods and services within a specific time. Healthcare spending are also allocated towards conducting safety and efficacy testing of dietary supplements. This includes funding research studies and clinical trials to evaluate the potential benefits and risks associated with specific dietary supplements, supporting the growth of the market. For instance, in May 2023, according to a report published by the Office for National Statistics, a UK-based government department, between 2020 and 2021, healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms. Furthermore, spending on preventive care was $45.72 billion in 2021, more than doubling from 2020. Therefore, the increase in healthcare spending is driving the growth of the dietary supplement testing services market.
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The dietary supplement testing services market covered in this report is segmented –
1) By Service: Stability Testing, Analytical Testing, Microbiological Testing, Regulatory Testing And Compliance, Other Services
2) By Ingredient: Herbal, Vitamins, Minerals, Amino Acids, Enzymes, Other Ingredients
3) By Service Provider: Testing laboratories, Contract research organizations (CROs), Regulatory consultants, Other Service Providers
4) By End-User: Manufacturers, Contract manufacturers, Distributors, Regulatory bodies
Major companies operating in the dietary supplement testing services market are adopting a strategic partnerships approach to launch dietary supplements into new markets. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in May 2022, HealthLoq, a US-based Blockchain-Powered Nutraceutical Information Platform, partnered with UL Solutions, a US-based safety science company. With this partnership, they combine HealthLoq’s blockchain-based transparency platform with UL’s expertise in independent testing, inspection, and audit activities. This collaboration streamlines the launch of dietary supplements into new markets, ensuring manufacturers deliver quality and safety, while the HealthLoq platform provides consumers with trustworthy, detailed information about specific nutraceutical products, contributing to the growth of the dietary supplement testing services market.
The dietary supplement testing services market report table of contents includes:
1. Executive Summary
2.Dietary Supplement Testing Services Market Characteristics
3.Dietary Supplement Testing Services Market Trends And Strategies
4.Dietary Supplement Testing Services Market analysis
5. Dietary Supplement Testing Services Market Size And Growth
6.Dietary Supplement Testing Services Segmentation
7. Dietary Supplement Testing Services Regional And Country Analysis
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27.Dietary Supplement Testing Services Competitive Landscape And Company Profiles
28.Dietary Supplement Testing Services Key Mergers And Acquisitions
29.Dietary Supplement Testing Services Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Eurofins Scientific Pvt. Ltd.
- SGS S.A.
- Bureau Veritas S.A.
- Intertek Group PLC
- UL LLC
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