Flying colors: Increasing regulations and consumer spending will ramp up industry demand

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...read more.

Industry Statistics & Market Size
Revenue
$535m
Annual Growth 12-17
3.2%
Forecast Growth 17-22
Profit
Employment
4,525
Businesses
629
What Our Customers Say

Industry Threats & Opportunities

  • The industry has benefited from increased government regulations that have prompted businesses to rely on lab testing
  • Industry demand has picked up in line with growing environmental sustainability efforts
  • Businesses will seek to keep their pipelines full with new products, benefiting the industry
  • Industry Report - Industry Products Chapter

    Industry operators offer a wide variety of testing services to industries across Florida. While larger firms typically provide a host of services in various industries, smaller laboratories typically specialize in a particular service or market niche.Product performance testing and certificationProduct performance testing and product certification account for 33.6% and 18.3% of industry revenue, respectively. These figures are slightly lower relative to the national average due to Florida's significant reliance on service-based rather than manufacturing industries. Before new products, such as consumer goods, are introduced in the market, they must undergo rigorous testing to ensure their compliance with quality, safety and security requirements. The...purchase to read more.

    Additional Insights for the Laboratory Testing Services in Florida Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Laboratory Testing Services in Florida Industry are

  • Access to highly skilled workforce
  • Proximity to key markets
  • Recommendation/accreditation from authoritative source
  • IBISWorld analysts also discuss how external factors such as Research and development expenditure and Corporate profit in the Laboratory Testing Services in Florida industry impact industry performance..

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    What is the Laboratory Testing Services in Florida Industry?

    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.

    Industry Products
  • Agriculture and food testing
  • Environmental testing
  • Product performance and safety testing
  • Product certification
  • Biological and chemical testing
  • Other testing
  • Geotechnical testing
  • Industry Activities
  • Acoustics and vibration testing
  • Biological testing
  • Electrical testing
  • Environmental testing
  • Providing forensic services
  • Geotechnical testing
  • Industrial testing
  • Mechanical testing
  • Product testing
  • Radiation testing
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Research and development expenditure
  • Corporate profit
  • Consumer Spending in Florida
  • Value of private nonresidential construction in Florida
  • Total health expenditure in Florida

  • Current Performance
  • Demand is on the rise
  • Industry landscape
  • Chart: Revenue Growth

  • Industry Outlook
  • Keeping pipelines full
  • Demand picks up
  • Industry landscape
  • Table: Laboratory Testing Services in Florida Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Laboratory Testing Services in Florida Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Agriculture, Forestry, Fishing and Hunting
  • Water Supply & Irrigation Systems
  • Construction
  • Manufacturing
  • Baking Mix & Prepared Food Production
  • Generic Pharmaceutical Manufacturing
  • Engineering Services
  • Environmental Consulting

  • Key Selling Industries
  • Chemical Wholesaling
  • Glass Product Manufacturing
  • Inorganic Chemical Manufacturing
  • Laboratory Supply Wholesaling
  • Organic Chemical Manufacturing

  • Products & Services
  • Product performance and safety testing
  • Environmental testing
  • Product certification
  • Geotechnical testing
  • Agriculture and food testing
  • Biological and chemical testing
  • Other testing
  • Chart: Laboratory Testing Services in Florida Industry Products and Services Segmentation

  • Major Markets
  • Health, safety and environmental companies
  • Consumer product manufacturers
  • Industrial product manufacturers
  • Food manufacturers
  • Government
  • Pharmaceutical companies
  • Chart: Major Market Segmentation for the Laboratory Testing Services in Florida Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Purchases
  • Depreciation and other costs
  • Chart: Cost Structure Benchmarking – Sector vs Laboratory Testing Services in Florida

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Laboratory Testing Services in Florida Industry

  • Advanced Environmental Laboratories Inc.Bureau Veritas GroupIntertek Group PLCSGS SA TestAmerica Laboratories Inc.Underwriters Laboratories Inc.
  • Table: Advanced Environmental Laboratories Inc. - financial performance
  • Table: Bureau Veritas Group - financial performance
  • Table: Intertek Group PLC - financial performance
  • Table: SGS SA - financial performance
  • Table: TestAmerica Laboratories Inc. - financial performance
  • Table: Underwriters Laboratories Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Laboratory Testing Services in Florida Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Laboratory Testing Services in Florida Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Consumer Spending in Florida (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Calibration
  • A test that establishes the relationship between the values of quantities indicated by a measuring instrument and the corresponding values realized.
  • Certification
  • Confirmation that a product has passed a certain test.
  • Geotechnical Engineering
  • A category of engineering that uses the principles of soil and rock mechanics to evaluate subsurface conditions for the safety and risks of earthwork or foundation construction.
  • Outsource
  • To procure goods or services under contract with an outside supplier.
  • Research And Development (R&D)
  • Creative work undertaken by a company in order to increase knowledge, which can then be applied to developing a new product or improving an existing one.
  • Why buy this report?

    The Laboratory Testing Services in Florida Industry Research Report measures market size, analyses current and future trends, and provides an indication of market share for the industry’s largest companies. IBISWorld’s collection of industry market research reports gives you insightful, up-to-date information on the supply chains, economic drivers, and key buyers and markets for hundreds of industries.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Laboratory Testing Services in Florida:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Laboratory Testing Services in Florida market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Laboratory Testing Services in Florida, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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