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2024 U.S. Industry Statistics & Market Forecast - Testing Laboratories and Services
Market Size & Industry Statistics
The total U.S. industry market size for Testing Laboratories and Services:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|
| Market Forecast ($ millions) | |||||
| Projected Industry Growth Rate (%) | |||||
Industry Insights
Major trends affect the Testing Laboratories and Services industry include:- Increased regulatory requirements
- Growth in personalized medicine
- Technological advancements in testing equipment
- Demand for outsourcing to reduce costs
- Expansion into emerging markets
- Adoption of automation and AI technologies
- Stringent quality control standards
- Rising focus on environmental and sustainability testing
- Growth in the biotechnology and pharmaceutical sectors
- Cybersecurity challenges in lab data management
- Shift towards genomic and genetic testing
- Integration of big data analytics
Product & Services Breakdown
Research products and services in the Testing Laboratories and Services industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Testing Services (Physical Or Product), Excluding Medical And Veterinary Services |
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Testing Services - Agricultural |
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Testing Services - Food |
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Testing Services - Waste Testing Services (Include Solid And Hazardous Waste.) |
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Testing Services - Soil, Rock, And Sludge (Include Geotechnical Testing.) |
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Testing Services - Pharmaceutical, Medical Devices, And Personal Care Products |
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Testing Services - Construction Materials Testing And Inspection Services |
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Testing Services - Machinery And Equipment |
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Testing Services - Metallic And Non-Metallic Minerals And Products |
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Testing Services - Water |
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Testing Services - Air (Include Radon And Sick-Building Testing.) |
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Testing Services - Asbestos |
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Other Testing Services |
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Calibration Of Instruments And Reference Materials |
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Product Certification Services |
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Commercial Inspection Services |
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Consulting Services For Testing And Related Fields (Include Expert Witness Services.) |
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Engineering Services |
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All Other Receipts |
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All Other Operating Receipts |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) |
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|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Testing Laboratories and Services company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Testing Laboratories and Services industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
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| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Testing Laboratories and Services measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 10% | Order at top of page |
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| Chief Executives | 0% | |||
| General and Operations Managers | 4% | |||
| Business and Financial Operations Occupations | 6% | |||
| Business Operations Specialists | 5% | |||
| Architecture and Engineering Occupations | 21% | |||
| Engineers | 12% | |||
| Drafters, Engineering Technicians, and Mapping Technicians | 9% | |||
| Engineering Technologists and Technicians, Except Drafters | 8% | |||
| Life, Physical, and Social Science Occupations | 24% | |||
| Physical Scientists | 7% | |||
| Life, Physical, and Social Science Technicians | 14% | |||
| Chemical Technicians | 6% | |||
| Chemical Technicians | 6% | |||
| Office and Administrative Support Occupations | 11% | |||
| Production Occupations | 16% | |||
| Other Production Occupations | 13% | |||
| Inspectors, Testers, Sorters, Samplers, and Weighers | 13% | |||
| Inspectors, Testers, Sorters, Samplers, and Weighers | 13% | |||
Testing Laboratories and Services Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Testing Laboratories and Services industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Testing Laboratories and Services industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Testing Laboratories and Services industry. |
Source:
Innovation News
- Apr 25, 2024: UL patents Systems And Methods For Wildfire Smoke Generation And Electronics Testing
- Apr 25, 2024: Karius patents Sequencing Microbial Cell-free Nucleic Acids To Detect Inflammation, Secondary Infection, And Disease Severity
- Apr 18, 2024: Groundtruth AG patents Systems And Methods For Real-time Measurement Of Soil Carbon Sequestration Using Non-invasive Multimodal Sensors
- Mar 27, 2024: CND Life Sciences raises $6 million in funding.
- Feb 15, 2024: Othram raises $15 million in funding.
- Feb 09, 2024: MET Biotechnology raises $2 million in funding.
- Jan 31, 2024: Manifold Biotechnologies trademarks "MANIFOLD BIO" - biopharmaceuticals; biopharmaceutical preparations for prevention and treatment of cancer and neurological diseases, disorders and conditions; biopharmaceutical preparations for prevention and treatment of, metabolic, endocrine, gastrointestinal, respiratory and autoimmune diseases, disorders and conditions
- Jan 24, 2024: CND Life Sciences trademarks "SMALL FIBER DX" - Diagnostic kits consisting of buffers and reagents for use in testing of neurodegenerative disorders;
- Jan 09, 2024: Westone Laboratories trademarks "TRUE-FIT" - Custom-fit ear plugs for recreational purposes; ear plugs for recreational purposes; in-ear hearing protection devices for recreational purposes
Recent Federal Contracts for Testing Laboratories and Services
- Apr 02, 2024: REACTION BIOLOGY CORPORATION (Malvern, PA) awarded $109,470
- Apr 02, 2024: REUTER & HANNEY, INC. (Baltimore, MD) awarded $32,265
- Apr 02, 2024: LOUISIANA STATE UNIVERSITY (Baton Rouge, LA) awarded $15,702
- Apr 02, 2024: TRANSNETYX, INC. (Cordova, TN) awarded $81,124
- Apr 02, 2024: ENVIRONMENTAL QUALITY LABORATORIES INC (Bayamon, PR) awarded $34,289
- Apr 02, 2024: EMAX LABORATORIES INC (Torrance, CA) awarded $3,456
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