PFAS Testing Market Worth $121 Million | MarketsandMarkets

CHICAGO, Dec. 11, 2023 /PRNewswire/ -- PFAS Testing Market in terms of revenue was estimated to be worth $63 million in 2023 and is poised to reach $121 million by 2028, growing at a CAGR of 14.0% from 2023 to 2028 according to a new report by MarketsandMarkets. Factors such as increasing funding for wastewater treatment projects/programs and increasing efforts to raise awareness for PFAS testing for environmental protection are high growth prospects for the PFAS testing market during the forecast period.

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PFAS Testing Market Scope:

The LC-MS-MS segment is to register a significant growth rate over the forecast period of 2023-2028.

Based on the technique, over the forecast period of 2023-2028, the LC-MS-MS segment is to register a significant growth rate. The key factor encouraging the growth of this segment during the forecast period is the broad applicability of LC-MS-MS for testing of various applications such as environmental, food, and biofluids testing, rising number of contract testing labs using LC-MS-MS coupled with higher outsourcing from govt and industrial facilities for wastewater and potable water.

The drinking water standards segment accounted for the largest share of PFAS testing in 2023-2028.

Based on application, the drinking water segment is estimated to hold the largest market share of the PFAS testing market during the forecast period. Increased regulations and legislations set forth by government organizations have triggered the drinking water testing, inspection, and certification of water samples by governments and manufacturing companies lead to a large share of this segment.

Asia Pacific registered the highest CAGR in the market during the forecast period.

In 2023, Asia Pacific is expected to register the highest CAGR in the market for PFAS testing during the forecast period. Asia Pacific comprises China, India, South Korea, Taiwan, and Singapore, and the rest of Asia Pacific. Factors such as the increasing government emphasis on the strict implementation of pollution control strategies, rapid and large-scale industrialization, increasingly stringent environmental regulation policies, and the growing need to comply with safety regulations are driving the growth of the APAC PFAS testing market during the forecast period.

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PFAS Testing Market Dynamics:

Drivers:

1.  Greater regulatory emphasis on effective pollution monitoring and control

Restraints:

1.  Stringent storage requirements for PFAS testing reagents and analytical standards

Opportunities:

1.  Regulatory agencies to control environmental pollution due to PFAS contamination

Challenge:

1.  Inadequate supporting infrastructure and the shortage of skilled professionals

Key Market Players of PFAS Testing Industry:

As of 2022, prominent players in PFAS testing are Merck KGaA (Germany), Agilent Technologies (US), LGC Limited (UK), Waters Corporation (US), Biotage (Sweden), AccuStandard, Inc. (US), PerkinElmer, Inc. (US), Thermo Fisher Scientific, Inc. (US), Phenomenex (US), MACHEREY-NAGEL GmbH & Co. KG (Germany), and Shimadzu Corporation (Japan), among others.

A breakdown of the primary participants referred to for this report is provided below:

• By Company Type: Tier 1–25%, Tier 2–30%, and Tier 3– 45%
• By Designation: Director-level–30%, C-level–23%, and Others–47%
• By Region: North America–40%, Europe–30%, Asia Pacific–22%, Latin America- 6%, MEA- 2%

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PFAS Testing Market Recent Developments:

• In August 2022, Agilent Technologies, Inc. plans to invest $20 million to expand its Shanghai manufacturing center to meet growing demand in China for the company's advanced liquid chromatography (LC), spectrometer, and mass spectroscopy (MS) systems.
• In June 2022, MACHEREY-NAGEL GmbH & Co. KG introduced NUCLEODUR PFAS and PFAS Delay, HPLC columns for the analysis of per- and polyfluoroalkyl substances (PFAS).
• In September 2020, Waters Corporation established its Innovation and Research Laboratory in Massachusetts (US). For the innovation of analytical instruments and their consumables, which will strengthen the product portfolio of analytical products and consumables of Waters Corporation.

PFAS Testing Market - Key Benefits of Buying the Report:

The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their market presence.

This report provides insights on the following pointers:

• Analysis of key drivers (rising levels of environmental pollution worldwide, increasing efforts from public-private organizations to raise awareness on environment protection, privatization of environmental testing and treatment services, increasing funding activities on wastewater treatment projects/programs, greater regulatory emphasis on effective pollution monitoring and control, and government initiatives for pollution control and environmental testing), restraints (limited public awareness related to effective pollution monitoring strategies across developing markets, stringent storage requirements for PFAS testing reagents and analytical standards, and high capital investments for accurate and sensitive analytical testing), opportunities (regulatory agencies to control environmental pollution due to PFAS contamination and growth potential offered by emerging markets), and challenges (inadequate supporting infrastructure and the shortage of skilled professionals and lack of proper approved laboratory methods for PFAS testing other than drinking water) influencing the growth of the PFAS testing market
• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the PFAS testing market
• Service Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and service developments in the PFAS testing market
• Market Development: Comprehensive information on lucrative emerging regions
• Market Diversification: Exhaustive information about new services, growing geographies, and recent developments in the PFAS testing market
• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and services of the leading market players.

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