by Laboratory proficiency testing involves the administration of unknown samples to laboratories for analysis to evaluate performance and ensure the reliability of test results. It helps establish accuracy and precision levels for medical laboratories and provides an external quality assurance program. Laboratory testing plays an important role in various diseases diagnosis and monitoring therapeutic treatment effectiveness. The growing prevalence of chronic and infectious diseases has increased the demand for laboratory testing across the globe. For instance, according to World Health Organization, cardiovascular diseases account for over 17 million annual deaths globally. Additionally, the changing regulatory landscape mandating participation in PT programs is expected to drive the market growth.
The global laboratory proficiency testing market is estimated to be valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the laboratory proficiency testing market is the growing demand for quality assurance testing. The participation in proficiency testing programs helps laboratories monitor performance, identify errors, and improve quality of testing. Additionally, regulatory bodies across different countries have made participation in PT programs mandatory. For example, in the US, Clinical Laboratory Improvement Amendments mandates clinical laboratories to participate in PT programs. Similarly, in Europe, regulation EC No 483/2008 has made participation in PT programs compulsory. Such stringent regulatory frameworks are expected to drive the market growth over the forecast period.
Segment Analysis
The global laboratory proficiency testing market is dominated by the pharmaceutical and clinical sub-segment. The pharmaceutical and clinical sub-segment accounts for over 45% of the total market share due to stringent quality control and regulatory compliance testing protocols in pharmaceutical and clinical sectors. Factors such as an increase in product R&D, complex formulations, and rigorous testing mandates from regulatory authorities are driving the growth of this sub-segment.
PEST Analysis
Political: Stringent regulations and enforcement of accreditation standards by regulatory bodies across regions have boosted demand for proficiency testing programs in laboratories.
Economic: Growth in biotechnology and pharmaceutical industries, rise in healthcare expenditure, and availability of funding and initiatives by governments worldwide are fueling market revenue.
Social: Increasing public awareness about standard healthcare services and patient safety has led to greater emphasis on clinical laboratory quality control and assurance.
Technological: Adoption of integrated IT platforms, cloud-based solutions, and advanced analytical techniques are supporting market expansion by making proficiency testing processes efficient and convenient.
Key Takeaways
The Global Laboratory Proficiency Testing Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 1.29 Billion.
Regional analysis: North America presently holds the largest share of over 35% of the global laboratory proficiency testing market due to favorable reimbursement policies and strict federal regulatory guidelines regarding industry certifications in the region.
Key players: Key players operating in the laboratory proficiency testing market are RxBio Inc., Annova Chem Inc., Medicom Healthcare Ltd., Onconova Therapeutics, Genome Protection Inc., Grace Therapeutics LLC, Amgen Inc., Partner Therapeutics Inc., Jubilant Life Sciences Ltd., Cipla Inc., Stium Inc., Soligenix Inc., Aeolus Pharmaceuticals, PharmaIN Corp, Immune Modulators Inc. RxBio Inc. holds approximately 15% of the market share owing to its wide product portfolio and global customer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
