by Market Overview:
The laboratory proficiency testing market involves the use of standardized samples that are sent to laboratories to test how well they perform on commonly ordered medical or environmental tests. Proficiency testing programs help laboratories measure the accuracy of their analytical testing and identify existing problems.
Market Dynamics:
Key factors fueling the market include the growing need to ensure test accuracy and quality across various industries such as healthcare, food, water, and the environment. Regulatory bodies mandate proficiency testing programs to monitor laboratory performance, boosting demand. Furthermore, new proficiency testing programs for emerging diagnostics areas like molecular diagnostics and personalized medicine will support market growth.
Market key trends:
The laboratory proficiency testing market has witnessed significant growth over the past few years, driven by increasing demand for reliable and accurate diagnostic test results. With advances in laboratory testing, there is a need for regular quality checks to ensure test results are accurate and reliable. Proficiency testing programs provide an external mechanism to evaluate testing processes and identify errors. Participation in proficiency testing is now mandatory for labs to maintain accreditation and certifications. The COVID-19 pandemic has further increased the focus on testing accuracy and quality, driving greater adoption of proficiency testing programs globally.
The global Laboratory Proficiency Testing Market Demand is estimated to be valued at US$ 1.29 Billion in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strengths: Compulsory participation in PT programs to maintain accreditation; Ensures high accuracy and reliability of diagnostic test results
Weaknesses: Additional costs and resource requirements for labs; Complex regulatory landscape across regions
Opportunities: Growth in lab testing volumes driven by point-of-care innovations; Rising focus on testing quality due to COVID-19
Threats: A fragmented supplier landscape increases pricing pressures; Disruptions due to supply chain issues and changes in testing guidelines
Key Takeaways
The global laboratory proficiency testing market is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period 2023 – 2030, due to increasing demand for diagnostic testing and focus on quality assurance. The market was valued at US$ 1.29 billion in 2023.
Regional analysis: The United States represents the largest and fastest-growing regional market for laboratory proficiency testing. Strict guidelines around lab accreditation and quality programs drive greater adoption of PT programs. Europe is another major regional market, led by the presence of large labs in Germany, United Kingdom, and France. Asia Pacific is expected to emerge as the most lucrative growth market, supported by region’s growing laboratory infrastructure and testing volumes.
Key players: Key players operating in the laboratory proficiency testing market include Bio-Rad Laboratories, LGC Limited, Merck KGaA, Randox Laboratories, Thermo Fisher Scientific, Westgard QC, Advanced Analytical Solutions, LLC, AOAC International, Bipea, CAP, Charmex, Fera Science Limited (Fera), Finning UK & Ireland, Helena Laboratories, Hygiena, International Education and Research Corporation (ERC), Maine Molecular Quality Controls, Inc. (MMQCI), Microbiologics, Inc., NSI Lab Solutions, QACS Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
