Laboratory Proficiency Testing Market Is Estimated To Witness High Growth Owing To Increased Focus On Quality Assurance and Regulatory Approval
Market Overview:
Laboratory proficiency testing refers to the process of evaluating the performance of various clinical laboratories and testing their competency to produce accurate analytical results consistently. Proficiency testing programs are employed to ensure correct results are being obtained by laboratories performing diagnostic and analytical tests on clinical and environmental samples. Regulatory agencies require laboratories to participate in proficiency testing programs to maintain their laboratory licenses and accreditation.
Market Dynamics:
The laboratory proficiency testing market is driven by the increased focus on quality assurance and regulatory approvals for ensuring accuracy and precision of analytical results obtained from clinical and environmental laboratories. Regulatory bodies such as the Centers for Disease Control and Prevention (CDC) mandate proficiency testing for laboratories performing diagnostic tests and clinical analyses. This ensures patient safety and reliable testing results. Moreover, growth in clinical diagnostic testing volumes around the world due to rising disease incidence is boosting the demand for proficiency testing programs to verify testing competence across laboratories.
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
Strength: Laboratory proficiency testing helps improve quality assurance and accuracy of test results. Proficiency testing also helps identify gaps and inconsistencies in testing processes. Testing helps laboratories maintain accreditation and certification.
Weakness: Proficiency testing imposes additional costs on laboratories for supplies, reporting, and staff time spent on testing. High turnover rates in staff can negatively impact consistency in proficiency testing performance.
Opportunity: Growing focus on accurate diagnostics, disease surveillance, and healthcare outcomes is driving increased demand for proficiency testing. Expanding point-of-care testing is another avenue for growth.
Threats: Changing diagnostic technologies and procedures may outdated certain proficiency test sample types and methods. Economic slowdowns can reduce laboratory testing budgets and investments in proficiency testing.
Key Takeaways
The global laboratory proficiency testing market is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period, due to increasing demand for accurate diagnostic test results from clinical laboratories. Growth will be driven by regulatory mandates for proficiency testing, along with a rising geriatric population and greater emphasis on quality in healthcare.
Regional analysis: The US dominates the global laboratory proficiency testing market currently due to stringent regulatory standards for clinical laboratories in the country. Europe is another major regional market supported by regulatory requirements for laboratories to participate in external quality assessments including proficiency testing. The Asia Pacific region is expected to be the fastest growing market over the coming years with increasing healthcare investments and expanding medical infrastructure in countries such as China and India.
Key players: Key players operating in the laboratory proficiency testing market are 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.
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