Laboratory Proficiency Testing Market Is Estimated To Witness High Growth
The Laboratory Proficiency Testing market 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.
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.
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 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.
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