The laboratory proficiency testing market is estimated to be valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Laboratory proficiency testing products help assess the performance and competency of clinical, food, environmental testing and other laboratories. They include testing panels, testing services and other materials and accessories required to perform tests. Proficiency testing assists laboratories in monitoring and improving their processes to deliver accurate and reliable test results.

Market Dynamics:
Stringent government regulations and standards regarding laboratory testing are expected to drive the market growth. Regulatory bodies such as Clinical Laboratory Improvement Amendments (CLIA) in the US and ISO 15189 for medical laboratories worldwide mandate periodic proficiency testing for laboratories. This ensures laboratories adhere to quality standards and procedures. Furthermore, expanding pharmaceutical and biotechnology industries are increasing the outsourcing of analytical testing to contract research organizations (CROs) and labs. Growing diagnostics industry will also augment the need for reliable proficiency testing programs.

SWOT Analysis

Strength:
Laboratory proficiency testing provides quality assurance and helps labs improve their performance which increases accuracy and reliability of test results. It ensures labs meet regulatory standards.
Proficiency testing facilitates accreditation and certifications for labs which boosts their credibility and market value.
Growing healthcare industry is increasing the need for quality diagnostic and testing services which is fueling the demand for proficiency testing.

Weakness:
Proficiency testing requires additional costs and time commitments from already burdened clinical labs which is a challenge.
Significant variabilities still exist among labs despite proficiency testing which questions the effectiveness of the process.

Opportunity:
Growing geriatric population and rising incidence of chronic diseases is driving the volume of diagnostic testing presenting an opportunity for proficiency testing market to scale up.
Adoption of proficiency testing is gaining traction in developing regions owing to increasing investments in healthcare infrastructure presenting an avenue for market expansion.

Threats:
Presence of local testing service providers poses pricing pressure on established proficiency testing companies.
Stringent regulations associated with laboratory testing may increase compliance burden for proficiency testing providers.

Key Takeaways

The global Laboratory Proficiency Testing Market Share is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing volume of diagnostic testing and focus on quality assurance.

North America is projected to dominate the market through 2030 owing to stringent quality standards and regulatory mandates in the region. Europe follows next due to well-established healthcare systems and focus on diagnostic excellence. Asia Pacific is anticipated to exhibit fastest growth during the forecast period driven by increasing healthcare spending, expanding diagnostic infrastructure and rising medical tourism in countries like India, China and Japan.

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, Finning UK & Ireland, Helena Laboratories, Hygiena, International Education and Research Corporation, Maine Molecular Quality Controls, Inc., Microbiologics, Inc., NSI Lab Solutions, QACS Ltd. Key players are focused on leveraging new technologies to improve proficiency testing processes and expanding their global footprint through strategic acquisitions and collaborations.

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