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 involves evaluating the performance of laboratories for quality assessment against ISO standards and accreditation criteria. It is essential for clinical, biomedical, and food testing laboratories to participate in proficiency testing programs on a regular basis to ensure test accuracy and precision as per quality management standards. Proficiency testing programs evaluates laboratories' competency in performing analytical testing of various biomarkers, microbes, chemicals, and other substances.
Market key trends:
Stringent regulations mandating clinical laboratory accreditation and quality assessment along with rising incidences of laboratory errors drive the demand for proficiency testing programs globally. In recent years, regulatory agencies across various countries have strengthened laboratory quality standards and mandated proficiency testing participation periodically for obtaining accreditation. Laboratories are now required to participate and clear proficiency testing challenges measuring competency on a regular frequency ranging from semi-annually to annually depending on the tests performed. This has boosted the adoption of external quality assessment solutions for ensuring test reliability and validity. Furthermore, growing focus on improving patient safety through error minimization is propelling healthcare facilities to embrace robust quality control practices including proficiency testing.
Porter’s Analysis
Threat of new entrants: Medium, capital requirement is moderately high for setting up testing facilities and obtaining accreditation which acts as a barrier for new players.
Bargaining power of buyers: Moderate, buyers have bargaining power due to availability of testing facilities from various players but switching costs act as a constraint.
Bargaining power of suppliers: Low, suppliers of testing equipment and raw materials have low bargaining power due to standardized nature and availability of substitutes.
Threat of new substitutes: Low, no major substitute options available for proficiency testing services.
Competitive rivalry: High, major players compete intensely on parameters such as quality, pricing, services and innovation.
SWOT Analysis
Strength: Established market presence of major players, strong technical expertise.
Weakness: High capital requirement, complex regulatory approvals and certifications.
Opportunity: Growth in biopharma outsourcing, increasing R&D spending.
Threats: Price wars among players, stringent quality standards.
Key Takeaways
The laboratory proficiency testing market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing R&D activities in pharmaceutical and biotech industries. North America dominates the market currently due to presence of major pharmaceutical companies. Europe is the second largest market. The Asia Pacific market is expected to grow at the fastest rate during the forecast period due to expanding biopharma industry and increasing healthcare spending in countries such as China and India.
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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