February 21, 2024
Laboratory Proficiency Testing Market

Laboratory Proficiency Testing Market Propelled by Robust Demand for Quality Control and Safety in Laboratory Testing

Laboratory proficiency testing involves evaluating the performance of clinical laboratories and pathologists for accurate diagnostic test results. It helps identify areas that need improvement in testing procedures, which ensures quality control and safety. Proficiency testing is required to maintain accreditation for clinical and forensic laboratories.

The global Laboratory Proficiency Testing Market is estimated to be valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing demand for quality control and safety in laboratory diagnostics is a major trend fueling the laboratory proficiency testing market growth. Regulatory authorities have mandated robust quality control checks for clinical labs to ensure accurate diagnostic results. This has increased the adoption of proficiency testing programs globally. The market players are also developing more comprehensive and integrated proficiency testing solutions with online reporting features. Customized tests for niche diagnostic areas are also gaining traction. Overall, stringent quality benchmarks are driving the need for proficiency testing in the laboratory industry.

SWOT Analysis
Strength: Laboratory Proficiency Testing helps standardize testing procedures and improve testing accuracy for laboratories. It identifies errors and helps laboratories maintain their certifications and accreditations.
Weakness: The proficiency testing process can be time-consuming and resource-intensive for laboratories. Shipping samples and reporting results on tight schedules adds operational challenges.
Opportunity: Emerging markets in Asia Pacific and Latin America are expected to drive higher demand for proficiency testing as their healthcare infrastructure and regulations evolve. Comprehensive proficiency programs covering a wide array of laboratory specialties can also see more uptake.
Threats: Economic downturns may force laboratories to reduce their proficiency testing budgets. Virtual proficiency testing is gaining popularity but does not fully replace on-site assessments, posing a disruption threat.

Key Takeaways
The Global Laboratory Proficiency Testing Market Size is expected to witness high growth in the forecast period of 2023 to 2030. The market size is projected to reach US$ 1.29 Billion by 2024 growing at a CAGR of 6.8% through 2030.

Regional analysis comprises: North America currently dominates the market thanks to stringent laboratory accreditation norms set by bodies like CLIA and CAP. The region contributes over 35% of global revenues. Asia Pacific is expected to witness the fastest growth helped by industry expansion in China, India, Japan and Australia/New Zealand. Countries in the region are strengthening their testing regulations.

Key players operating in the Laboratory Proficiency Testing market are RxBio Inc., Annova Chem Inc., Medicom Healthcare Ltd., Onconova Therapeutics, Genome Protection Inc., Grace Therapeutics LLC, Amgen Inc., Partner Therapeutics Inc., Jubilant Life Sciences Ltd., Cipla Inc., Stium Inc., Soligenix Inc., Aeolus Pharmaceuticals, PharmaIN Corp, Immune Modulators Inc. These big players are focusing on broadening their service portfolios and geographical footprint through organic and inorganic growth strategies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it