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:
The laboratory proficiency testing market comprises products and services that are used to evaluate and monitor the performance of laboratories for regulated and accredited sampling and testing procedures. Laboratory proficiency testing helps identify potential problems, verify accuracy, and improve testing consistency in clinical, food, water, and environmental laboratories.
Market key trends:
Adoption of stringent regulations: Stringent regulations regarding quality control and quality assurance of laboratories across industries such as clinical, pharmaceutical, food, and water testing have positively impacted the global laboratory proficiency testing market growth. Regulatory bodies such as the Clinical Laboratory Improvement Amendments (CLIA), ISO/IEC 17025, and College of American Pathologists (CAP) mandate laboratories to participate in external proficiency testing programs to ensure reliable testing practices. This has increased the demand for proficiency testing services over the years. Furthermore, increasing laboratory accreditation across industries is also expected to drive the market during the forecast period.
Porter’s Analysis
Threat of new entrants: The laboratory proficiency testing market requires huge investment and technological expertise. There are stringent regulations for quality and proficiency testing which poses barrier for new entrants.
Bargaining power of buyers: The buyers have moderate bargaining power as they have option to switch between vendors but standardization needs poses limitation to switch.
Bargaining power of suppliers: The suppliers have moderate power as few vendors operate in the market but switching cost for buyers reduces their power.
Threat of new substitutes: There are very limited alternatives available for proficiency testing.
Competitive rivalry: Intense due to presence of global and local players.
SWOT Analysis
Strength: Wide service portfolio and global presence of major players. Proficiency testing being mandatory allows sustained demand.
Weakness: Huge capital requirement and stringent regulations poses challenges for small players. Risk of errors and inaccuracy.
Opportunity: Growth in biopharmaceutical industry fuels demand. Untapped regions open new opportunities.
Threats: Price wars among players. Stringent quality standards and product recalls affect industry.
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 regulatory mandates for quality control and accuracy in clinical diagnostics and bioanalytical testing.
Regionally, North America dominates the market currently due to stringent regulatory scenario and presence of leading players. Asia Pacific is expected fastest growing market due to expansion of healthcare infrastructure and growing awareness.
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. The major players are focusing on expanding their geographic presence and service portfolio through mergers and acquisitions to remain competitive in the market.
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