The global 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:
The laboratory proficiency testing market consists of products and services that helps laboratories to monitor and measure their laboratory testing performance through inter-laboratory comparisons. Proficiency testing is important to identify competency of laboratory staff and accuracy of testing procedures. It helps laboratories maintain accreditation and regulatory compliance. Proficiency testing involves use of standardized samples that are sent to laboratories at regular intervals to determine accuracy of test results through statistical analysis.
Market key trends:
One of the key trends in the laboratory proficiency testing market is growing adoption of electronic proficiency testing (EPT) programs. EPT programs help laboratories receive samples, perform tests, and return data electronically with no use of paper. This streamlines proficiency testing process and enables laboratories to access reports instantly online. EPT programs are gaining popularity due to advantages such as reduced costs, environmental benefits, and timely access to results. Major proficiency testing providers are increasingly offering EPT programs to laboratories globally.
Porter’s Analysis
The threat of new entrants:
The Laboratory Proficiency Testing market requires high investment costs for R&D, which poses a barrier for new companies to enter this market.
Bargaining power of buyers:
Buyers have low bargaining power in this market as there are few large companies that dominate the market.
Bargaining power of suppliers:
Suppliers have moderate bargaining power as there are many suppliers providing raw materials and technologies required by proficiency testing providers.
The threat of new substitutes:
There is a low threat of substitutes in this market as proficiency testing services have no close substitute and assist in quality control and compliance.
Competitive rivalry:
The Laboratory Proficiency Testing market witnesses intense competition between large established players.
Key Takeaways
The global Laboratory Proficiency Testing market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing regulatory compliance for laboratory testing. The market was valued at US$ 1.29 billion in 2023.
The US dominates the global Laboratory Proficiency Testing market due to strict regulatory environment and presence of leading providers. The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to rising investments in healthcare sector and expanding biomedical industries in 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
