April 24, 2024
Laboratory Proficiency Testing Market

Laboratory Proficiency Testing Market Is Thriving on Increased Regulatory Focus on Quality Control

The laboratory proficiency testing market comprises products and services used by laboratories to measure their performance and identify potential weaknesses in their testing procedures. Proficiency testing helps evaluate performance over time and against peers through an external agency. It plays a vital role in ensuring quality standards and accuracy of test results. The growing focus on enhancing lab quality and stringent regulatory norms regarding the accreditation of medical laboratories are driving increased adoption of proficiency testing programs. The Global Laboratory Proficiency Testing Market is estimated to be valued at US$ 1.49 Bn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.

Key Takeaways

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. The growing demand from clinical diagnostic laboratories and strict regulations regarding lab certification are fuelling market growth. Major players are expanding their proficiency testing programs globally to tap into the opportunities arising from increasing awareness.

Market key trends

Customized proficiency testing as per industry-specific needs is a major trend in the market. Laboratories across industries like food, water, and pharmaceuticals need customized solutions to address their unique quality control requirements. This has prompted proficiency testing providers to launch tailored programs and panel designs as per the analytes of interest for different industries. For example, customized veterinary testing panels for animal disease diagnostics or environmental testing programs catering to pollutant panels are growing in demand. This trend allows for a better assessment of lab quality and more accurate evaluation of performance.

Porter’s Analysis

Threat of new entrants: New companies entering the market face high initial setup and manufacturing costs limiting entry.
Bargaining power of buyers: Large number of buyers leads to lower bargaining power for individual buyers.
Bargaining power of suppliers: The market has a large number of raw material suppliers reducing individual supplier’s bargaining power.
Threat of new substitutes: No close substitutes exist for Laboratory proficiency testing services.

Competitive rivalry: Intense competition exists among established players to gain market share.

Geographical Regions

North America accounts for the largest share of the Laboratory proficiency testing market in terms of value due to rising demand for diagnostic testing and stringent regulations regarding quality assurance in the region.

Asia Pacific is projected to grow at the fastest rate during the forecast period driven by increasing healthcare spending, expanding diagnostic facilities and growing medical tourism in India and China.

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