by 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 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 involves conducting proficiency testing programs for various laboratory tests. Proficiency testing programs evaluate laboratories’ performance by providing them samples that are unknown to them and then comparing their results to pre-established targets or peer group performance. Rising demand for healthcare testing services across pathologies such as clinical chemistry, immunology, microbiology etc. is driving the need for ensuring testing accuracy and quality, thereby fueling growth of the laboratory proficiency testing market. Proficiency testing programs help laboratories identify errors and monitor their performance over time in order to improve the quality and accuracy of testing results.
Market key trends:
The key trends in the laboratory proficiency testing market include increasing adoption of electronic proficiency testing (EPT) programs and growing focus on enhancing quality of testing services. EPT programs offer convenience of online participation, rapid turn-around of results evaluation and reporting, and simplified proficiency testing work-flow. They are gaining popularity owing to benefits such as digital sample handling and storage along with remote accessibility. Additionally, there is rising emphasis on ensuring accurate diagnostic and testing services through participation in regular proficiency testing programs, in order to enhance testing quality and reduce diagnostic errors. Strict regulations regarding laboratory accreditation and certification by bodies such as the Clinical Laboratory Improvement Amendments (CLIA) are also promoting adoption of proficiency testing across various healthcare domains.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the market requires stringent regulations and standards to provide proficiency testing. Additionally, established players have significant economies of scale and brand reputation.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are numerous established players providing proficiency testing. However, rigorous quality standards leave limited room for customer negotiation.
Bargaining power of suppliers: The bargaining power of suppliers is low given the availability of alternative suppliers and commoditized nature of raw materials.
Threat of new substitutes: The threat of new substitutes is low as proficiency testing services have no close substitute and switching costs are high.
Competitive rivalry: The competitive rivalry is high among key players to gain market share through product differentiation and expansion into new regions.
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 stringent regulations for lab accreditation and quality control.
Regional analysis: North America dominates the global market, owing to stringent guidelines for lab accreditation by CLIA and COLA in the region. Asia Pacific is anticipated to exhibit the fastest growth over the forecast period led by growing biopharma industry and focus on healthcare 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. Key players are focusing on expanding their geographic footprint and service offerings through collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
