Laboratory Proficiency Testing Market worth $1.6 billion by 2028 , growing at a CAGR of 7.4%

(IT-NEWSWIRE.COM, November 23, 2023 ) The report "Laboratory Proficiency Testing Market by Industry (Clinical Diagnostics, Microbiology, Pharmaceutical, Food & Animal Feed, Water, Opioid), Technology (PCR, Cell Culture), and Region; Unmet Needs, Stakeholder & Buying Criteria - Global Forecast to 2028", expects the global laboratory proficiency testing market to grow from USD 1.2 billion in 2023 to USD 1.6 billion by 2028, at a CAGR of 7.4% during the forecast period.

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The growth of the laboratory proficiency market is primarily driven by stringent safety and quality regulations for food and pharmaceutical products, increasing focus on water testing, and increasing number of laboratory accreditations. However, the need for proficiency testing scheme harmonization and the dearth of skilled professionals pose potential challenges to the market landscape. The growth of the pharmaceutical proficiency testing market is driven by the growth of the pharmaceuticals market, the surge in the generics market, stringent quality control in the production of pharmaceutical products, and the emerging biosimilars market, while the major restraining factor is cost and time-intensive drug manufacturing process.

Clinical Diagnostics to account for the largest share of the market during the forecast period.

Based on industry, the laboratory proficiency testing market is segmented into clinical diagnostics, microbiology, pharmaceuticals, food & animal feed, water, biologics, environmental, commercial beverages, cosmetics, cannabis/opioids, dietary supplements, and nutraceuticals. In 2022, the clinical diagnostics segment accounted for the largest share of the laboratory proficiency testing market. Factors such as the rising demand for early and accurate disease diagnosis, advancements in clinical diagnostic techniques, rising government initiatives to improve the quality and affordability of clinical diagnostic testing procedures, increasing incidence of target diseases, and growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, are driving the growth of the clinical diagnostics segment.

Chromatography segment is expected to grow at the highest rate during the forecast period.

Based on technology, the global proficiency testing market is segmented by various technologies, including chromatography, spectrophotometry, immunoassays, PCR, cell culture, and other techniques. In 2022, the cell culture segment held the largest market share in the Laboratory Proficiency Testing market. However, it is anticipated that the chromatography segment will experience the highest compound annual growth rate (CAGR) during the forecast period. This can be attributed to the increasing use of chromatographic techniques in water, pharmaceutical, and food industries.

The APAC Laboratory Proficiency Testing market is projected to grow at the highest rate during the forecast period.

The laboratory proficiency testing market is segmented into five primary regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America held the largest market share. However, it's expected that the Asia Pacific (APAC) market will experience the most rapid growth throughout the forecast period. This growth is mainly attributed to the rising demand for outsourcing analytical testing services in countries such as China, India, Japan, and Singapore. In addition, governments and regulatory bodies across APAC countries are tightening regulations to ensure the accuracy and reliability of testing and measurements. These factors are supporting the growth of the adoption of laboratory proficiency tests in the region.

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The prominent players in the laboratory proficiency testing market are LGC Limited (UK), College of American Pathologists (US), Bio-Rad Laboratories (US), Merck KGaA (Germany), American Proficiency Institute (US), Randox Laboratories (UK), Fapas (Fera Science Ltd.) (UK), Waters Corporation (US), QACS (Greece), Weqas (UK), AOAC INTERNATIONAL (US), Bipea (France), SPEX CertiPrep (US), Absolute Standards Inc. (US), Trilogy Analytical Laboratory (US), Advanced Analytical Solutions (US), American Industrial Hygiene Association (US), Matrix Sciences (US), Aashvi Proficiency Testing & Analytical Services (India), Global Proficiency (New Zealand), The Emerald Test (US), FLUXANA GmbH & Co. KG (Germany), Phenova Inc. (US), FARE Labs (India), Go Plus Services SDN BHD (Malaysia), and Muva Kempten GmbH (Germany).

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Laboratory Proficiency Testing Market worth $1.6 billion by 2028 , growing at a CAGR of 7.4%