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Laboratory Proficiency Testing Market Is Estimated To Witness High Growth Owing To Opportunity In Digitalization

Laboratory Proficiency Testing Market Is Estimated To Witness High Growth Owing To Opportunity In Digitalization

Laboratory Proficiency Testing refers to the process of evaluating and testing the examination process and calibration of a given laboratory by means of interlaboratory comparisons. Proficiency testing helps laboratories assess and improve their performance by objectively measuring their competencies against pre-established standards. It is increasingly used in clinical and food testing laboratories to ensure accurate and reliable testing. The demand for proficiency testing is growing owing to stringent regulatory standards and testing requirements across industries.

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 2.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Adoption of Digital Technologies

The opportunity for growth in the laboratory proficiency testing market lies in the increasing adoption of digital technologies. Advanced proficiency testing software solutions are being developed that allow laboratories to automate report submission and data exchange processes. Cloud-based platforms for proficiency testing are also gaining traction. They enable anytime-anywhere access to proficiency testing data and reports. The digitalization of proficiency testing programs makes them more efficient and cost-effective. It also ensures higher data security. The integration of technologies such as machine learning and AI is further optimizing data analysis processes. The development of digital proficiency testing solutions will thus drive the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The laboratory proficiency testing market requires high initial capital to set up testing laboratories and acquire accreditations. The presence of stringent regulations also pose a barrier for new companies.

Bargaining power of buyers: The bargaining power of buyers in the laboratory proficiency testing market is moderate as there are many players providing similar services. However, buyers can negotiate on pricing based on the volume of tests required.

Bargaining power of suppliers: The proficiency testing market depends on skilled professionals and precise equipment for analysis. This gives moderate bargaining power to suppliers of essential raw materials and samples.

Threat of new substitutes: There is low threat from substitutes as proficiency testing is essential for laboratories to maintain their accreditations.

Competitive rivalry: The market is moderately competitive due to presence of numerous regional and global players.

SWOT Analysis

Strength: Proficiency testing helps laboratories validate results and comply with regulatory standards. It ensures quality of test results.

Weakness: High initial costs and requirement of specialized expertise and technologies. Dependence on external factors like sample handling during transportation.

Opportunity: Growth in biopharma and life sciences industries is driving increased regulatory compliance. Emerging markets in Asia Pacific offer scope for expansion.

Threats: Economic slowdowns can delay capital investments. Stringent rules by accreditation bodies increase compliance costs.

Key Takeaways

The global Laboratory Proficiency Testing Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 1.29 Bn.

Regional analysis for the North America region comprises highest market share currently owing to strong regulations in industries like food and pharma. Countries like the US and Canada are major revenue contributors.

Key players operating in the laboratory proficiency testing market are Mason Corporation, Ace Chemical Company, City Chemicals LLC, TIB Chemicals AG, Pfaltz & Bauer Inc., GFS Chemicals, Showa America, S V Plastochem Private Limited, Westman Chemicals Pvt, William Blythe, Haihang Industry Co.,Ltd, and Strem Chemicals. These companies provide wide range of proficiency testing covering various analytical categories to laboratories worldwide.

For more insights, read- https://www.newsanalyticspro.com/laboratory-proficiency-testing-market-trends-size-and-share-analysis/

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