Comprehensive Laboratory Proficiency Testing Market Analysis 2024: Size, Share, And Key Trends
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What Growth Rate Can Be Expected in the Laboratory Proficiency Testing Market from 2024 Through 2033?
The market size of laboratory proficiency testing has witnessed significant growth over the recent years. The expected growth is from $1.33 billion in 2023 to $1.44 billion in 2024, indicating a compound annual growth rate (CAGR) of 8.1%. The increasing focus on quality assurance, compliance with regulatory standards, the necessity for industry-specific testing, the globalization of testing standards, and the emphasis on continuous professional development are factors contributing to the growth during the historical period.
In the coming years, the laboratory proficiency testing market is projected to experience robust growth, expanding to a valuation of $1.99 billion by 2028 with a compound annual growth rate (CAGR) of 8.5%. This predicted growth during the forecast period is believed to be driven by the integration of artificial intelligence, ongoing professional development, focus on quality assurance, an increasing need for precise testing, and the global recognition of quality standards. Forecasts for this period also highlight certain trends such as increased digitalization and online testing, personalized testing programs, an emphasis on data analytics, a growing requirement for accreditation, and initiatives to enhance quality.
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What Dynamics Are Shaping the Growth of the laboratory proficiency testing Market?
The ascension in the biosimilars sector is projected to largely contribute to the advancement of the laboratory proficiency testing domain. Biosimilars are essentially mimicked versions of their biologic medicinal counterparts produced by different companies. The surge in the biosimilars sector necessitates more analytical and bioanalytical evaluation of these commodities. As a result, the need for laboratory proficiency testing facilities may heighten to guarantee the precision and dependability of test outcomes. For instance, as cited by IQVIA – a USA-based enterprise offering commercial outsourcing and biopharmaceutical development services, the value of biosimilars saw a substantial rise of 78% CAGR from 2015 to 2020, hitting roughly $17.9 billion in 2020. It is anticipated to increase at a 15% CAGR from 2020 to 2030, accomplishing an approximate $75 billion in the ensuing decade. The forecasted count of Loss of Protection (LoP) incidents for originating pharmaceutical merchandise will majorly accelerate the volume of biosimilar in the coming ten years. Consequently, the escalation in the biosimilars sphere is fueling the progress of the laboratory proficiency testing sector.
What Are the Essential Segments of the Laboratory Proficiency Testing Market?
1) By Technology: Cell Culture, PCR, Immunoassays, Chromatography, Spectrophotometry, Other Technologies
2) By Test: Routine, Specialty
3) By Department: Parasitology, Virology, Hematology, Toxicology, Immunology/Serology, Histopathology, Urinalysis, Other Departments
4) By End-use: Hospitals, Contract Research Organizations, Pharmaceutical & Biotechnology Companies, Academic Research, Diagnostic Laboratories, Independent Laboratories, Specialty Laboratories
What Are the Defining Trends in the Evolving Laboratory Proficiency Testing Market?
One trend that is gaining momentum in the laboratory proficiency testing market is product innovation. To maintain their market position, leading companies are developing novel products. For example, in February 2022, BIPEA, a non-profit organization based in Europe that offers proficiency testing programs for food and environmental samples, unveiled PT 35d. This initiative is a proficiency testing scheme for laboratories that perform microbiological testing on water, specifically counting yeasts and molds in fresh water. This quality assurance plan includes two rounds, during which express delivery services distribute two chilled water samples to the laboratories participating in each round.
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Which Regions Are Emerging as Leaders in the Laboratory Proficiency Testing Market?
North America was the largest region in the laboratory proficiency testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global laboratory proficiency testing market report during the forecast period. The regions covered in the laboratory proficiency testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Laboratory Proficiency Testing Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the laboratory proficiency testing market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Laboratory Proficiency Testing Market Include
1. Laboratory Proficiency Testing Market Executive Summary
2. Laboratory Proficiency Testing Market Segments
3. Laboratory Proficiency Testing Market Size And Template Market Growth Rate
4. Key Laboratory Proficiency Testing Market Trends
5. Major Laboratory Proficiency Testing Market Drivers
……
25. Key Mergers And Acquisitions In The Laboratory Proficiency Testing Market
26. Top Laboratory Proficiency Testing Companies
27. Laboratory Proficiency Testing Market Opportunities And Strategies
28. Laboratory Proficiency Testing Market, Conclusions And Recommendations
29. Appendix
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