Global Laboratory Proficiency Testing Market
Dublin, May 09, 2022 (GLOBE NEWSWIRE) -- The "Global Laboratory Proficiency Testing Market Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global laboratory proficiency testing market is projected to reach USD 1.4 billion by 2026 from USD 1.0 billion in 2021, at a CAGR of 6.4%.
With proficiency testing being a mandatory procedure to be undertaken by laboratories functioning in different industries which are under regulation by organizations such as the CLIA, APLAC, and CLSI, the market for proficiency testing is expected to witness significant growth during the forecast period. PT forms an essential precondition for operational excellence and accreditation in several industries. This is one of the major factors driving the growth of the laboratory proficiency testing market globally.
Also, the stringent safety and quality regulations for food and pharmaceutical products and the increasing focus on water testing are the other major factors supporting market growth. However, the requirement of high capital investments for accurate and sensitive testing is expected to restrain the growth of this market during the forecast period.
Clinical Diagnostics held the largest share during the forecast period
Based on industry, the laboratory proficiency testing market is segmented into clinical diagnostics, food & animal feed, pharmaceuticals, microbiology, environmental, water, biologics, commercial beverages, cannabis/opioids, cosmetics, dietary supplements, and nutraceuticals. In 2020, the clinical diagnostics segment accounted for the largest share of the laboratory proficiency testing market. The large share of this segment is attributed to the development of complex diagnostic tests and the need for early diagnosis, which makes quality management with the use of proficiency testing an essential aspect of clinical diagnostics.
The cell culture segment held the largest share during the forecast period
Based on technology, the global laboratory proficiency testing market has been segmented into spectrophotometry, chromatography, PCR, immunoassays, cell culture, and other technologies. The cell culture segment accounted for the largest share of the laboratory proficiency testing market in 2020. Growing awareness regarding the use of cell cultures in the production and testing of various clinical diagnostics samples, microbiology samples, and biopharmaceuticals is supporting the growth of this market.
Asia Pacific projected to grow at the highest CAGR during the forecast period
The Asia Pacific is projected to record the highest growth rate in the laboratory proficiency testing market during the forecast period. The presence of emerging economies such as China and India and the significant growth in outsourcing services in the past few years, China and India have emerged as high-growth markets for laboratory proficiency testing. South Korea is another growing market in the APAC region. Other than these APAC countries, Latin American countries also show significant growth potential for the laboratory proficiency testing market. Most of this growth is driven by the significant growth in the healthcare industry, low-cost manufacturing advantage, technological advancements in the clinical diagnostics, microbiology, and pharmaceutical industries, growth opportunities in emerging countries like India, China, and South Korea, and stringent safety and quality regulations for food and pharmaceuticals products in this region.