Laboratory Proficiency Testing Market Share, Upcoming Trends, Size, Key Segments, Growth Status and Forecast 2022 – 2031

Kenneth Research has recently added a report titled Laboratory Proficiency Testing Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2022-2031.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Laboratory Proficiency Testing Market products.

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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

Laboratory Proficiency Testing Market is valued approximately USD 750.5 million in 2018 and is anticipated to grow with a healthy growth rate of more than 6.6% over the forecast period 2019-2026. The increasing concern of time-concerning clinical trials along with the rising government regulations towards the safety and efficacy of the drugs has led to the rising demand for the more advanced laboratory proficiency testing solutions. Further, the laboratory proficiency testing solutions includes the external quality and accuracy assessment processes along with the accurate lab testing results of an unknown specimens from the outside source. The laboratory proficiency testing also offers objective assessment of the lab technicians, specimen handling along with equipment functionality. The safety regulations framed by the authorities in order to avoid defects in the manufactured products has led to the increased demand for the laboratory proficiency testing solutions from the pharmaceuticals industry.

Moreover, the food and pharmaceutical products are consumed directly by the consumers and any defects in the product manufacturing can lead to the adverse effect on the health conditions. The laboratories and R&D departments are monitored regularly to ensure the efficiency and quality. The rising investment from the government as well as private organizations towards product development and innovation in the testing programs has led to the advancement in the testing industry. For instance, in June 2019, Bio-Rad Laboratories, Inc., provider of science research and clinical diagnostics products, has announced the launched of quantify Advance Control which are used in clinical labs for performing urinalysis testing.

The regional analysis of Laboratory Proficiency Testing market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is expected to register significant growth over the forecast period owing to the increasing traction of proficiency testing to demonstrate the operational excellence. Moreover, stringent government regulations towards the laboratory operations along with the presence of major laboratory proficiency testing solutions provider in the region tends to accelerate the market share. Various organizations are adopting the strategy of merger and acquisition to expand the product portfolio and to extend geographical outreach. For instance, In February 2017, LGC Ltd., life sciences measurement and testing company, has acquired API Food Quality, Inc. and the associated trade and assets. The acquisition was aimed to increase the product portfolio of proficiency testing schemes for the food industry.

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