Global Laboratory Proficiency Testing Market Proliferating—Projected to Reach Worth USD 1,233.5 Million by 2027
Published | 21 July 2021
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global laboratory proficiency testing market was worth USD 824.5 Million in 2020. The market is further projected to reach USD 1,233.5 Million by 2027, at a CAGR of 6.3 % during the forecast period (2021-2027). The increasing stringency in regulations for food and pharmaceutical industries by governing bodies like the FDA, and Food Safety Promotion Board, coupled with the growing demand for water testing, government aids, and the onset of COVID-19 pandemic, has established the global laboratory proficiency testing market as a major industry. Moreover, the growing number of new proficiency testing programs by the key players has also led to the growth of the global laboratory proficiency testing market.
Increasing stringency on food and drug regulations driving the growth of the global laboratory proficiency testing market
In 2019, the USFDA (U.S. Food and Drug Administration) carried out a series of tests on grocery products on shelves, for the first time, to check for the presence of risky chemicals that may settle in the body. However, the test results confirmed a chemical named polyfluoroalkyl in chocolates, chocolate cakes, and sweet potatoes. Thus, instances such as this have led the government to impose stricter rules on manufacturing food and drugs. Therefore, due to such stringency in regulations, laboratory proficiency testing has become a crucial part of the routine.
Recently, there has been a lot of dilemmas regarding drug safety and regulation. For instance, withdrawal of rofecoxib (Vioxx), the cardiovascular safety of other cyclo-oxygenase-2 (COX 2) inhibitors, and the possible suicidal tendencies associated with selective serotonin reuptake inhibitor (SSRI) antidepressants have caused a stir in the pharmaceutical world. As a result of these occurrences, the regulatory authorities in charge of drug safety have imposed a slew of new standards for testing drugs before market launch. Such comprehensive laboratory testing has led in a demand for laboratory proficiency testing to keep the lab running smoothly. As a result of all of these factors, strong safety standards have been implemented, which call for appropriate laboratory proficiency testing, assisting the global laboratory proficiency market's growth.
The global laboratory proficiency testing market is being held back by heavy investment.
Laboratory proficiency testing is a very sophisticated procedure that calls for costly and delicate instruments. Testing is done using many sophisticated and expensive instruments, such as spectrophotometer, HPLC, gel permeation chromatography systems, cell harvest systems, autoclaves, and many more. Only skilled technicians can operate such sophisticated machines. The cost of installing such instruments is likewise exceedingly high, necessitating a significant expenditure in laboratory proficiency testing. For diverse applications such as immunoassay, laboratory proficiency testing uses expensive techniques such as ELISA and PCR. The instruments and the chemicals involved in this procedure are also expensive; thus, the global laboratory proficiency market is being restrained heavily by the immensely high cost involved in its installation and implementation.
Global laboratory proficiency testing market by industry
Based on industry type, the global laboratory proficiency testing market is divided into pharmaceuticals, biologics, microbiology, clinical diagnostics, food and animal feed, dietary supplements, nutraceuticals, commercial beverage, water. The microbiology segment holds the largest share in the industry segment of the global laboratory proficiency testing market due to the surge in demand for laboratory proficiency testing programs by microbiology labs.
The increase in the prevalence of infectious diseases has proved to be a major threat to the healthcare industries worldwide, which has led to the onset of several strict regulations to prevent pathogenic infestations. Microbial infestation in water, food, and pharmaceuticals has been a rising source of concern among healthcare personnel, contributing to the segment's growth. In addition, the growing market for antimicrobial susceptibility testing is driving this segment of the global laboratory proficiency testing market forward.
North America is leading the global laboratory proficiency testing market.
Based on region type, the global laboratory proficiency testing market is divided into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America holds largest market share in the global laboratory proficiency testing market. The FDA of the United States and other regulatory agencies such as the Canadian Food Inspection Agency of Canada have mandated proficiency testing for operational superiority, giving North America the greatest market share in the global laboratory proficiency testing industry.
Furthermore, authoritative bodies like the Medicines and Healthcare Products Regulatory Agency and the Food and Drug Administration have been actively inspecting manufacturing units, laboratories, and factories. Thus, to meet the parameters set by these regulatory bodies, laboratory proficiency testing is a must. Moreover, North America is the hub for various significant industries like pharmaceuticals, food, water & environment, commercial beverages, and cosmetics, which further widens laboratory proficiency testing in this region by increasing the industry application.
Impact of COVID-19
The impact of the pandemic has been massive in almost all industries worldwide. The healthcare industry, on the other hand, is arguably the most affected. The onset of the pandemic, however, has had a favorable impact on the laboratory proficiency testing market's growth. The outbreak of the pandemic has raised awareness regarding the significance of healthcare among the general public and healthcare organizations. As a result, regulatory authorities have imposed harsher regulations on manufacturing firms and hospitals. As a result, the market for laboratory proficiency testing is booming. Moreover, laboratory proficiency testing ensures that the tests for detecting the novel coronavirus are being rendered accurately, and processed, and administered appropriately to achieve high precision in results. Thus, the pandemic has also led to the growth of the global laboratory proficiency testing market.
Due to factors such as increased emphasis on water testing, tightening of food and pharmaceutical product safety and quality laws, expansion in the biosimilars industry, and increased demand for packaged food goods, strong quality control measures have been implemented. These stringent regulations are consequently leading to the growth of the global laboratory proficiency testing market besides attracting a lot of significant players in this industry, such as Bio-Rad Laboratories, NSI Lab Solutions, Absolute Standards Inc., Bipea, Advanced Analytical Solutions, LLC, Phenova Inc., AOAC, FAPAS, QACS - The Challenge Test Laboratory, UK NEQAS, Waters Corporation, LGC Limited, American Proficiency Institute, College of American Pathologists, Randox Laboratories, Weqas, INSTANT, RCPA, NSI Lab Solutions, ERA, and other prominent players.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global laboratory proficiency testing market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global laboratory proficiency testing market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Blue Weave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost your business solution's performance. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are a promising digital MI solutions company providing agile assistance to make your business endeavors successful.
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