Laboratory proficiency testing involves the evaluation of quantitative measurements and qualitative observations generated by clinical laboratories, which is required to monitor performance and ensure accuracy of clinical test results. Growing focus on ensuring quality and reliability of clinical test results is one of the key factors driving the demand for laboratory proficiency testing. Errors or discrepancies in clinical test results can negatively impact patient care and management. Laboratory proficiency testing helps identify gaps and errors in testing procedures, which enables laboratories to improve their testing processes and enhance quality of test results. Furthermore, accreditation bodies across major countries are implementing strict guidelines regarding quality control testing and certification of laboratories, favoring adoption of proficiency testing programs.

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 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Growing focus on diagnostic accuracy is expected to drive the laboratory proficiency testing market growth over the forecast period. Laboratory errors can negatively impact patient care by delaying correct diagnosis or leading to inappropriate treatment. According to the World Health Organization, unsafe diagnostic testing results in approximately 200,000 lives lost every year globally. Laboratory proficiency testing helps standardize procedures and minimize errors, which is crucial for improving diagnostic accuracy. Regulatory bodies are also emphasizing on stringent quality control to ensure reliability of diagnostic testing procedures. The proficiency testing programs aid in identifying gaps in testing processes and implementing corrective actions. This supports laboratories in advancing their analytical abilities and capabilities, thereby enhancing diagnostic accuracy. Rising focus on patient safety through improved diagnostic testing is expected to boost the adoption of laboratory proficiency testing solutions over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the market. The laboratory proficiency testing market requires high initial capital and specialized expertise. However, the market is growing rapidly attracting new players.

Bargaining power of buyers: The bargaining power of buyers is moderate to high. Many buyers can easily switch between different suppliers based on quality services, accreditation and price.

Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are many suppliers in the market providing testing supplies and analytical instruments.

Threat of new substitutes: Threat of new substitutes is low as there are no close substitutes for laboratory proficiency testing.

Competitive rivalry: The competitive rivalry is high among existing players due to presence of many regional and global players.

SWOT Analysis
Strength: Presence of various accreditations, stringent regulatory guidelines and demand for accuracy and precision in testing.
Wide range of tests offered and customized solutions.

Weakness: Heavy reliance on skilled professionals, high installation and operational costs.
Lack of harmonization and standardization challenges comparability of results.

Opportunity: Growing life science industries and stringent regulations.
Emerging economies with increasing healthcare spending.

Threats: Threat from cheaper local and unorganized players.
Budget cuts affecting profit margins.

Key Takeaways
The Global Laboratory Proficiency Testing Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 1.29 Billion with a CAGR of 6.8% during the forecast period. Stringent regulations regarding quality testing and rising focus on accurate laboratory results are driving the demand.

Regional analysis - North America dominated the market in 2024 with over 35% share owing to stringent guidelines and regulations as well as presence of key market players. Asia Pacific is expected to exhibit the highest growth during the forecast period due to growing healthcare spending, rapid economic development and increase in awareness about quality certifications.

Key players - Key players operating in the laboratory proficiency testing market are RxBio Inc., Annova Chem Inc., Medicom Healthcare Ltd., Onconova Therapeutics, Genome Protection Inc., Grace Therapeutics LLC, Amgen Inc., Partner Therapeutics Inc., Jubilant Life Sciences Ltd., Cipla Inc., Stium Inc., Soligenix Inc., Aeolus Pharmaceuticals, PharmaIN Corp, Immune Modulators Inc. RxBio Inc. is one of the leading players with focus on expanding its service portfolio and geographical footprint.

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