According to FutureWise analysis, the market for laboratory proficiency testing in 2025 is US$ 1.43 billion, and is expected to reach US$ 2.48 billion by 2033 at a CAGR of 6.82%.
In laboratory proficiency testing, labs' performance is measured for specific tests or measurements, and the results are used to monitor their enduring performance. Laboratory proficiency tests involve transferring artifacts between participating labs nearby. The laboratories measure the artifacts (for example, a ring gage or a set of gage blocks) and report their results to the administrator. For each measure, the results announced by each laboratory are compared with the reference value. Reference values can be determined in a variety of ways. A reference laboratory or an average of the values reported by the associates are two popular methods. The results of a proficiency test are summarized in a report that laboratories provide after the test has been completed. As a result, they can understand the reasons for any detected variations and refine their analytical techniques. Furthermore, proficiency testing is a prerequisite for operational excellence and authorization across a wide range of industries. Laboratory proficiency testing is largely driven by key players launching new proficiency testing programs. Increasing regulations as well as a rising focus on diagnostic laboratories as a result of the COVID-19 pandemic are also contributing to the market's growth. To obtain high precision and confidence in results, proficiency testing ensures that the tests for the detection of the novel Coronavirus are performed accurately, processed, and administered appropriately. Laboratory proficiency testing is expected to be driven by stringent regulations imposed by regulatory authorities such as the Food and Drug Administration. Many laboratories are opting for laboratory proficiency testing as a result of strict regulations. Growing demand for water contamination testing and its portability is also expected to push the global laboratory proficiency testing market to expand in the future.
FutureWise Market Research has illustrated a report that provides an in-depth anatomy of Laboratory Proficiency Testing Market trends affecting its growth. Moreover, it includes intricate insights on profitability graph, market share, SWOT analysis and geographical augmentation of this business. Furthermore, the report provides information on the status of key market players in the competitive landscape analysis of the market.
The Laboratory Proficiency Testing Market is projected to achieve significant growth by the end of the forecast period as per the research study conducted by FutureWise research analysts. The report explains that this business is predicted to record a remarkable growth rate over the forecast period. This report provides important information regarding the total valuation that this industry holds presently and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.