(IT-NEWSWIRE.COM, March 23, 2021 ) Proficiency testing forms an essential precondition for operational excellence and accreditation in several industries. This is one of the major factors driving the growth of the 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.
The Laboratory Proficiency Testing Market is projected to reach USD 1,103 million by 2024 from USD 800 million in 2019, at a CAGR of 6.6% during the forecast period.
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The cannabis/opioids proficiency testing segment is estimated to grow at the highest CAGR in the laboratory proficiency testing market, by industry, during the forecast period
In the laboratory proficiency testing market, by industry, the cannabis/opioids proficiency testing segment is estimated to grow at the highest CAGR during the forecast period. Growth in this segment is primarily driven by the legalization of medical cannabis, growing number of cannabis testing laboratories, rising awareness about the medical use of cannabis, and the increasing availability of analytical testing instruments and software.
The proficiency testing market for chromatography is estimated to grow at the highest CAGR in the laboratory proficiency testing market, by technology, during the forecast period
In the laboratory proficiency testing market, by technology, the chromatography segment is expected to grow at the highest CAGR during the forecast period. Chromatography is used to carry out complicated separations like amino acid sequencing or pollutant separations, based on differential partitioning between the mobile and stationary phase. The advantages associated with chromatographic testing, such as the increased safety, reliability, and transparency of the pharmaceutical supply chain by testing the identity, strength, purity, quality, and potency of a drug product, and the growth in the pharmaceutical industry as a whole are the major factors driving the growth of this segment.
The Asia Pacific region holds high growth potential in the laboratory proficiency testing market
The Asia Pacific is considered to be the most attractive regional market for laboratory proficiency testing owing to the large base of manufacturers and research laboratories in the region. Also, the growing scientific base and research capabilities in several Asian countries; growth of the Asian pharmaceutical, food, and biologics markets; and the large base of CROs in the region are some of the other major factors driving market growth in the region.
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The prominent players operating in the global laboratory proficiency testing market are LGC Limited (UK), Bio-Rad Laboratories (US), Randox Laboratories (UK), Merck (Germany), College of American Pathologists (US), American Proficiency Institute (US), Waters Corporation (US), QACS (Greece), FAPAS (UK), AOAC (US), Phenova Inc. (US), Weqas (Cardiff), Advanced Analytical Solutions, LLC (UK), Bipea (France), Absolute Standards Inc. (US), and NSI Lab Solutions (US).
Mr. Aashish Mehra