Global Laboratory Proficiency Testing Market: Overview
Laboratory proficiency testing ascertains the performance of laboratories for specific testing. Rising technological advancement in the field of laboratory testing is expected to provide growth opportunities in the global laboratory proficiency testing market.
An upcoming Transparency Market Research (TMR) elucidates on size, share, trends, and growth drivers of the global laboratory proficiency market.
Global Laboratory Proficiency Testing Market: Notable Developments
Some latest developments in the field of laboratory proficiency testing area are
- In 2019, the U.S. Food and Drug Administration for the first time conducted tests on grocery products on shelves. The test was carried out to study the greasy and risky chemicals that can settle in the body. The chemical named polyfluoroalkyl substances was found in chocolates, chocolate cakes, and sweet potatoes.
- In June 2019, FDA slams a California based drug maker for not complying with quality control team. It stated that the laboratory failed to maintain written specifications on drugs and it also failed to document the use of active ingredients for carrying out tests.
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Some of the major players in the global laboratory proficiency testing market are Bio-Rad Laboratories (US), Weqas (Cardiff), FAPAS (UK), Bio-Rad Laboratories (US), College of American Pathologists (US), Bipea (France), NSI Lab Solutions (US), Waters Corporation (US), and Randox Laboratories (UK).
Global Laboratory Proficiency Testing Market: Drivers and Restraints
Factors that drive the global laboratory proficiency testing market area
Stringent Regulations on Food & Drug Quality to Strengthen Market
Stringent regulations imposed by regulatory authorities such as Food and Drug Administration to ensure quality on food and drug products are likely to drive the global laboratory proficiency testing market. Due to stringent regulations various laboratories across the globe are opting for proficiency testing. This is expected to broaden the global laboratory proficiency testing market in the upcoming years. Additionally, rising demand for testing water to determine levels of contamination and its portability is expected to nudge the global laboratory proficiency testing market to expand in the coming years.
Moreover, testing the presence microorganisms and pathogens in food and beverages is anticipated to strengthen the global laboratory proficiency testing market. Pathogen can be found in water, cosmetics, and nutraceuticals sector may propel the demand for laboratory proficiency testing. Thus, the global laboratory proficiency testing market to grow substantially during the forecast period.
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High Cost to Restraint Global Laboratory Proficiency Testing Market
High investment associated with accurate and minute testing may hinder the growth in the global laboratory proficiency testing market in the upcoming years.
Irrespective of the constraints, the global laboratory proficiency testing market is projected to broaden due to increasing technological advancement and governments support to pass food and drug products through stringent checks.
Global Laboratory Proficiency Testing Market: Geographical Analysis
The global laboratory proficiency testing market is divided into five key regions such as Latin America, North America, Asia Pacific, Europe, and Middle East. Of these, North America is projected to drive the global laboratory proficiency testing market during the forecast period. The factors contributing to growth in this region are compulsory adoption of proficiency testing for operational excellence, stringent regulations and presence of large number players. Additionally, North America is hub for food and beverages and pharmaceutical industries. Hence, the global laboratory proficiency testing is projected to surge in the coming years
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.