The latest report from Reports and Data reveals that the global Laboratory Proficiency Testing (LPT) Market, with a size of USD 1.89 Billion in 2022, is poised for robust growth, anticipating a revenue CAGR of 8% throughout the forecast period.
The laboratory informatics market’s revenue expansion is being driven by the growing incorporation of automation and information technology into laboratory testing procedures. The integration of automation has led to more precise and efficient testing procedures in laboratories, resulting in heightened demand for proficiency testing programs. Moreover, there is a surge in the number of diagnostic tests being performed in laboratories due to the increasing prevalence of chronic illnesses such as cancer and diabetes.
Furthermore, the increasing awareness and emphasis on patient safety and quality control are expected to be significant drivers of revenue growth in this market. Recently, there has been a substantial rise in recorded laboratory errors, which have had severe consequences for patients. As a result, proficiency testing programs are becoming increasingly vital to minimize errors and deliver reliable test results.
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Another key factor contributing to the growth in market revenue is the growing adoption of cloud-based proficiency testing software solutions. Cloud-based software solutions offer numerous advantages, including enhanced data security, quick access to test results, and the ability to access laboratory testing methods remotely.
Key players in the Laboratory Proficiency Testing (LPT) Market:
- LGC Limited
- Bio-Rad Laboratories, Inc.
- QIAGEN N.V.
- Randox Laboratories Ltd.
- Merck KGaA
- Thermo Fisher Scientific Inc.
- Waters Corporation
- F. Hoffmann-La Roche AG
- Danaher Corporation
- Siemens Healthineers AG
Some Key Highlights in the Report:
- Throughout the forecast period, the in-house sector is expected to exhibit the highest revenue growth rate in the global Laboratory Proficiency Testing (LPT) market. This can be attributed to the benefits of internal testing as opposed to outsourcing, such as increased control over the testing process and cost reduction. Furthermore, in-house testing enables laboratories to uphold data privacy and maintain control.
- The pharmaceuticals category is predicted to capture the largest share of revenue in the global Laboratory Proficiency Testing (LPT) market during the forecast period. This is primarily due to the rigorous testing procedures required to adhere to stringent regulatory standards for drug approval and quality control. The pharmaceutical industry also mandates testing of raw materials, finished products, and packaging components, thereby stimulating the demand for laboratory proficiency testing.
- In 2022, the North American market accounted for the largest revenue share in the global Laboratory Proficiency Testing (LPT) market. This can be attributed to the increasing demand for LPT services across various end-use industries, including pharmaceuticals, biotechnology, food and beverage, and clinical diagnostics. Additionally, the necessity for accurate and dependable testing services, stringent regulatory requirements, and the presence of reputable companies offering diverse testing services and solutions contribute to revenue growth in this region.
- Europe is projected to record the swiftest growth rate in terms of revenue in the global LPT market during the forecast period. This is primarily driven by the escalating need for quality control and safety standards. Furthermore, the focus on research and development activities and a rising number of clinical trials are expected to fuel revenue growth in this region.
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For the purpose of this report, Reports and Data has segmented the global Laboratory Proficiency Testing (LPT) market on the basis of Product Type Outlook, Industry Outlook, and Regional Outlook:
Product Type Outlook (Revenue, USD Billion; 2022 – 2032)
Industry Outlook (Revenue, USD Billion; 2022 – 2032)
- Food & Beverages (F&B)
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Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2020–2021) and forecast (2022–2032) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
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- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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