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Laboratory Proficiency Testing Market Size Worth $1.9 Billion By 2027: Grand View Research, Inc.

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The global laboratory proficiency testing market size is expected to reach USD 1.9 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.3% from 2020 to 2027. The market is driven by the increasing focus on water tests, legalization of medical cannabis, a growing number of cannabis testing laboratories, and increasing outbreaks of foodborne illnesses.

Government initiatives to carry out accurate and reliable proficiency testing are expected to drive the market. For instance, in October 2020, the Central Testing Laboratory of the Abu Dhabi Quality & Conformity Council implemented a PT program in collaboration with Biogenix Lab to verify the competency of medical laboratories carrying out COVID-19 tests.

Key suggestions from the report:

  • The legalization of cannabis products in the U.S. in December 2018 and the gradual expansion of this market are propelling the need for the testing of safety and efficacy for medical use
  • The presence of food contaminants can cause more than 200 diseases, including diarrhea and cancer. Diarrhea affects nearly 550 million people and causes 230,000 deaths every year. Children aged below 5 years carry 40% of foodborne diseases, causing 125,000 deaths every year
  • In the U.K., over 130 million hematology tests are carried out each year
  • Calibration proficiency testing is another service being focused on, which is attributed to the growing scope of automation in laboratories
  • Organizations such as the American Proficiency Institute, LGC Ltd., and the College of American Pathologists developed several programs for laboratories to improve their quality and assess performance in testing COVID-19

Read 192 page research report with ToC on “Laboratory Proficiency Testing Market Size, Share & Trends Analysis Report By Industry Scope (Clinical Diagnostics, Pharmaceuticals), By Technology (Cell Culture, PCR), By End Use, By Region, And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/laboratory-proficiency-testing-market

Initiatives undertaken by the governments to raise awareness are anticipated to further boost market growth. For instance, in November 2020, the National Accreditation Board for Testing and Calibration Laboratories’ (NABL-IGS) awareness program was conducted to raise awareness about the significance of accrediting geotechnical laboratories in Kerala, India.

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The increasing adoption of fully-automated instruments and automation in laboratories is expected to boost market growth. The presence of accreditation programs aimed to combat challenges, such as safety and complexity in the food supply chain, is expected to boost market growth. For instance, in March 2020, AOAC INTERNATIONAL expanded its Laboratory PT Program by adding testing for infant formula and adult nutritional and pH to ensure safety in the food supply chain.

The presence of new environmental protection regulations due to COVID-19 is expected to boost market growth. For instance, in June 2020, the Environmental Diagnostics Laboratory (EDLab) at Pure Air Control Services was accredited by the A2LA for testing environmental SARS-CoV-2

The market is highly competitive as there are a large number of organizations providing various programs. Furthermore, the prices vary between the organizations based on programs and additional discounts. The companies are focusing on the use of automated instruments and new programs continue gaining profits in the market. These new programs, coupled with the growing demand for safety and efficacy of food products and diagnostics owing to the SARS-CoV-2 pandemic, are expected to intensify competition over the coming years.

Grand View Research has segmented the global laboratory proficiency testing market on the basis of industry scope, technology, end-use, and region:

  • Laboratory Proficiency Testing Industry Scope Outlook (Revenue, USD Million, 2016 – 2027)
    • Clinical Diagnostics
      • Clinical Chemistry
      • Immunochemistry
      • Hematology
      • Oncology
      • Molecular Diagnostics
        • PCR
        • Others
      • Coagulation
    • Pharmaceuticals
      • Biologics
        • Vaccines
        • Blood
        • Tissues
      • Others
    • Microbiology
      • Pathogen Testing
      • Sterility Testing
      • Endotoxin & Pyrogen Testing
      • Growth Promotion Testing
      • Other Microbial Testing
    • Others
  • Laboratory Proficiency Testing Technology Outlook (Revenue, USD Million, 2016 – 2027)
    • Cell Culture
    • Spectrometry
    • Polymerase Chain Reaction
    • Chromatography
    • Immunoassays
    • Others
  • Laboratory Proficiency Testing End-use Outlook (Revenue, USD Million, 2016 – 2027)
    • Hospitals
    • Contract Research Organizations
    • Pharmaceutical & Biotechnology Companies
    • Academic Research
    • Diagnostic Laboratories
      • Independent Laboratories
      • Specialty Laboratories
  • Laboratory Proficiency Testing Regional Outlook (Revenue, USD Million, 2016 – 2027)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • U.K.
      • Germany
      • France
      • Italy
      • Spain
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Singapore
      • Malaysia
      • Vietnam
      • Thailand
      • Oceania
    • Latin America
      • Brazil
      • Argentina
    • Middle East & Africa
      • South Africa
      • North Africa
      • UAE
      • Saudi Arabia
      • Qatar
      • Bahrain
  • List of Key Players of Laboratory Proficiency Testing Market
    • LGC Limited
    • American Proficiency Institute
    • College of American Pathologists
    • Bio-Rad Laboratories, Inc.
    • Randox Laboratories Ltd.
    • QACS – The Challenge Test Laboratory
    • Merck & Co., Inc.
    • Weqas
    • ERA
    • AOAC International
    • BIPEA
    • NSI Lab Solutions
    • Absolute Standards, Inc.
    • RCPA
    • UK NEQAS
    • INSTAND

Find more research reports on  Clinical Diagnostics Industry, by Grand View Research:

  • Molecular Diagnostics Market  The global molecular diagnostics market size was valued at USD 9.2 billion in 2019 and is anticipated to register a CAGR of 9.0% over the forecast period.
  • Immunoassay Market  The global immunoassay market size was estimated at USD 18.02 billion in 2018 and is expected to exhibit a CAGR of 5.0% during the forecast period.
  • Polymerase Chain Reaction Market  The global polymerase chain reaction market size was valued at USD 4.5 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 17.5% from 2020 to 2027.

Blockchain

Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Blockchain

Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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Blockchain

1inch Network Teams Up with Blockaid for Shield API

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1inch Network has collaborated with Blockaid to introduce the 1inch Shield API, a pioneering advancement in Web3 security. This collaboration aims to enhance user protection within decentralized finance (DeFi) by bolstering defenses against fraudulent tokens. Blockaid, renowned for its expertise in Web3 security solutions, utilizes advanced data analytics and machine learning to swiftly identify and flag scam tokens, safeguarding users from potential financial risks.

The 1inch Shield API also addresses compliance with Anti-Money Laundering (AML) regulations through continuous screenings of blockchain addresses. Powered by TRM Labs, this feature scrutinizes addresses for associations with sanctioned entities and illicit activities, preemptively restricting suspect addresses to prevent regulatory infractions.

Additionally, 1inch integrates Etherscan Pro’s blocklisting capabilities to proactively blacklist suspicious addresses, further fortifying its security measures.

This initiative marks a significant milestone in DeFi security, promising unparalleled levels of security and compliance. As 1inch continues to deploy this technology across its platform, it aims to provide developers and users with enhanced protection and confidence in navigating the Web3 landscape.

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Source: cryptotimes.io

The post 1inch Network Teams Up with Blockaid for Shield API appeared first on HIPTHER Alerts.

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