Future Prospects of Global Laboratory Proficiency Testing Market

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Laboratory Proficiency Testing Market  The global Laboratory Proficiency Testing Market is estimated to be valued at US$ 1.29 billion in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Laboratory proficiency testing involves evaluating the performance of laboratories for a given scope of testing through inter-laboratory comparisons. It helps assess the quality and competence of laboratories by determining reproducibility and accuracy of test results. Proficiency testing products are used by laboratories to determine method validity and accuracy, and improve testing processes. Market Key Trends: One of the major trends in the laboratory proficiency testing market is the growing number of accredited medical laboratories. Accreditation assures compliance with ISO 15189 and ISO/IEC 17025 standards, which require participation in proficiency testing programs. Acc...
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Acetylacetone Market Analysis, Overview, Dynamics and Outlook

Under normal conditions, acetylacetone is a colourless or light yellow transparent organic liquid. In many applications, it exists in two tautomeric forms that rapidly interconvert and are handled as a single compound. Acetylacetone is widely utilised as a synthesiser, intermediator, promoter, desiccating and bridging agent in many sectors such as chemical, pharmaceutical, and agrochemicals.

Market Dynamics

Because of the expanding uses of acetylacetone in numerous end-use industries and the growth of these industries, the acetylacetone market is likely to increase significantly over the forecast period. According to the India Brand Equity Foundation (IBEF), India's pharmaceutical business was worth US$ 33 billion in 2017, and is predicted to grow to US$ 55 billion by 2020.

In addition, expanding applications as a synthesiser and stabiliser in agrochemicals, biomolecules, perfumes, dyes & pigments, and polyesters are expected to drive revenue in the near future for the worldwide acetylacetone market.

 

Acetylacetone Market
Acetylacetone Market

Market Outlook

Due to the rising chemical industries in these regions, Asia Pacific and North America are likely to have increased demand for acetylacetone over the forecast period. Acetylacetone is a chemical intermediate utilised in the formulation and preparation of pesticides and herbicides such as mepanipyrim. Over the projection period, mepanipyrim is expected to generate increasing demand for acetylacetone. The Indian chemical industry, for example, is the third largest in Asia Pacific and the sixth largest in the world in terms of revenue generated annually, according to the India Brand Equity Foundation. In 2017, the Indian chemical industry was worth US$ 224 billion, and by 2025, it is predicted to be worth US$ 403 billion.

In addition, the United States Food and Drug Administration (US FDA) approved 304 Indian businesses' Abbreviated New Drug Applications (ANDAs) in 2017. In the US$ 70-80 billion generics market, the country accounts for roughly 30% (by volume) and 10% (by value). Over the forecast period, this scenario is likely to raise revenue in the acetylacetone market from the pharmaceutical business.

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