NEW YORK, Feb. 29, 2024 /PRNewswire/ — The IVD contract manufacturing market is expected to grow by USD 9.37 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 11.84% during the forecast period, according to Technavio Research. The market is segmented by device (IVD consumables and IVD equipment/instrument), service (Assay Development, Manufacturing, and Others), and Geography (Asia, North America, Europe, and the Rest of the World (ROW)). Asia is estimated to contribute 37% to the growth of the global market during the forecast period. Factors like the growing population, which gives market companies great scope for penetration into these countries, represent one of the major reasons that have made a significant contribution to the IVD contract manufacturing market in Asia. In addition, there is growing cooperation among small and medium market participants, where the key players are expanding into hitherto untapped regions. In addition, several key factors such as increasing health budgets, increasing number of hospitals and other health facilities as well as low labor costs are supported by the commitment of governments around the world to expand access to health services. Hence, these factors are expected to drive market growth during the forecast period. Read FREE PDF Sample Report
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Report Coverage |
Details |
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Page number |
149 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.84% |
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Market growth 2023-2027 |
USD 9,370.27 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
9.91 |
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Regional analysis |
Asia, North America, Europe, and the Rest of the World (ROW) |
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Performing market contribution |
Asia at 37% |
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Key countries |
US, Germany, China, Japan, and India |
Company Profile:
Argonaut Manufacturing Services Inc., Avioq Inc, Bio-Techne Corp., CorDx, Danaher Corp., FlexMedical Solutions Ltd, Genemed Biotechnologies Inc., HDA Technology Inc., Jena Bioscience GmbH, Merck KGaA, More Diagnostics Inc., Neogen Corp., PHC Holdings Corp., Prestige Diagnostics UK Ltd., Seyonic SA, TCS Biosciences Ltd., TE Connectivity Ltd., Veracyte Inc., West Pharmaceutical Services Inc., and Wanrun Co. Ltd.
Avioq Inc – The company offers IVD contract manufacturing services that provide biosafety level 2 facilities for large-scale virus production. To gain access to more company profiles available with Technavio, buy the report!
Segmentation Analysis
The IVD consumables segment is estimated to witness significant growth during the forecast period. The IVD consumables segment is increasingly adopted, driven by the growing importance of molecular, clinical, and immunological diagnostic techniques. Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report
Increasing demand for one-stop-shop IVD contract manufacturing
Contract manufacturing IVD provides support at all stages of experimental development for different drugs. In addition, they provide secondary packaging services to companies that manufacture IVD equipment, such as user-set packaging, labeling, cartoning, blister packaging, and numbering services. series. In addition, additional services from these IVD contract manufacturers include customizing packaging based on requirements, such as product safety, patient friendliness, efficiency on costs, and country-specific requirements. Hence, these factors are expected to drive market growth during the forecast period. Download a FREE sample to gain access to this information.
Analyst Review
The In Vitro Diagnostics (IVD) contract manufacturing market is a dynamic sector, driven by a myriad of factors including emerging nations, skilled labor, patent infringement concerns, and the need for robust intellectual property (IP) safety. Assumptions regarding IP protection and healthcare expenditure in the Asia Pacific region play a significant role in shaping the industry landscape.
GDP growth in developing countries fuels demand for IVD devices, particularly in the face of chronic and infectious diseases. Home healthcare services are gaining traction, necessitating the production of high-quality IVD consumables and equipment by leading players like Thermofisher. These companies are also involved in immunoassay, clinical chemistry, molecular diagnostics, microbiology, hematology, and coagulation & hemostasis products.
To meet market demands, IVD original equipment manufacturers (OEMs) collaborate with contract manufacturing organizations (CMOs) to streamline manufacturing services while ensuring compliance with approvals and regulations. Such collaborations often involve expansions into new regions and strategic acquisitions to enhance capabilities and market reach.
Awareness about the importance of diagnostic testing continues to grow, driving innovation in assay development and manufacturing services. However, budgetary cuts pose challenges for end users, particularly in developing countries where infrastructure may be lacking. Nonetheless, partnerships between leading players and local entities aim to bridge these gaps and improve accessibility to essential IVD products and services.
In summary, the IVD contract manufacturing market is characterized by a complex interplay of factors ranging from regulatory approvals to market expansions and collaborations, all aimed at meeting the evolving needs of end users while safeguarding intellectual property and ensuring product quality and safety.
In Vitro Diagnostics (IVD) contract manufacturing services in America are experiencing rapid growth, underscored by comprehensive analysis. This burgeoning market highlights the importance of strategic partnerships and expertise in IVD technologies, driving innovation and efficiency.
The In Vitro Diagnostics (IVD) contract manufacturing market continues to thrive, with inc services playing a pivotal role. Through rigorous America analysis, companies navigate market dynamics to enhance production efficiency and ensure quality diagnostics for global healthcare demands. View a FREE PDF Sample Report
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ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
