by In Vitro Diagnostics (IVD) raw materials are the key components used in the manufacturing and packaging of IVD medical devices and diagnostic kits which helps in disease diagnosis. IVD raw materials include membranes, microplates, substrates, reagents, enzymes, probes and primers. Rising demand for point of care testing and home based sample collection kits along with burgeoning diagnostic industry have fueled the adoption of IVD raw materials.
The global IVD Raw Materials Market is estimated to be valued at US$ 27104.37 Mn in 2023 and is expected to exhibit a CAGR of 58% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rapidly expanding diagnostics industry driven by rising incidences of chronic and infectious diseases has led to augmented demand for reliable and precise diagnostics with minimal turnaround time. This has propelled the manufacturers to focus on developing advanced diagnostics technologies such as immunoassays, polymerase chain reaction (PCR), and next generation sequencing (NGS). Further, miniaturization and integration of complex diagnostic processes on a single chip or microfluidic cartridges has gained momentum. This has fueled the uptake of high-quality IVD raw materials including reagents, enzymes, and substrates which are critical components for manufacturing advanced diagnostics technologies. Development of point-of-care testing (POCT) and home based sample collection kits utilizing microfluidics technology has further augmented the consumption of IVD raw materials.
SWOT Analysis
Strength: IVD raw materials have wide range of applications in in vitro diagnosis procedures which is driving the growth.
Weakness: High dependence on original equipment manufacturers can hamper the growth.
Opportunity: Emerging markets offer lucrative growth opportunities for players.
Threats: Stringent regulations associated with IVD raw materials may impact the operations of players.
Key Takeaways
The Global IVD Raw Materials Market Size is expected to witness high growth. The global IVD Raw Materials Market is estimated to be valued at US$ 27,104.37 Mn in 2023 and is expected to exhibit a CAGR of 58% over the forecast period 2023 to 2030.
Regional analysis related content comprises The North America region currently dominates the IVD raw materials market and is expected to retain its position throughout the forecast period. This is attributed to increasing adoption of IVD tests, rising burden of chronic and infectious diseases, presence of advanced healthcare infrastructure, and favorable reimbursement policies in the region.
Key players related content comprises Key players operating in the IVD Raw Materials market are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. IVD raw material manufacturers are focusing on product innovation and expansion of their regional presence to strengthen their market position. For instance, in February 2022, Thermofisher Scientific opened a new IVD manufacturing facility worth $65 million in Singapore.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
