Westford, USA, Dec. 10, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global IVD contract manufacturing market size will reach a value of USD 39.74 Billion by 2031, with a CAGR of 11.60% during the forecast period (2024-2031). The healthcare industry’s rapid advancements are expected to propel the global market growth, and the growing need for quick and precise diagnostic testing has fuelled an increase in demand for in vitro diagnostics to enhance the speed and quality of patient care diagnosis, detection, and prevention. The increasing cases of chronic diseases, the demand for targeted treatment and the strict regulations are other factors boosting the growth of the market.
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Browse in-depth TOC on the ” IVD Contract Manufacturing Market”
Pages – 194
Tables – 92
Figures – 67
IVD Contract Manufacturing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 16.52 Billion |
| Estimated Value by 2031 | USD 39.74 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.60% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Service Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Transition to personalized medicine |
| Key Market Opportunities | Increasing demand for IVD devices |
| Key Market Drivers | Technological advancement in IVD production |
IVD Contract Manufacturing Market Segmental Analysis
Global IVD Contract Manufacturing Market is segmented into Product Type, Technology, Service Type, and region.
By Product Type, the market is classified into Consumables, and Equipment.
Depending on the Technology, it is categorized into Immunoassays, Clinical Chemistry, Molecular Diagnostics, Hematology, Microbiology, Coagulation & Hemostasis, and Other Technologies.
According to Service Type, the market is divided into Manufacturing Services, Assay Development, and Other Services.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Consumables Product to Hold Significant Growth due to its Essential Role in Diagnostics and Point-of-Care Testing
Consumables hold a dominant share in the global IVD contract manufacturing market due to their essential role in diagnostics, driving constant demand. The expanding utilization of point-of-care testing, the growing incidence of chronic ailments, and the ability to perform tests multiple times are the factors contributing towards the utilization of reagents, kits, and other consumables. It contributes to the market expansion further strengthening the leadership of consumables, according to the global IVD contract manufacturing analysis market.
Immunoassays Technology to Lead Market due to High Accuracy and Sensitivity in Detecting Biomarkers
Immunoassays dominate the global IVD contract manufacturing market due to their high accuracy and sensitivity in detecting biomarkers. The mounting burden of chronic ailments and rising demand for tailor-made medicine are some of the factors underwriting the adoption of immunoassay-based testing. These factors propel the growth of the market further entrenching the dominance of immunoassays and setting a positive trajectory in the global IVD contract manufacturing market forecast.
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North America to Dominate Market due to Significant Research and Development Investments
The global IVD contract manufacturing market is primarily dominated by North America owing to better healthcare system, increased research and development expenditure, and high demand for the diagnostic tests. On the other hand, the stringent regulatory framework within the region coupled with the increasing chronic diseases helps in fuelling further growth in the market, cementing the North America region’s leadership in the global IVD contract manufacturing business market outlook.
IVD Contract Manufacturing Market Insight
Drivers:
- Increasing Incidences of Diabetes & Cancer
- Older Populations Require More Frequent Testing
- growing Preference for Quick & Reliable Testing at Home
Restraints:
- Challenges in Sourcing Raw Materials
- Protection of Proprietary Technology
- Slow Pace of Reimbursement
Prominent Players in IVD Contract Manufacturing Market
- Jabil Inc.
- Sanmina Corporation
- TE Connectivity
- Celestica, Inc.
- West Pharmaceutical Services, Inc.
- Savyon Diagnostics, Ltd.
- KMC Systems
- Cenogenics Corporation
- Nova Biomedical
- Cone Bioproducts
- Kimball Electronics, Inc.
- Roche Diagnostics
- Viant Medical Holdings, Inc.
- Sysmex Corporation
- Stratec Se
- Thermo Fisher Scientific, Inc.
- Fujirebio
- Biokit (Werfen)
- Sekisui
- Prestige Diagnostics
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Key Questions Answered in Global IVD Contract Manufacturing Market Report
- What is the projected market size of the global IVD contract manufacturing industry by 2031?
- Which region is expected to dominate the market?
- What are the key factors driving the growth of the market?
This report provides the following insights:
Analysis of key drivers (Increased spending on healthcare infrastructure, faster approvals for IVD products, shift toward precision medicine increases), restraints (Environmental footprint of producing diagnostic devices, risks related to quality & supply continuity) opportunities (Rise of targeted therapies, increasing use of genetic testing) influencing the growth of IVD contact manufacturing market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the IVD contract manufacturing market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the IVD contract manufacturing market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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