IVD Contract Manufacturing Services Market Worth $20.6 Billion by 2028 — Exclusive Report by Meticulous Research®
Meticulous Market Research Pvt. Ltd.
8 min read
IVD Contract Manufacturing Services Market by Type (Assay Development, Manufacturing), Category (Reagents, Systems), Technology (Immunoassay, Molecular Diagnostics, Clinical Chemistry, Hematology, Microbiology, Urinalysis) - Global Forecast to 2028
Redding, California, Nov. 29, 2021 (GLOBE NEWSWIRE) -- According to a new market research report, “IVD Contract Manufacturing Services Market by Type (Assay Development, Manufacturing), Category (Reagents, Systems), Technology (Immunoassay, Molecular Diagnostics, Clinical Chemistry, Hematology, Microbiology, Urinalysis) — Global Forecast to 2028,” published by Meticulous Research®, the IVD contract manufacturing services market is expected to grow at a CAGR of 7.7% from 2021 to reach $20.6 billion by 2028.
IVD contract manufacturers create products that fulfill the global demand for clinical tests. Outsourcing helps to achieve sales goals faster and accelerates technology transfers into routine manufacturing. The rising prevalence of infectious diseases, the shift in focus from centralized laboratories to point-of-care testing services, regulatory complexities faced by IVD companies, and the need for cost-effective manufacturing of IVD tests are expected to propel the growth of IVD contract manufacturing services in the upcoming years.
Impact of COVID-19 on the IVD Contract Manufacturing Services Market
The emergence of the COVID-19 outbreak in November 2019 severely impacted public health services across the world. During the pandemic, there was a huge demand for the diagnosis of COVID-19 infections. Companies started outsourcing the manufacturing of IVD devices specifically for diagnosing COVID-19 infections, and the manufacturing of other IVD products was halted. Also, the outsourcing for other IVD devices witnessed a decline due to low patient load in hospitals due to social distancing and supply chain disruptions. Additionally, logistics were also affected due to regional and international lockdowns or travel bans. Shortage of raw materials was observed with the rise in their prices. The COVID-19 pandemic posed several economic challenges for businesses worldwide, which negatively impacted the growth of the IVD contract manufacturing services market.
The overall IVD contract manufacturing services market is segmented based on service type (assay development services, manufacturing services, other services), category (reagents & consumables and instruments & systems), technology (immunoassay, molecular diagnostics, clinical chemistry, microbiology, hematology, urinalysis), and geography. The study also evaluates industry competitors and analyzes their positions at the global and regional levels.
Based on type, the IVD contract manufacturing services market is segmented into assay development, manufacturing, and other services. The manufacturing services segment is expected to account for the largest share of the overall IVD contract manufacturing services market in 2021. The large market share of this segment is mainly due to IVD companies outsourcing the manufacturing of IVD products to fulfill the increasing demand for these products for diagnosis purposes. Additionally, these services provide full production management, flexibility in scale and process, and quality and regulatory support, which further contribute to the growth of this market. However, the assay development segment is estimated to grow at the highest CAGR during the forecast period. The growing number of companies offering assay development services due to the need for novel assays and biomarkers for healthcare contributes to the growth of this market.
Based on category, the reagents & consumables segment is expected to account for the larger share of this market in 2021. The large market share of this segment is attributed to the rising prevalence of infectious diseases, which increases the need for IVD reagents and consumables for the diagnosis of these diseases.
Based on the technology, the immunoassay segment is expected to account for the largest share of the overall IVD contract manufacturing services market in 2021. High accuracy standards of immunodiagnostics tests, high throughput, increasing use of immunoassays in Point of Care (PoC) infectious disease testing, the rising need for developing novel tests, and increasing usage of miniaturized devices contribute to the market growth of this segment.
Geographically, in 2021, North America is expected to account for the largest share of the global IVD contract manufacturing services market, followed by Europe and Asia-Pacific. The rising prevalence of various infectious diseases, growing healthcare sector, increasing awareness regarding early disease diagnosis, growing adoption of advanced innovative diagnostic products, and increasing funding activities coupled with novel advanced development of diagnostic technologies are the factors driving the growth of this market in North America. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The increasing burden of infectious diseases and the need for early diagnosis and treatment, improvements in healthcare infrastructure, growing efforts to improve the accessibility of diagnostic services to enhance the prevention of infectious diseases by developing products or platforms required for their diagnosis, rising awareness towards overall health and treatment availability, the increasing number of middle-class population and their level of disposable income, increasing health insurance penetration, growing aging population, and rising focus of the key players to expand in emerging countries such as China and India, are the factors propelling the regional market growth.
The report also includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry. The IVD contract manufacturing services market witnessed several expansions, agreements & collaborations, and acquisitions in recent years. For instance, in April 2021, Nova Biomedical (U.S.) opened a new sales, service, and distribution subsidiary in Benelux. This development drives the company’s market growth in Belgium, the Netherlands, and Luxembourg.
The key players operating in the global IVD contract manufacturing services include Savyon Diagnostics (Israel), KMC Systems, Inc. (U.S.), Cenogenics Corporation (U.S.), Nova Biomedical (U.S.), Cone Bioproducts (U.S.), Invetech, Inc. (Australia), Avioq, Inc. (U.S.), Meridian Bioscience, Inc. (U.S.), In Vitro Diagnostics Developers Inc. (U.S.), LRE Medical (Germany), TCS Biosciences Ltd (U.K.), Affinity Life Sciences, Inc. (U.S.), CorisBioConcept (Belgium), Affinity Biologicals Inc. (Canada), Biokit S.A. (Spain), Merck KGaA (Germany), Thermo Fisher Scientific Inc. (U.S.), and Maxim Biomedical, Inc. (U.S.) among others. To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/ivd-contract-manufacturing-services-market-5226
Scope of the Report:
IVD Contract Manufacturing Services Market, by Type
Assay Development
Manufacturing
Other Services
IVD Contract Manufacturing Services Market, by Category
Reagents & Consumables
Instruments & Systems
IVD Contract Manufacturing Services Market, by Technology
Immunoassay
Molecular Diagnostics
Clinical Chemistry
Microbiology
Hematology
Urinalysis
IVD Contract Manufacturing Services Market, by Geography
Amidst this crisis, Meticulous Research® is continuously assessing the impact of the COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research Related Reports:
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