DUBLIN, Sept. 22, 2023 /PRNewswire/ — The “Global IVD Contract Manufacturing Market by Device Type (Consumables, Equipment), Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Microbiology, Hematology, Coagulation), Service (Manufacturing, Assay Development) – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global IVD contract manufacturing market is projected to reach USD 25.5 billion by 2028 from USD 15.0 billion in 2023, at a CAGR of 11.2%
This report serves as an invaluable resource for both market leaders and newcomers in the IVD contract manufacturing market, offering precise revenue approximations for the overall market and its subsegments.
Stakeholders will gain a comprehensive understanding of the competitive landscape, enabling them to strategically position their businesses and develop effective go-to-market strategies. Additionally, the report provides valuable insights into market dynamics, including key drivers, restraints, challenges, and opportunities, allowing stakeholders to gauge the market’s pulse.
The growth of the IVD contract manufacturing market is underpinned by several key factors, including the overall expansion of the medical devices market, the growing demand for cost-effective and precise manufacturing of IVD equipment and consumables, increased adoption of advanced technologies by Contract Manufacturing Organizations (CMOs), and the rising trend among Original Equipment Manufacturers (OEMs) to outsource large-batch manufacturing, allowing them to focus on their core functions. However, challenges such as the risk of intellectual property infringement and a shortage of skilled labor could impede market growth.
The current landscape is marked by robust manufacturing activities driven by continuous advancements in technological tools. The IVD equipment segment commands a significant market share, bolstered by the growing global volume of IVD tests and heightened demand for molecular test equipment following the Covid-19 pandemic.
The molecular diagnostic segment also presents substantial growth opportunities, fueled by the increasing prevalence of infectious diseases, cancer, and genetic disorders, along with the expanded application of molecular diagnostic technologies.
In 2022, the IVD equipment segment accounted for a larger share of the IVD contract manufacturing market. This segment is also estimated to grow at a stable CAGR during the forecast period. Growth in this segment can primarily be attributed to the increasing volume of IVD tests performed globally and need burst of molecular test equipment post the Covid-19 pandemic.
Based on technology, the molecular diagnostic segment will grow at highest CAGR during the forecast period. Growth in this segment can primarily be attributed to the rising prevalence of infectious diseases, cancer, and various genetic disorders, increasing applications of molecular diagnostic technologies in pharmacogenetics and point-of-care testing.
Moreover, the increasing awareness and acceptance of personalized medicine, technological advancements, and the growing application of MDx in hereditary disease testing & prenatal testing is also likely to influence the market growth. The growing use of PCR in proteomics and genomics, automation of instruments, and the emergence of advanced technologies such as qRT-PCR is also likely to support the growth of the market
In 2022, the Asia Pacific region is poised to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period. This growth is attributed to several factors, including the presence of a large number of contract manufacturers, the rapid proliferation of CMOs in China and India, the efficiency of manufacturing facilities in this region, streamlined supply chain logistics, and cost-effective production of high-quality equipment.
The prominent players in the IVD contract manufacturing market include Jabil Inc. (US), Sanmina Corporation (US), TE Connectivity (Switzerland), Celestica Inc.(Canada),Thermofisher (US), & Savyon Diagnostics (Israel).
Premium Insights
- Technological Advancements in Ivd to Drive Market
- China to Register Highest Growth Rate During Forecast Period
- Asia-Pacific to Register Highest Growth Rate During Forecast Period
- Asia-Pacific to Dominate Market in 2028
Company Profiles
Key Players
- Jabil Inc.
- Sanmina Corporation
- Te Connectivity
- Celestica, Inc.
- West Pharmaceutical Services, Inc.
- Savyon Diagnostics, Ltd.
- Kmc Systems
- Cenogenics Corporation
- Nova Biomedical
- Cone Bioproducts
- Invetech
- Avioq, Inc.
- Meridian Bioscience, Inc.
- Kimball Electronics, Inc.
- Nemera
- Viant Medical Holdings, Inc.
- Phillips-Medisize Corporation
- Nolato Gw, Inc.
- Stratec SE
- Thermo Fisher Scientific, Inc.
- Fujirebio
- Biokit (Werfen)
Other Companies
- Affinity Lifescience
- Sekisui
- Prestige Diagnostics
Market Dynamics
Drivers
- Growing Outsourcing Activity by IVD Manufacturers
- High Cost of In-House IVD Manufacturing
Restraints
- IP Protection Concerns and Possibility of Theft
Opportunities
- Growth Potential of Emerging Economies
Challenges
- Lack of Skilled Labor
Industry Trends
- Automation of Clinical Laboratory Techniques
- Microfluidics-based Poc and Lab-On-A-Chip Diagnostic Devices for Laboratory Testing
For more information about this report visit https://www.researchandmarkets.com/r/mr8096
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