The IVD Contract Manufacturing Market Size is valued at 12.89 Billion in 2022 and is predicted to reach 36.41 Billion by the year 2031 at a 12.38% CAGR during the forecast period for 2023-2031.
In vitro diagnostics (IVDs) are medical instruments/devices that use biological samples, such as blood or tissue, to diagnose various diseases and infections. IVD tests and assays range from simple tests like SARS-CoV-2 tests to complex laboratory IVD tools.
The global IVD market is the largest segment of the medical technology industry and is expanding with healthcare investments and an increasing focus on early detection and preventive care. The IVD industry is constantly evolving to meet the needs of clinical demands and personalized treatments.
The main reasons for the growth of this market are increasing demand for cheaper and better products, IVD OEMs gaining a foothold in the capital market, and the reduced risk of development failure. Additionally, the emergence of CMO facilities in various countries will likely boost the IVD contract manufacturing market in the next few years. However, growing shortages of skilled workers, the risk of patent infringement and other concerns about intellectual property security are holding back business growth.
Competitive Landscape:
Some of the Key Players in the IVD Contract Manufacturing Market :
- Avioq Inc.
- Biokit
- Celestica Inc.
- Cenogenics Corporation
- Cone Bioproducts
- Fujirebio
- Invetech
- Jabil Inc.
- Kimball Electronics, Inc.
- Kmc Systems
- Meridian Biosciences
- Nemera
- Nolato Gw, Inc.
- Nova Biomedical
- Phillips Medsize Corporation
- Sanmina Corporation
- Savyon Diagnosticss
- Stratec
- Te Connectivity Ltd.
- Thermofisher
- Viant Medical Holdings Inc.
- West Pharmaceutical Services
- Other Prominent Players
Market Segmentation:
The IVD contract manufacturing market is segmented based on device type, technology, and services. The device type segment comprises IVD Equipment and IVD Consumables. By technology, the market is bifurcated into immunoassay, clinical chemistry, molecular diagnostics, microbiology, hematology, coagulation & hemostasis, and others. By services, the market is categorized into manufacturing services, assay development services, and other services.
The IVD Equipment is expected to drive the IVD contract manufacturing market in the upcoming years
IVD contract manufacturing is surging rapidly. There are many reasons why businesses choose to outsource their IVD production. Maybe they have insufficient facilities for manufacturing large quantities in-house, or they don't have the necessary skills. Here, contractor manufacturers play an essential role in providing high-quality, low-cost, and efficient products as compared to what businesses can achieve on their own. Moreover, contracting companies can often provide more services than the business itself can provide.
This contracting facility is also beneficial for startups and small-scale companies to design, produce and sell their equipment. For instance, in November 2022, Jabil Inc. expanded its developmental capabilities by opening a design center in Wrolaw, Poland. This would allow the company to develop leading-edge technologies for multiple industries, including the automotive and healthcare sectors.
The Assay Development segment is growing at the highest rate in the IVD contract manufacturing market
Many outsourced companies in the IVD field choose to offer assay development services as they have limited financial capacity. Factors such as resource availability, growth and efficiency of R&D, reduced development time, lower cost, high efficiency, and expertise in assay development are considered to be the driving factors for the IVD contract manufacturing market.
Regionally, Asia Pacific led the IVD contract manufacturing market in 2022
Asia Pacific IVD contract manufacturing market dominated in 2022 and is expected to continue the same over the forecast period 2023-2031. The growth of this market can be attributed to rising demand for in vitro diagnostic tests, increased prevalence of diseases & infections, and growing mergers and acquisitions in the IVD sector.
IVD Contract Manufacturing Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 12.89 Million |
|
Revenue Forecast In 2031 |
USD 36.41 Million |
|
Growth Rate CAGR |
CAGR of 12.38 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Device Type, By Technology, By Services |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Avioq Inc., Biokit, Celestica Inc., Cenogenics Corporation, Cone Bioproducts, Fujirebio, Invetech, Jabil Inc., Kimball Electronics, Inc., Kmc Systems, Meridian Biosciences, Nemera, Nolato Gw, Inc., Nova Biomedical, Phillips Medsize Corporation, Sanmina Corporation, Savyon Diagnosticss, Stratec, Te Connectivity Ltd., Thermofisher, Viant Medical Holdings Inc., West Pharmaceutical Services, And Others. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
