Covina, June 07, 2023 (GLOBE NEWSWIRE) -- IVD (In-Vitro Diagnostics) tests are conducted in laboratories, home or other healthcare facilities and performed in various small and handheld instruments. IVD allows doctors to diagnose patients with care and to provide appropriate treatments.
Rising preference for point of care testing has given positive impact on market growth. New product launch and growing strategic partnerships of companies to expand their business in market has further, facilitated the demand for IVD Contract Manufacturing Services market growth.
The report “IVD Contract Manufacturing Services Market, By Device Type (Equipment, Consumables), By Technology (Molecular Diagnostics, Immunoassay, Hematology, Microbiology), By Service (Assay Development, Manufacturing), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”
Key Highlights:
- In July 2021, Medix Biochemica acquired 100% shares of Diaclone a provider of monoclonal antibodies in areas of oncology, inflammation and immunology. With this acquisition Medix will expand its leading portfolio of IVD (in-vitro diagnostics) raw materials with technological and complementary capabilities by strengthening its position in Western Europe market.
Analyst View:
Presence of key players in market are focused on expanding their business growth through acquisitions and strategic partnerships has fueled the market growth. Rising demand for outsourcing product in healthcare due to a lack of manufacturing facilities and high costs is expected to boost the demand for IVD Contract Manufacturing Services market growth. As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish positions in market.
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Report Scope:
| Attribute | Details |
| Base year for estimation | 2022 |
| Forecast period | 2022 – 2032 |
| Market representation | Revenue in USD Billion & CAGR from 2022 to 2032 |
| Market Segmentation | By Device Type - Equipment, Consumables By Technology - Molecular Diagnostics, Immunoassay, Hematology and Microbiology By Service - Assay Development, Manufacturing |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Key players:
- Nova Biomedical
- Thermo Fisher Scientific Inc.
- Savyon Diagnostics
- Merck KGaA
- TCS Biosciences Ltd.
- Maxim Biomedical Inc.
- Avioq Inc.
- Coris BioConcept
- Meridian Bioscience Inc.
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Browse in-depth TOC on “IVD Contract Manufacturing Services Market”
60 – Tables
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What are some challenges faced by the IVD Contract Manufacturing Services Market?
- Regulatory Compliance: The IVD industry is subject to strict regulatory requirements and evolving standards. Contract manufacturers must ensure compliance with regulations such as FDA (U.S. Food and Drug Administration) requirements, CE marking, and ISO (International Organization for Standardization) standards. Keeping up with regulatory changes and maintaining compliance can be complex and time-consuming.
- Quality Control and Assurance: Maintaining high quality standards is crucial in the IVD contract manufacturing services market. Contract manufacturers need to implement robust quality control systems to ensure accurate and reliable diagnostic products. This includes rigorous testing, traceability of components, and adherence to quality management processes throughout the manufacturing cycle.
- Cost Management: Cost management is a significant challenge for IVD contract manufacturers. Balancing production costs, raw material expenses, labor costs, and quality control investments while delivering competitive pricing can be demanding. Fluctuations in raw material prices and currency exchange rates can further impact cost management.
- Supply Chain Management: The IVD contract manufacturing services market relies on a complex global supply chain for raw materials, components, and equipment. Managing the supply chain effectively, ensuring timely availability of materials, and mitigating risks associated with disruptions or delays can be challenging. The COVID-19 pandemic highlighted the vulnerability of supply chains and the need for resilience.
- Intellectual Property Protection: Protecting intellectual property (IP) can be a challenge in the IVD contract manufacturing services market. Contract manufacturers may work with multiple clients, each with their proprietary technologies and processes. Ensuring proper safeguards and confidentiality measures to protect client IP while maintaining transparency and trust can be a delicate balancing act.
What are the Drivers of the IVD Contract Manufacturing Services Market?
- Increasing Demand for Diagnostic Testing: The rising prevalence of chronic and infectious diseases, aging population, and increasing awareness about early disease detection have led to a growing demand for diagnostic testing. This drives the need for IVD contract manufacturing services to meet the demand for diagnostic products and devices.
- Outsourcing of Manufacturing Processes: Diagnostic companies are increasingly outsourcing their manufacturing processes to specialized contract manufacturers. Outsourcing allows diagnostic companies to focus on core competencies such as research and development, marketing, and sales, while leveraging the expertise and infrastructure of contract manufacturers for efficient and cost-effective production.
- Cost Optimization: IVD contract manufacturing services offer cost optimization benefits to diagnostic companies. By outsourcing manufacturing processes, companies can reduce capital investments in facilities, equipment, and personnel, and instead, allocate resources to other critical areas. Contract manufacturers can provide economies of scale, streamline production processes, and offer cost-efficient solutions.
- Access to Specialized Expertise and Resources: IVD contract manufacturers possess specialized knowledge, expertise, and resources in manufacturing diagnostic products. They have in-depth understanding of regulatory requirements, quality control processes, and manufacturing best practices. Diagnostic companies can leverage this expertise to ensure high-quality products and navigate complex regulatory landscapes.
- Flexibility and Scalability: Contract manufacturers offer flexibility and scalability in production capacities. They can adapt to fluctuations in demand, seasonal variations, and product lifecycle changes. This allows diagnostic companies to quickly respond to market demands, introduce new products, and expand their product portfolios without the need for significant infrastructure investments.
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