Newark, New Castle, USA, June 22, 2023 (GLOBE NEWSWIRE) -- Growth Plus Reports estimated the size of the global market for IVD contract manufacturing in 2022 to be worth US$ 11.84 billion, and it is expected that it will increase at a revenue CAGR of 7.6% to reach US$ 23.85 billion by 2031.
The global market for IVD contract manufacturing was analyzed and is expected to rise significantly in terms of revenue share during the forecast period. Solutions that satisfy the requirements of clinical testing are created by IVD contract manufacturers. The adoption of new technology into routine manufacturing processes and the achievement of sales targets are both accelerated by outsourcing.
Key Takeaways:
- The rising preference for an efficient, cost-efficient method is driving the market revenue share.
- The rising introduction of advanced medical devices is driving the market demand.
- The demand for point-of-care devices is increasing the market revenue growth rapidly.
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IVD Contract Manufacturing Market Scope
| Report Attribute | Details |
| Market Size Value in 2022 | US$ 11.84 billion |
| Revenue Forecast in 2031 | US$ 23.85 billion |
| CAGR | 7.6% |
| Base Year for Estimation | 2022 |
| Forecast Period | 2023 to 2031 |
| Historical Year | 2021 |
| Segments Covered | Type, End User, and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Recent Development in the IVD Contract Manufacturing Market:
- In June 2022, in order to help with the formulation and fill-finishing of a portion of the Moderna COVID-19 Vaccine supply outside of the United States, Moderna Inc. and Recipharm AB, a CDMO, signed a contract. Through this partnership, Medix Biochemica will be able to offer its customers a comprehensive selection of raw materials for their IVD quality control solutions.
Competitive Landscape
A list of the prominent players operating in the global market for IVD contract manufacturing includes:
- Abbott Laboratories
- Biokit S.A.
- Cenogenics Corporation Nova Biomedical
- Thermo Fisher Scientific, Inc.
- Merck KGaA
Market Drivers and Restraints:
The global IVD contract manufacturing market revenue is driven by the rising preference for using point-of-care devices, the development of advanced technologies, and the growing emphasis on individualized therapy. Furthermore, the need for a safe, efficient, and cost-effective production method is contributing to the rise in market revenue growth.
Market Segmentation:
Segmentation By Type
Based on the types, the IVD consumables segment dominates the global IVD contract manufacturing market with a considerable revenue share. The growing testing for infectious diseases like COVID-19 and influenza, the growing use of consumables to diagnose various chronic conditions, and global demand for molecular and immunoassay reagents are all contributing to this large revenue share.
Segmentation By Services
Based on the services, the manufacturing services segment dominates the global IVD contract manufacturing market with the largest revenue share. The significant revenue share is attributed to product management, quality and regulatory assistance, and process flexibility.
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Segmentation By Technology
Based on technology, the immunoassay segment accounts for the highest revenue share in the global IVD contract manufacturing market due to high sensitivity, inherent specificity, high throughput, and high-level accuracy standards.
Regional Growth Dynamics
Based on the region, North America, with the largest revenue share, dominates the global IVD contract manufacturing market. This large revenue share is attributed to the rising prevalence of diseases, a rise in the need for diagnostic tests, and an increase in the number of M&As in the IVD industry. Furthermore, the growing usage of contemporary laboratory techniques and procedures for quicker examination and diagnosis of infectious and chronic illnesses is another factor driving the market revenue in the region.
Report Coverage
Growth Plus Reports analyzed the global market for IVD contract manufacturing in-depth. We studied the fundamental market characteristics, significant investment sectors, regional growth analytics, revenue estimates, competing market players, and mergers and acquisitions.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL IVD CONTRACT MANUFACTURING MARKET- ANALYSIS & FORECAST, BY TYPE
- IVD Consumables
- IVD Equipment’s
- GLOBAL IVD CONTRACT MANUFACTURING MARKET- ANALYSIS & FORECAST, BY SERVICES
- Assay Development Services
- Manufacturing Services
- Others
- GLOBAL IVD CONTRACT MANUFACTURING MARKET- ANALYSIS & FORECAST, BY TECHNOLOGY
- Immunoassay
- Molecular Diagnostics
- Microbiology
- Clinical Diagnostics
- Hematology
- Others
IVD CONTRACT MANUFACTURING MARKET TOC
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VALUE PROPOSITIONS RELATED TO THE REPORT:
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- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market.
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- 'Business Profile' of Key Players
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