NEWARK, Del, Nov. 06, 2023 (GLOBE NEWSWIRE) -- According to projections, the global IVD contract manufacturing market is valued at US$ 14.7 billion, and it is anticipated to grow at a compound annual growth rate (CAGR) of 12.1% to reach US$ 46 billion by 2033. Globally, there will likely be more in-vitro diagnostics contract manufacturing as infections and cancer become more common.
The global IVD contract manufacturing market is experiencing growth due to several factors. One of these factors is the need for more affordable and high-quality equipment. Another factor is the desire of IVD OEMs to expand their presence in the market and establish themselves as prominent players in related markets. Additionally, CMO facilities offer reduced risk of development failure and lower cross-contamination rates for IVD consumables. Ultimately, small outsourcing facilities in emerging nations are becoming more prevalent. Nevertheless, the market's growth is impeded by a lack of skilled labor, as well as the risks of patent infringement and other intellectual property safety failures.
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The contract manufacturing sector plays a significant role in the global in vitro diagnostic (IVD) industry by providing a wide range of reagents, test kits, instruments, systems, and accessories for testing. The market for contract manufacturing in the IVD report highlights the potential for this multi-billion dollar segment to experience substantial long-term growth.
The goals for the IVD contract manufacturing market are to expand current product lines, increase access to IVD testing technologies, introduce tests and testing systems for emerging diseases and disorders like COVID-19 and Monkeypox quickly, gain support for regulatory filings, penetrate high-growth applications, especially in the point-of-care (POC) testing area, and meet the specialized testing needs of significant end users. Additionally, the aim is to broaden access to manufacturing capacity without requiring capital investment. Most leading global manufacturers of proprietary IVD systems are likely to increase their reliance on external contractors as a cost-effective strategy to achieve these goals.
IVD contract manufacturing companies offer research services like assay development or drug discovery, mainly on a contractual basis. Many pharmaceutical and biotechnology companies outsource their work to a CRO to reduce expenses. These companies hire an IVD contract manufacturer to produce the finished product. Such factors are expected to fuel the growth of this segment, which, in turn, drives the market growth during the forecast period.
“The IVD market is growing due to demand for point-of-care testing, molecular diagnostics, and sequencing, which further drives the need for contract manufacturing services,” opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).
Key Takeaways:
- The global IVD contract manufacturing market is estimated to register a CAGR of 12.1% with a valuation of US$ 46 billion by 2033.
- The market captured a CAGR of 15.1% in the historical period between 2018 and 2022.
- South Korea is anticipated to dominate the global market by registering a 14.1% CAGR during the forecast period.
- With a 13.0% CAGR, Japan is driving the global market by 2033.
- The United Kingdom is anticipated to secure a CAGR of 12.9% in the global market during the forecast period.
- As per the research, China acquires a value share of 12.7% in the global IVD contract manufacturing market in 2033.
- The United States IVD contract manufacturing market holds a global market share of 11.9% in 2033.
IVD Contract Manufacturing Market Report Coverage:
| Attributes | Key Statistics |
| Expected Base Year Value (2023) | US$ 14.7 billion |
| Anticipated Forecast Value (2033) | US$ 46 billion |
| Estimated Growth (2023 to 2033) | 12.1% CAGR |
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Key Strategies:
In the IVD market, many companies outsource their assay development services to increase their financial capacity. Various factors drive this trend, such as the availability of resources, the need for growth and efficiency in research and development, reduced development time, lower costs, high efficiency, and expertise in assay development. The growth of the IVD contract manufacturing market can be attributed to the rising demand for IVD tests, increased prevalence of diseases and infections, and growing mergers and acquisitions in the regional IVD contract manufacturing market.
Recent Developments in the IVD Contract Manufacturing Market:
- TechInvention Lifecare Pvt. Ltd. and Reagent IVD Resources Pvt. Ltd. joined forces in May 2023 to develop and manufacture diagnostics. The portfolio is expected to cater to both human and veterinary markets, focusing on providing global supplies.
- In May 2023, China-based Fapon Biotech Inc. collaborated with several leading Indian IVD firms and supplied over half of the IVD raw materials in India. This strategy has opened a new market for Fapon Biotech’s new product line.
Key Companies:
- Jabil Inc.
- Sanmina Corporation
- TE Connectivity
- Celestica Inc.
- Savyon Diagnostics
- Moderna Inc.
- Recipharm AB.
- Biofortuna Inc.
- Medix Biochemica.
- Diaclone Inc.
IVD Contract Manufacturing Market Segmentation:
By Device Type:
- IVD Equipment
- IVD Consumables
By Technology:
- Immunoassay
- Clinical Chemistry
- Molecular Diagnostics
- Microbiology
- Hematology
- Coagulation & Hemostasis
- Others
By Service Type:
- Manufacturing Services
- Assay Development Services
- Other Services
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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