According to Arizton’s latest research report, the global IVD raw materials market is growing at a CAGR of 5.90% during 2023-2029.
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Report Summary
Market Size (2029): USD 38.05 Billion
Market Size (2023): USD 26.98 Billion
CAGR (2023-2029): 5.90%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Product Type, Technology, End-User, & Geography
Geographical Analysis: North America, Europe, APAC, Latin America, Middle East & Africa
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The increasing prevalence of chronic conditions and a growing patient population are driving up the demand for diagnostics and laboratory tests. In vitro diagnostic (IVD) medical devices have emerged as a major sector in diagnosis, leading to significant advancements. This heightened utilization of IVDs has concurrently spurred a growing need for their raw materials. Additionally, trends towards point-of-care diagnostics and personalized medicine are further fueling the expansion of the IVD raw materials market.
IVD products, including devices and reagents, rely on essential raw materials such as antigens, antibodies, and enzymes. These components are crucial for ensuring the quality and effectiveness of IVD products. The rising demand for point-of-care diagnostics, personalized medicine, and the impact of COVID-19 have all accelerated the development of advanced IVD products, thereby increasing the demand for IVD raw materials.
Advancements and Future of In-Vitro Diagnostics (IVDs)
IVDs play a critical role in analyzing blood, bodily fluids, or tissue samples to detect illnesses, guide treatments, and prevent diseases. They are essential in advancing patient care through technologies such as companion diagnostics and precision medicine, which tailor treatments based on individual genetic, environmental, and lifestyle factors. The Human Genome Project’s impact in the 21st century solidified personalized medicine by linking genetic makeup to health outcomes, paving the way for advanced diagnostic technologies.
IVD devices, especially companion diagnostics, are integral to personalized medicine by facilitating targeted treatments. Examples of such devices include pregnancy tests, blood glucose monitors, and cancer screening tools, which help identify predispositions and inform personalized treatment plans. Recent advancements in IVD technologies have further expanded personalized care with the development of home-based devices for monitoring conditions such as blood glucose levels, cholesterol, and hormonal balance.
The future of IVDs is set to undergo significant digital transformation, enhancing patient-centric care through user-friendly devices and real-time data connectivity. Manufacturers are anticipated to invest in digital strategies that simplify sample collection and improve access to diagnostic information. This shift is driven by the increasing demand for advanced IVD devices and rising disposable income among consumers.
Competitive Overview
Major manufacturers of IVD (in vitro diagnostic) raw materials are increasingly focusing on developing proprietary processing techniques tailored to the specific needs of the industry. They are also prioritizing innovative product development and broadening their product portfolios to maintain a competitive edge in the market.
To boost their market presence, these manufacturers are continuously introducing new products and expanding their offerings to address major infectious diseases and other medical conditions. Significant investments in research and development (R&D) are being made to enhance their product ranges. In addition, they are swiftly adapting to technological advancements and responding to new products launched by competitors.
Key players in the IVD raw materials market are actively pursuing strategic acquisitions to drive sales and profit margins. Mergers and acquisitions (M&As) are a key component of their growth strategy, enabling them to expand their product lines, gain access to new technologies, or increase their market share.
The launch of advanced IVD products by leading manufacturers, such as Roche’s SARS-CoV-2 antibody test and Sysmex’s novel antigen detection reagent, has significantly raised awareness and demand for IVD test kits, particularly in response to the COVID-19 pandemic.
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Key Vendors
Merck KGaA
Fujirebio
Aalto Bio Reagents
Fapon Biotech
F. Hoffmann-La Roche
Thermo Fisher Scientific
ABclonal
BBI Solutions
Beijing Diagreat Biotechnology
Biofootprints Healthcare
BioPorto
Creative Diagnostics
CUSABIO Technology
Eximio Biotec
GenScript ProBio
Getein Biotech
Glentham Life Sciences
HyTest
ImmunoDiagnostics
LGC Group
Meridian Bioscience
Medix Biochemica
More Diagnostics
MP Biomedicals
Nanjing Okay Biotechnology
Nitto Boseki group
OYC Europe
Prahas Healthcare
Promega
ReAgent
Rockland Immunochemicals
Sekisui Diagnostics
SERION Immunologics
Signalway Antibody
Suzhou Yacoo Science
Trina Bioreactives
Watson International
Segmentation & Forecast
Product Type
Antibody & Antigen
Enzymes
Proteins
Biological Buffers
Others
Technology
Clinical Chemistry
Immunochemistry
Molecular Diagnostics
Others
End-User
Pharma & Biotech Companies
Diagnostic Laboratories
Others
Geography
North America
The U.S.
Canada
Europe
Germany
The U.K.
France
Italy
Spain
APAC
Japan
China
India
Australia
South Korea
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
Turkey
South Africa
Saudi Arabia
Key Questions Answered in the Report:
How big is the global IVD raw materials market?
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