Growing demand for diagnostic tests to drive opportunities in IVD...

Growing demand for diagnostic tests to drive opportunities in IVD raw materials market

Posted 2023-10-31 08:35:22

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The IVD raw materials market is estimated to be valued at US$25,850 Mn in 2022 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The IVD raw materials market consists of reagents, antibodies, proteins, probes, and kits used in the manufacturing of IVD tests and assays. These materials are utilized in disease diagnosis, drug discovery, personalized medicine and clinical research.

Market Dynamics:
Rising geriatric population prone to chronic diseases: The increasing geriatric population globally is more susceptible to developing chronic and lifestyle diseases. This has resulted in higher demand for diagnostic testing for early and accurate diagnosis, which in turn is augmenting the need for IVD raw materials used in various tests.
Growing adoption of personalized medicine: Personalized medicine is an emerging trend that involves tailoring medical treatment to an individual patient based on their genetic makeup and molecular profiling. Rapid adoption of personalized medicine approach is fueling the demand for IVD raw materials to develop targeted diagnostic tests for personalized treatment regimens.

Market Key Trends:
The IVD raw materials market has been witnessing increased adoption of automation. Automation helps in reducing testing time and improving efficiency. Various automated systems and kits are being developed with integrated raw materials for high-throughput testing. This has been a key trend driving growth in the IVD raw materials market.

SWOT Analysis:
Strengths: Increased adoption of automation and integration of raw materials in automated systems allows high-throughput testing and reduces manual errors.

Weaknesses: Raw material supply chain disruptions due to the COVID-19 pandemic had negatively impacted the market. Stringent regulatory processes increase compliance time and costs.

Opportunities: Growing demand for Point-of-Care (POC) testing offers growth opportunities. Emerging economies with increasing healthcare investments are expanding the market scope.

Threats: High R&D costs and capital expenditure requirements pose significant threats. Supply-demand gaps and price fluctuations of raw materials are challenging.

Key Takeaways:
The Global IVD Raw Materials Market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand for diagnostics and early disease detection.

The market size for 2021 was US$ 24,340.0 Mn. North America currently dominates the market due to presence of major players and advanced healthcare infrastructure. Asia Pacific is expected to witness fastest growth owing to rising healthcare spending and expansion of diagnostic centers in countries like China and India.

Key players operating in the IVD raw materials market are Aalto Bio Reagents, Fapon Biotech, Fujirebio, Merck KgaA, F. Hoffmann-La Roche, and Thermo Fisher Scientific, among others. These players are focusing on new product launches, partnerships and collaborations to strengthen their market position.