IVD Raw Materials Market is Estimated to Witness High Growth Owing to Growing Demand for Point-of-Care Tests
In-vitro diagnostic (IVD) raw materials are substances used to manufacture in-vitro diagnostic medical devices, which are used to examine specimens derived from the human body. Common IVD raw materials include reagents, plastic resins, biological raw materials, chemicals and pieces of equipment. IVD devices aid in the detection of diseases, conditions, infections and other abnormalities within the human body through analyzing blood, urine and tissue samples. Rising demand for point-of-care testing across the globe is driving enhanced consumption of IVD raw materials such as test strips, cassettes, and analyzer cartridges. The global IVD Raw Materials Market is estimated to be valued at US$ 31224.24 Bn in 2024 and is expected to exhibit a CAGR of 58.% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Point-of-care tests refer to medical diagnostic tests performed outside a clinical laboratory, nearer to the patient, which enable faster treatment by delivering results within minutes. Growing preference for convenient point-of-care testing is fueling heightened demand for IVD raw materials across hospitals, clinics and home settings. The flexibility and quicker diagnosis using point-of-care tests is driving expanding usage of test cassettes, paper strips and other materials required for rapid analysis. Manufacturers are innovating lightweight, portable and disposable point-of-care devices to make diagnosis easy and accessible for patients, thus generating increased requirement for associated IVD materials in the coming years.
Porter's Analysis
Threat of new entrants: The specialized resources and know-how required to develop IVD raw materials present high barriers to entry. Bargaining power of buyers: Large diagnostics companies possess significant bargaining power over raw materials suppliers due to their high volumes. Bargaining power of suppliers: The presence of multiple raw material suppliers limits the influence of individual suppliers. Threat of new substitutes: There are few product substitutes, giving existing raw materials an advantage. Competitive rivalry: Companies compete for market share through manufacturing efficiency and development of specialized materials.
SWOT Analysis
Strengths: Growing aging population and demand for rapid diagnostics. Established distribution channels. Weaknesses: Stringent regulatory environment. Supply chain disruptions affect production. Opportunities: Emerging markets offer new opportunities for growth. Technological advances enabling new applications. Threats: Economic slowdowns reduce healthcare budgets. Manufacturing issues could delay product development.
Key Takeaways
The global IVD Raw Materials Market Growth is expected to witness high growth over the forecast period of 2024 to 2030.
North America currently dominates the market due to presence of leading diagnostic companies and advanced healthcare infrastructure. Regional analysis indicates that Asia Pacific will witness the fastest growth over the coming years supported by improving access to healthcare and increasing healthcare expenditure in countries such as China and India.
Key players operating in the IVD Raw Materials market are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. Adherium Limited is a global leader in digital health technologies. AstraZeneca is a British-Swedish multinational pharmaceutical and biotechnology company.
For more insights, read- https://www.pressreleasebulletin.com/ivd-raw-materials-market-trends-size-and-share-analysis/
For more details on the report, Read- https://ceocolumn.com/blog/emergence-of-unmanned-combat-aerial-vehicles-in-modern-warfare/
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