IVD Raw Materials Market is Estimated to Witness High Growth Owing to Technological Advancement in Digital Therapeutics
The IVD raw materials market plays a vital role across various diagnostics settings such as traditional laboratories, point of care testing, and others. IVD raw materials are used to develop products including reagents, accessories and components used for rapid diagnostic tests, clinical chemistry assays, microbiological tests, hematology tests, immunodiagnostics, molecular diagnostics, and others. The growing demand for POC testing, increasing prevalence of chronic and infectious diseases, and technological advancements in digital therapeutics is driving the growth of the IVD raw materials market.
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 2031.
Key Takeaways
Key players operating in the IVD raw materials are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. These key players are focusing on developing advanced digital therapeutics solutions to gain a competitive edge in the market.
The increasing adoption of digital health solutions offers key opportunities for players in the IVD Raw Materials Market Demand to expand their product offerings. Technological advancements like artificial intelligence, machine learning, and cloud computing are enabling the development of smart and connected medical devices to facilitate remote patient monitoring in the IVD raw materials market.
Market drivers
The growing demand for point of care testing and home healthcare testing is a major growth driver for the IVD raw materials market. The rising geriatric population and increasing incidence of chronic diseases have boosted demand for diagnostic testing . Further, the increasing emphasis on decentralized healthcare to provide affordable and accessible diagnostic services, especially in emerging nations, is contributing to the demand for IVD raw materials.
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