IVD Contract Manufacturing Market worth $26.7 billion by 2028
The report "IVD Contract Manufacturing Market by Device Type (Consumables, Equipment), Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Microbiology, Hematology, Coagulation), Service (Manufacturing, Assay Development) - Global Forecast to 2028", is projected to reach USD 26.7 billion by 2028 from USD 15.4 billion in 2023, at a CAGR of 11.5% during the forecast period. Growth in this market can primarily be attributed to the adoption of new technology to develop efficient products by IVD contract manufacturers, and the increased need to outsource manufacturing to CMOs by large manufacturers to reduce the manufacturing burden and focus on the development of newer technology. The surge in the requirement for IVD testing kits post Covid 19 pandemic, for RT-PCR tests, glucose testing, hematology testing, and other types of testing, also influenced the market growth.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=119981519
IVD equipment accounted for the largest share of the IVD contract manufacturing market.
Based on the device type, the IVD contract manufacturing market is segmented into IVD equipment and IVD consumables. In 2022, IVD equipment’s held the major share of IVD contract manufacturing market. The large share of the IVD equipment segment can be attributed to the the growing number of hospitals and clinical laboratories in developing countries, automation and technological advancements in instruments with high-throughput capabilities.
The assay development segment is growing at the highest rate in the IVD contract manufacturing market.
Based on the services, the IVD contract manufacturing market is segmented into manufacturing services, assay development services, and others. In 2022, the expertise in the area of assay development, resource availability, speed and efficiency of development, reduced development time, reduced costs, improved quality, and increased focus on core competencies, are the factors attributing to the segmental growth. The presence of numerous outsourcing companies in the IVD space have limited financial capabilities, a nd thus, they prefer providing assay development services.
North America segment accounted for the largest share of the IVD contract manufacturing market
The global IVD contract manufacturing market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America segment accounted for the second largest share of the IVD contract manufacturing market after Asia Pacific. Factors attributing to the market share include the presence of a large number of large scaled contract manufacturing companies in the region, improved healthcare and industrial infrastructure and GDP expenditure, improved developmental capabilities of the contract manufacturing organizations in this region, and presence of lifelong collaborative and partnership agreements by large scale OEMs with CMOs in this region.
The major players in the IVD contract manufacturing market include Jabil Inc. (US), Sanmina Corporation (US), TE Connectivity (Switzerland), Celestica Inc.(Canada), Savyon Diagnostics (Israel), West Pharmaceutical Services, Inc.(US), and Thermofisher (US)
Read More: https://www.marketsandmarkets.com/Market-Reports/ivd-contract-manufacturing-market-119981519.html
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
English
Arabic
Français
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian