IVD raw materials market size was valued at USD 24.34 billion in 2021 and is expected to reach USD 34.25 billion by 2027, growing at a CAGR of 5.86% during the forecast period.
With the rise in chronic conditions and patient populations, the demand for diagnostics and laboratory tests increases. The growing demand for antigen and antibody-based tests that increased during COVID-19 led to its major market share. It is expected to have the highest incremental growth of USD 3.92 billion and absolute growth of 44.41% during the forecast period.
The Europe region is one of the matured markets for in-vitro diagnostic; the large laboratory instruments are highly automated compared to most point-of-care testing devices. Automation has increased the speed and ease of using the devices the workforce is thoroughly trained and adopted. Furthermore, the global IVD raw materials market is expected to witness an incremental growth of USD 9.91 billion and absolute growth of 40.73% by 2027.
- Growing trends for point of care diagnostics and personalized medicine contribute to the growth of the IVD raw materials market.
- Investment in the development and commercial launch of IVD instruments and rapid test kits to diagnose several infectious diseases and their applications in the research segment will boost the market in developed countries.
- In 2021, pharma & biotech companies accounted for the major share of 62.19% in the global IVD raw materials market. However, diagnostic laboratories are likely to witness the highest absolute growth of 43.37% during the forecast period.
- Vendors offer a broad portfolio of quality enzymes that are highly suitable for manufacturing diagnostic kits and reagents. Manufacturers are also exploring new enzyme sources from enormous enzymes and optimizing and transforming the most appropriate enzyme molecules.
THIS RESEARCH REPORT INCLUDE A DETAILED SEGMENTATION ANALYSIS BY:
Rapid tests developed through clinical chemistry provides test results immediately. Manufacturers offer many IVD raw materials applicable to clinical chemistry methods. The global IVD raw materials market by clinical chemistry is expected to reach USD 12.14 billion by 2027. Furthermore, private laboratories have expanded their footprints in recent years, especially in developing countries, which has stimulated market growth. Moreover, the demand for standalone reference laboratories is gradually rising due to the prevalence of epidemic and pandemic conditions across the globe. The global IVD raw materials market by diagnostic laboratories will grow at a CAGR of over 6% during 2022-2027.
Major manufacturers of IVD raw materials are focusing on their proprietary processing techniques that satisfy the raw material requirements of the IVD industry and provide IVD raw materials made to their own with the off-the-shelf specification. Vendors are constantly investing resources in R&D projects based on market trends and the demand for general health management. Key players are also engaged in strategic acquisitions as part of their inorganic growth strategy to enhance sales and profit margins. Strategic M&As continue to be an essential competitive strategy for key players to expand product offerings, access new technology, or increase market share. Vendors also focus on developing and commercializing innovative analyzers, COVID-19 PCR rapid test kits, and consumables to remain competitive and gain a significant presence in the IVD raw materials market.
In 2021, Europe dominated the global IVD raw materials market compared to other regions. This region is a mature market with developed diagnostic infrastructure available in most countries. The demand for advanced molecular diagnostics in the European countries has gone high owing to the presence of advanced infrastructure in healthcare diagnosis. Point of care diagnostics is the latest trend in the European market. The Europe IVD raw materials market is expected to reach USD 11.80 billion by 2027.
The report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Segmentation Analysis by Product
- Antibody & Antigen
- Biological Buffers
- Segmentation Analysis by Technology
- Clinical Chemistry
- Molecular Diagnostics
- Segmentation Analysis by End-User
- Pharma & Biotech Companies
- Diagnostic Laboratories
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa