by The global IVD raw materials market is estimated to be valued at US$ 24,340.0 Mn in 2021 and is expected to exhibit a CAGR of 5.8% over the forecast period of 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview
The IVD raw materials market comprises various components and reagents used in in-vitro diagnostics tests. These include enzymes, antibodies, probes, and standards. These products are essential for accurate and reliable diagnostic tests, enabling healthcare professionals to diagnose and monitor various diseases and conditions. The market is witnessing significant growth due to the increasing prevalence of chronic diseases, development of advanced diagnostic techniques, and rising healthcare expenditure.
Market Dynamics
The growth of the global IVD raw materials market is driven by several factors. One such driver is the growing demand for in-vitro diagnostics. In-vitro diagnostics play a crucial role in disease detection, patient monitoring, and treatment decisions. With the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and infectious diseases, the demand for accurate and reliable diagnostic tests is rising. This, in turn, is fueling the demand for IVD raw materials.
Another driver for the market is the increasing research and development (R&activities in the field of diagnostics. Continuous advancements in technology have led to the development of new diagnostic techniques and tests. This has increased the demand for high-quality raw materials for IVD products. Market players are investing in R&D to develop innovative and efficient raw materials to meet the evolving needs of the diagnostics industry.
Segment Analysis
The IVD raw materials market can be segmented based on type and application. By type, enzymes dominate the market as they are widely used in various diagnostic tests. Enzymes such as polymerases, ligases, and kinases are essential components of PCR, DNA sequencing, and other molecular diagnostics tests. The application segment is dominated by infectious diseases testing, owing to the high prevalence of infectious diseases globally.
PEST Analysis
Political: The political landscape can influence the IVD raw materials market through regulatory policies, government funding for healthcare infrastructure, and reimbursement policies for diagnostic tests.
Economic: Economic factors such as healthcare expenditure, per capita income, and healthcare infrastructure development impact the market. Developing economies with increasing healthcare spending offer significant growth opportunities for market players.
Social: Increasing awareness about early disease detection, growing aging population, and the rising prevalence of chronic diseases contribute to the growth of the market.
Technological: Technological advancements such as gene editing, next-generation sequencing, and automation in diagnostics have led to the development of innovative diagnostic tests, driving the demand for high-quality raw materials.
Key Takeaways
– The global IVD Raw Materials Market Analysis is expected to witness high growth, exhibiting a CAGR of 5.8% over the forecast period, due to the increasing demand for in-vitro diagnostics and growing R&D activities.
– The Asia Pacific region is expected to be the fastest-growing and dominating region due to the increasing healthcare expenditure, improving healthcare infrastructure, and rising awareness about early disease detection.
– Key players operating in the global IVD raw materials market include Aalto Bio Reagents, Fapon Biotech, Fujirebio, Merck KgaA, F. Hoffmann-La Roche, and Thermo Fisher Scientific, among others. These players focus on strategic collaborations, product launches, and mergers and acquisitions to strengthen their market position.
In conclusion, the global IVD raw materials market is witnessing significant growth due to the increasing demand for in-vitro diagnostics and rising R&D activities. The market is expected to offer lucrative opportunities for market players, especially in the Asia Pacific region. With continuous advancements in technology and a growing emphasis on early disease detection, the demand for high-quality raw materials for IVD products is expected to remain high in the coming years.
