by In-vitro diagnostic (IVD) raw materials are used to manufacture diagnostic kits and reagents used in IVD tests for detection of several clinical chemistry analytes, drugs, hormones, therapeutic drug monitoring and biomarkers. IVD raw materials play a crucial role in vitro testing procedures as they help detect various diseases and medical conditions at an early stage. The growing awareness about the benefits of early disease diagnosis and increasing focus on preventive healthcare are fueling the demand for IVD tests, thereby driving the IVD raw materials market. The global IVD Raw Materials Market is estimated to be valued at US$ 27104.37 Mn in 2023 and is expected to exhibit a CAGR of 58% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend fuelling the growth of the IVD raw materials market is the growing adoption of IVD devices in developed countries. Developed regions like North America and Europe have well-established healthcare infrastructures and high healthcare spending. This has propelled the adoption of advanced diagnostic technologies like IVD devices for early detection of chronic and infectious diseases. As the use of IVD devices increases in developed markets, the demand for associated raw materials is also anticipated to rise at a significant rate over the forecast period. Moreover, the ongoing technological advancements in IVD tests are further expanding their applications, thereby augmenting the sales of IVD raw materials.
SWOT Analysis
Strength: The raw materials used in IVD have growth opportunities due to increased focus on disease diagnosis. Growing prevalence of chronic and infectious diseases is generating demand.
Weakness: Raw material supplies rely on a limited number of suppliers increasing risk of shortages and price fluctuations. High R&D costs for development of new diagnostic technologies.
Opportunity: Growth in point of care testing and home care testing provides opportunities for suppliers. Increasing healthcare expenditures in emerging nations presents a large customer base.
Threats: Stringent regulatory norms hinder swift approvals and market entry. Supply chain disruptions due to pandemic and geopolitical issues increase uncertainties.
Key Takeaways
The Global IVD Raw Materials Market Size is expected to witness high growth.
Regional Analysis: North America dominates the market currently owing to presence of major players and priority to diagnostic technologies. Asia Pacific is poised to grow at the fastest pace due to rising healthcare spending, lower material and labor costs attracting manufacturing units and large patient pool.
Key players operating in the IVD raw materials market are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. Growing collaborations between kit manufacturers and raw material suppliers ensures continuous supply of high-quality inputs to fulfill volumes. Companies investing in R&D of advanced materials find opportunities from biosensors, molecular diagnostic kits, and microfluidics technologies.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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