PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464688
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464688
Diagnostic Contract Manufacturing Market size was valued at USD 26,354.32 Million in 2023, expanding at a CAGR of 11.2% from 2024 to 2032.
Diagnostic contract manufacturing refers to the outsourcing of manufacturing processes related to diagnostic products or devices to third-party contract manufacturers. Diagnostic products include medical devices, equipment, reagents, and test kits used for diagnosing various medical conditions or monitoring health parameters. The increasing prevalence of diseases and the need for early and accurate diagnosis are driving the demand for diagnostic products and services. Compliance with evolving regulatory standards and requirements can be a significant barrier for contract manufacturers, especially smaller firms without extensive resources. Furthermore, advances in diagnostic technologies, such as molecular diagnostics and point-of-care testing, create opportunities for contract manufacturing companies to offer innovative solutions.
Diagnostic Contract Manufacturing Market- Market Dynamics
High Cost of In-house IVD Manufacturing
The high cost associated with in-house in vitro diagnostic (IVD) manufacturing has indeed been a driving factor behind the increasing demand for diagnostic contract manufacturing services. Many companies, especially smaller ones or those specializing in niche areas, find it financially challenging to establish and maintain in-house manufacturing facilities for IVD products. Additionally, the diagnostic contract manufacturing market offers flexibility in terms of production volume, which is particularly beneficial for companies experiencing fluctuating demand or those introducing new products to the market.
Diagnostic Contract Manufacturing Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.2% over the forecast period (2024-2032)
Based on product segmentation, in-vitro diagnostic devices were predicted to show maximum market share in the year 2023
Based on Services segmentation, device development and manufacturing services were the leading type in 2023
Based on application segmentation, cardiology was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Diagnostic Contract Manufacturing Market is segmented based on Product, Service, Application, and Region.
The market is divided into three categories based on product: The prevalence of diseases drives the demand for in-vitro diagnostic devices. Conditions such as diabetes, cardiovascular diseases, cancer, infectious diseases, and autoimmune disorders often require diagnostic testing for early detection, monitoring, and treatment.
The market is divided into five categories based on application: The Diagnostic Contract Manufacturing Market plays a crucial role in cardiology by providing specialized services and products that aid in the diagnosis, monitoring, and treatment of cardiovascular diseases
Diagnostic Contract Manufacturing Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America and Europe were the leading regions in the Diagnostic Contract Manufacturing Market. Both regions have a robust healthcare infrastructure, significant investments in research and development, and a high demand for diagnostic products and services. Additionally, Asia-Pacific was emerging as a promising market due to increasing healthcare expenditure, rising awareness about early disease diagnosis, and a growing number of contract manufacturing organizations (CMOs) in countries like China and India.
The leading companies such as Jabil Inc., Gerresheimer AG, Synecco, Invetech, Biofortuna Limited, Nipro Corporation, SteriPack Group Ltd., Celestica International, these companies specialize in providing manufacturing services to diagnostic companies on a contract basis. They may invest in expanding their facilities, upgrading technology, or improving quality control systems to attract more clients and retain existing ones. These entities invest in diagnostic contract manufacturing companies as part of their portfolio diversification strategy. They provide funding for expansion, technology development, or acquisitions to accelerate growth and increase market share. For instance, In October 2021, Integer Holdings Corporation signed an agreement to acquire Oscor, a private medical device company headquartered in Florida that designs, develops, manufactures, and markets a variety of highly specialized implantable cardiac pacing leads, and diagnostic catheters.
In March 2021, Jabil Healthcare signed a strategic collaboration agreement with e3d, which will expand the pharmaceutical market offering for healthcare customers in future.
GLOBAL DIAGNOSTIC CONTRACT MANUFACTURING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Jabil Inc.
Gerresheimer AG
Synecco
Invetech
Biofortuna Limited
Nipro Corporation
SteriPack Group Ltd
Celestica International
Nortech Systems, Inc.
Invetech
Others