PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606409
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606409
IVD Raw Materials Market size was valued at USD 16,779.32 million in 2023, expanding at a CAGR of 13.40% from 2024 to 2032.
IVD Raw Materials encompass the diverse components and substances utilized in the production of In Vitro Diagnostic (IVD) products. These products are medical devices designed to conduct tests on biological samples, such as blood, urine, or tissue, collected from individuals to assist in diagnosing diseases, monitoring health status, or evaluating the efficacy of treatments. IVD raw materials represent an essential segment within the realm of in vitro diagnostics, which includes medical devices, in vitro reagents, and pharmaceuticals. The role of in vitro diagnostics is critical in the identification of diseases, the assessment of overall health, and the support of treatment, management, and prevention of various health conditions.
IVD Raw Materials Market- Market Dynamics
The increasing Prevalence of Chronic and Infectious Diseases is projected to drive the growth of the market.
Chronic diseases such as diabetes, cardiovascular disorders, cancer, and respiratory illnesses are becoming more prevalent on a global scale. According to estimates from the US Department of Health and Human Services, approximately 129 million individuals in the United States are affected by at least one significant chronic condition, including heart disease, cancer, diabetes, obesity, and hypertension. Additionally, the increase in both chronic and infectious diseases has prompted advancements in diagnostic capabilities across hospitals, laboratories, and point-of-care environments. This evolution necessitates a wide array of raw materials, such as reagents, assay components, and control materials. Moreover, investment in research and development may present growth opportunities for the market. Conversely, stringent regulatory requirements could pose challenges to market expansion.
IVD Raw Materials 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 13.40% over the forecast period (2024-2032)
Based on Product segmentation, Enzymes was predicted to show maximum market share in the year 2023
Based on Technology segmentation, Molecular diagnostics was the leading type in 2023
Based on End-User segmentation, Pharma, Biotech & Medtech Companies were the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global IVD Raw Materials Market is segmented on the basis of Product, Technology, End-User, and Region.
The market is segmented into four distinct categories according to the type of product: Antibodies & Antigens, Enzymes, Proteins, Biological Buffers, and Others. Enzymes hold a dominant position within this market. These enzymes are crucial elements utilized in a range of diagnostic assays aimed at identifying biomarkers linked to various diseases. They enable specific biochemical reactions that are vital for the precise measurement and analysis of Analytes found in biological samples.
The market is classified into three segments according to technology: Clinical Chemistry, Immunochemistry, and Molecular Diagnostics, among others. The Molecular Diagnostics segment holds a leading position within the market. The raw materials market for In Vitro Diagnostics (IVD), especially concerning molecular diagnostics, plays a crucial role in facilitating precise and effective diagnostic testing.
The market is classified into four primary categories according to the End-User: Pharmaceutical, Biotechnology, and Medical Technology Companies, Diagnostic Laboratories, and Other entities. The segment comprising Pharmaceutical, Biotechnology, and Medical Technology Companies holds a dominant position within the market. The IVD raw materials market serves as a crucial foundation for the pharmaceutical, biotechnology, and medical technology sectors, facilitating progress in diagnostics, drug development, and personalized medicine.
IVD Raw Materials Market- Geographical Insights
This market is geographically extensive, encompassing North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These areas are further categorized based on the countries contributing to business activities. North America leads in market expansion, attributed to the rising number of diagnostic tests conducted annually. There is an increasing focus on early disease identification and preventive healthcare within North America. Both government and healthcare organizations are advocating for regular screenings, which in turn enhances the demand for diagnostic tests. As of July 13, 2020, the daily diagnostic testing capacity in the United States varied between 520,000 and 823,000 tests. Europe ranks as the second largest region for market growth, driven by improved access to healthcare.
The market for IVD (In Vitro Diagnostics) raw materials is marked by fierce competition among numerous stakeholders, propelled by innovation, product excellence, and the capacity to satisfy the growing demand for diagnostic solutions in the healthcare, pharmaceutical, biotechnology, and medical technology sectors. Firms are focusing on the development of more resilient, high-performance enzymes, highly specific antibodies, and exceptionally sensitive probes to enhance diagnostic precision. For example, innovations in high-reliability polymerases and stable antibodies serve as key differentiators for manufacturers. Organizations that can adeptly manage regulatory hurdles, ensure compliance, and maintain traceability of their materials will hold a competitive edge.
On December 29, 2021, Merck, a prominent company in the fields of science and technology, announced that its Life Science division had secured a contract valued at USD121 million for the establishment of a lateral flow membrane production facility. This project will be executed over a three-year timeframe at the company's facility located in Sheboygan, Wisconsin, United States.
The Aragonese biotechnology firm OPERON, which focuses on the creation of in vitro diagnostic tests, has decided to relocate its production facility from Cuarte de Huerva to a new site within the Zaragoza PLAZA logistics platform.