Latest News- Ivd Contract Manufacturing Market: IVD consumables is expected to lead the Device segment during 2024-2028

The Ivd Contract Manufacturing Market is being driven by Increasing demand for one-stop-shop IVD contract manufacturing

The Ivd Contract Manufacturing Market is expected to grow at a CAGR of 12.22% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10710 million. IVD contract manufacturing market presents an attractive alternative for end-users with budgetary constraints, as leasing costly equipment offers flexibility and tax benefits. Leasing processes boast swift credit approvals and simplified documentation, enabling businesses of all sizes to expand their operations. Shimadzu, a prominent IVD manufacturer, emphasizes leasing to various end-users, including US healthcare facilities, with transactions ranging from USD6,000 to USD250,000. This business strategy not only enhances operational efficiency but also broadens growth opportunities within the IVD industry. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Device
  • IVD consumables
  • IVD equipment/instrument
• Service Type
  • Assay development
  • Manufacturing
  • Others
• Geography
  • Asia
    • China
    • India
    • Japan
  • North America
    • US
  • Europe
    • Germany
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for one-stop-shop IVD contract manufacturing
• Increasing prevalence of chronic and infectious diseases and rising geriatric population
• High growth potential for market in emerging countries

However, the market also witnesses some limitations, which are as follows:

• Threat of infringement of intellectual property (IP) rights in IVD contract manufacturing
• Doubts over quality control and assurance of IVD products
• Delays in contractual obligations in IVD contract manufacturing

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Market Scope in Ivd Contract Manufacturing Market Research Report

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Research Analysis Overview

The Ivd Contract Manufacturing Market encompasses third-party manufacturers specializing in diagnostic testing materials, including assay kits and diagnostic instruments. These manufacturers offer operational expertise and specialized capabilities to reduce production costs for clients. With the increasing prevalence of diseases, particularly infectious ones, and the aging population, there is a growing demand for rapid and accurate diagnostic tests. Regulatory requirements, molecular diagnostics, and personalized medicine are driving strategic collaborations between contract manufacturers and healthcare providers. The market is also influenced by global healthcare spending, disease detection, monitoring, patient care, and the emergence of AI and point-of-care testing in diagnostic processes. The market caters to various sectors, including infectious diseases, and is expected to grow significantly due to the need for early detection and regulatory compliance.

Market Research Overview

The In Vitro Diagnostic (IVD) contract manufacturing market is a significant segment of the global healthcare equipment industry. This market involves third-party manufacturers producing diagnostic testing materials, assay kits, and diagnostic instruments for IVD companies. Technavio, a leading technology research firm, classifies the healthcare equipment market, which encompasses manufacturers of various diagnostic equipment and devices, as part of the global healthcare equipment market. The healthcare equipment industry includes devices, such as advanced, differentiated, and clinically validated devices, and covers implants, accessories, and consumables used for disease diagnosis, monitoring, and treatment. The market size is determined by the combined revenue generated by these manufacturers. Contract manufacturers play a crucial role in this sector by offering expertise, cost-effective production, and state-of-the-art facilities to IVD companies, ensuring the delivery of high-quality diagnostic solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/