by The global IVD raw materials Market is utilized widely in in vitro diagnostics kits, reagents, and consumables that are used to conduct various medical tests. Some key raw materials used in IVD include plastics, metals, glass, and paper & paper-based products. Plastics dominate the market owing to their versatility, chemical inertness, cost-effectiveness and ease of production. They are used in various medical devices like diagnostic strips, cartridges, medical packaging, and specimen collection & transport vials. Metals are primarily used in diagnostic equipment & machinery manufacturing. Glass finds its applications in test tubes, specimen vials, and diagnostic slides. Paper & paper-based products are consumed in the forms of test cards, specimen collection media, and lateral flow assay strips.
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 Dynamics:
Rapid adoption of in vitro diagnostics in the healthcare sector especially post-COVID is a major driver fueling the demand for IVD raw materials. The healthcare industry is witnessing an increased reliance on diagnostic tests to facilitate early detection of diseases and enable timely clinical interventions. This has significantly boosted the sales volumes of IVD kits, reagents and consumables worldwide thereby positively impacting the IVD raw materials market. Furthermore, ongoing technological advancements in the field of molecular diagnostics, rise of point-of-care testing, increasing healthcare expenditures are some other factors augmenting the market growth over the forecast period.
Segment Analysis
The global IVD Raw Materials Market is segmented on the basis of type, application and end user. On the basis of type, it is segmented into Plastic, Glass, Carbon, and others. The plastic segment dominates the market and accounts for over 35% share of the global market. Plastic materials are highly preferred in the industry as they are cost effective and help in mass production.
PEST Analysis
Political: The regulations around IVD approval processes are continuously evolving. Stricter approval guidelines ensure quality and safety of IVD kits and reagents.
Economic: The global economy is recovering post pandemic which is positively impacting the healthcare spending. Rising disposable incomes in developing countries is driving the market growth.
Social: Growing elderly population and increasing incidences of chronic and infectious diseases are key factors augmenting the demand for IVD tests.
Technological: Advancements in POCT devices, lab automation solutions and miniaturization of diagnostic kits are supporing the market growth. Integrating AI and IoT further improves the diagnostic accuracy and efficiency.
Key Takeaways
The Global IVD Raw Materials Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing penetration of advanced IVD technologies across developed as well as emerging nations. The global IVD Raw Materials Market is estimated to be valued at US$ 27,104.37 Mn in 2023 and is expected to exhibit a CAGR of 58% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region is the fastest growing market for IVD raw materials. China dominates the APAC market owing to large population base, growing health awareness and increasing focus on early disease diagnosis. The government is investing heavily in developing healthcare infrastructure which is positively impacting the regional market.
Key players
Key players operating in the IVD Raw Materials market are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed. Adherium Limited offers digital health solutions for respiratory disease while AstraZeneca works on respiratory and oncology therapeutics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
