by Market Overview:
Raw materials play a crucial role in the production of diagnostic kits and reagents that are used for in vitro diagnosis of diseases. These materials serve as basic components for developing assays, enzymes, probes and other biologics. The demand for reliable diagnosis has boosted the need for high-quality raw materials in the IVD industry.
Market key trends:
One of the key trends driving the IVD raw materials market growth is the expanding diagnostic testing volume worldwide. Factors such as increasing prevalence of chronic and infectious diseases, rising geriatric population, growing awareness about early disease detection, and technological advancement in diagnostics are contributing to greater diagnostic volume. As raw materials are direct requirements for manufacturing diagnostic tests, their demand is increasing concurrently to cater to the diagnostics market need. Rising diagnostic volumes will continue fostering the requirement for IVD raw materials over the forecast period.
Segment Analysis
The global IVD raw materials market is segmented into reagents, plastics, accessories and consumables based on the products. The reagents segment dominated the market in 2021 and held more than 40% of the total market share. The high dominance of this segment is attributed to the increased demand for reagents for IVD test procedures. Reagents are extensively used in biochemistry, microbiology and immunoassays in vitro diagnostic processes, which has increased the demand for novel and advanced reagents.
Key Takeaways
The Global IVD Raw Materials Market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand for disease diagnosis across the world.
North America dominated the global market in 2021 and accounted for over 30% market share. The dominance of North America is attributed to the advanced healthcare infrastructure and increasing adoption of advanced diagnostics in the region. Europe is the second largest market for IVD raw materials globally.
The global IVD raw materials market size was valued at US$ 24,340.0 Mn in 2021 and is expected to reach over US$ 37,500 Mn by 2028. The market growth is driven by rising incidence of chronic and infectious diseases globally and growing demand for point-of-care testing.
Key players operating in the IVD raw materials market are Aalto Bio Reagents, Fapon Biotech, Fujirebio, Merck KgaA, F. Hoffmann-La Roche, and Thermo Fisher Scientific, among others. The major players are focusing on new product launches, partnerships and acquisitions to strengthen their market position and expand their geographical presence in the IVD raw materials market.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
