IVD Contract Manufacturing Market to grow by USD 10.71 Billion (2024-2028), driven by demand for one-stop solutions, with AI shaping market trends - Technavio

NEW YORK, Dec. 3, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global IVD contract manufacturing market  size is estimated to grow by USD 10.71 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  12.22%  during the forecast period. Increasing demand for one-stop-shop ivd contract manufacturing is driving market growth, with a trend towards leasing of IVD equipment. However, threat of infringement of intellectual property (ip) rights in IVD contract manufacturing  poses a challenge. Key market players include Argonaut Manufacturing Services Inc., Avioq Inc, Bio Techne Corp., CorDx, FlexMedical Solutions Ltd, Fortive Corp., Genemed Biotechnologies Inc., HDA Technology Inc., HU Group Holdings Inc., Jena Bioscience GmbH, JSR Corp., Merck KGaA, More Diagnostics Inc., Neogen Corp., PHC Holdings Corp., Prestige Diagnostics UK Ltd., Seyonic SA, TCS Biosciences Ltd., TE Connectivity Ltd., Thermo Fisher Scientific Inc., Tulip Diagnostics Pvt. Ltd., and Veracyte Inc..

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Key Market Trends Fueling Growth

The IVD contract manufacturing market is experiencing growth, driven by the rising demand for quality healthcare services and increasing awareness of advanced IVD medical devices. This trend is leading to heightened R&D investments and cost-cutting measures through contract outsourcing. In emerging economies, this approach enables IVD OEMs to reduce costs and expand their reach. Key industry insights include a CAGR analysis, pricing trends, patent landscape, buying behavior, and the role of CMO facilities in providing skilled labor and ensuring quality. Cross contamination and patent infringement are potential challenges for budding players in this high potential market for IVD consumables. 

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Market Challenges

• The IVD contract manufacturing market is experiencing significant growth due to budget cuts in healthcare and the high demand for IVD products. OEMs are outsourcing production to save up to 15% on costs. Industry trend analysis reveals the importance of skilled labor and CMO facilities. Pricing analysis is crucial for key stakeholders, including IVD OEMs. Patent analysis is essential to avoid patent infringement and ensure quality. Buying behavior is influenced by the high potential market and budding players. Cross contamination is a concern in IVD consumables manufacturing. The CAGR for this market is expected to remain robust, making it an attractive industry for investment.

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Segment Overview 

This ivd contract manufacturing market report extensively covers market segmentation by

• 1.1 IVD consumables
• 1.2 IVD equipment/instrument

• 2.1 Assay development
• 2.2 Manufacturing
• 2.3 Others

• 3.1 Asia
• 3.2 North America
• 3.3 Europe
• 3.4 Rest of World (ROW)

1.1 IVD consumables-  The IVD consumables market caters to the hematology segment with a focus on testing services. This market's significance stems from the intricate nature of IVD consumables, which include thin-walled, translucent, fragile, or complex-shaped components. Strict tolerance requirements ensure dosing accuracy, snap-in catches, and seals. The market's growth is driven by molecular, clinical, and immunoassay diagnostic techniques. IVD consumables facilitate disease diagnosis by identifying cellular components, such as tumor markers, for improved understanding of cell biology. In hematology, these markers aid in diagnosing malignant tumors or cells using technologies like immunohistochemistry (IHC), determining cell type, origin, and tumor stage.

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Market Research Overview

The Partnership for Advanced Research in Technology (PARTEC), a German public-private partnership, has identified several key areas in the In Vitro Diagnostic (IVD) contract manufacturing market. These include the need for cost-effective and efficient manufacturing processes, the importance of regulatory compliance, and the role of automation and digitization in improving production and quality control. The global IVD contract manufacturing market is expected to grow significantly due to the increasing demand for point-of-care (POC) diagnostics and personalized medicine. Market players are focusing on expanding their manufacturing capabilities to cater to this growing demand. Government grants and funding initiatives, such as those provided by the European Union and the US National Institutes of Health, are also driving innovation and investment in the IVD contract manufacturing sector. Moreover, the market is witnessing a trend towards outsourcing manufacturing activities to specialized contract manufacturers, who can offer expertise in areas such as automation, sterilization, and regulatory compliance. This trend is expected to continue as the IVD industry moves towards more complex and innovative diagnostic technologies. In summary, the IVD contract manufacturing market is a dynamic and growing sector, driven by advances in technology, regulatory requirements, and the increasing demand for cost-effective and efficient manufacturing solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Device
• IVD Consumables
• IVD Equipment/instrument
• Service Type
• Assay Development
• Manufacturing
• Others
• Geography
• Asia
• North America
• Europe
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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/

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SOURCE Technavio