Meticulous Research®—a leading global market research company published a research report titled, “IVD Contract Manufacturing Services Market by Type (Assay Development, Manufacturing), Category (Reagents, Systems), Technology (Immunoassay, Molecular Diagnostics, Clinical Chemistry, Hematology, Microbiology, Urinalysis) - Global Forecast to 2028.”
According to this latest publication from Meticulous Research®, the IVD contract manufacturing services market is expected to reach $20.6 billion by 2028, at a CAGR of 7.7% during the forecast period. The increasing need for IVD devices due to the rising prevalence of infectious diseases, the shift in focus from centralized laboratories to point-of-care testing services, regulatory complexities faced by IVD companies, and the need for cost-effective manufacturing of IVD tests are some of the major factors driving the growth of this market.
In addition, high economic and increased outsourcing to emerging countries serves as a significant growth opportunity for the growth of this market. However, maintaining product quality and protection of proprietary knowledge is hindering the growth of this market.
IVD Contract Manufacturing Services Market: Future Outlook
The IVD contract manufacturing services market study presents historical market data in terms of values (2019 and 2020), estimated current data (2021), and forecasts for 2028. The market is segmented by Service Type (Assay Development Services, Manufacturing Services, Other Services), Category (Reagents & Consumables, Instruments & Systems), and Technology (Immunoassay, Clinical Chemistry, Microbiology, Molecular Diagnostics, Hematology, Urinalysis). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on service type, the manufacturing services segment is expected to account for the largest share of the IVD contract manufacturing services market in 2021. The large market share of this segment is mainly due to IVD companies outsourcing the manufacturing of IVD products to fulfill the increasing demand for these products for diagnosis purposes. Additionally, these services provide full production management, flexibility in scale and process, and quality and regulatory support, which further contribute to the growth of this market.
Based on technology, the immunoassay segment is expected to grow at the fastest CAGR during the forecast period. Factors such as higher preference for immunodiagnostics tests by practitioners due to its high accuracy standards, inherent specificity, high throughput, high sensitivity, and the emergence of advanced diagnostic immunoassay formats contribute to the high growth rate of this segment.
The increasing use of immunoassays in Point of Care (PoC) infectious disease testing, the growing need for developing novel tests, increasing usage of miniaturized devices, rising demand attributed to the aging population, and rising trend of automation in immunoassay instruments further drive the growth of this segment.
Based on category, the IVD contract manufacturing services market is segmented into reagents & consumables and instruments & systems. In 2021, the reagents & consumables segment is expected to account for the larger share of the IVD contract manufacturing services market. The continuous use of reagents and consumables to diagnose various prevalent diseases is the major factor attributed to the growth of this segment.
This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America, and the Middle East & Africa.
In 2021 North America is expected to account for the largest share of the IVD contract manufacturing services market, followed by Europe and Asia-Pacific. The rising prevalence of various infectious diseases, growing healthcare sector, increasing awareness regarding early disease diagnosis, growing adoption of advanced innovative diagnostic products, and increasing funding activities coupled with novel advanced development diagnostic technologies are the factors driving the growth of this market in North America.
The key players operating in the IVD contract manufacturing services market include Savyon Diagnostics (Israel), KMC Systems, Inc. (U.S.), Cenogenics Corporation (U.S.), Nova Biomedical (U.S.), Cone Bioproducts (U.S.), Invetech, Inc. (Australia), Avioq, Inc. (U.S.), Meridian Bioscience, Inc. (U.S.), In Vitro Diagnostics Developers Inc. (U.S.), LRE Medical (Germany), TCS Biosciences Ltd (U.K.), Affinity Life Sciences, Inc. (U.S.), CorisBioConcept (Belgium), Affinity Biologicals Inc. (Canada), Biokit S.A. (Spain), Merck KGaA (Germany), Thermo Fisher Scientific Inc. (U.S.), and Maxim Biomedical, Inc. (U.S.).
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