Market Research Report
IVD Raw Materials Market - Global Outlook & Forecast 2022-2027
|IVD Raw Materials Market - Global Outlook & Forecast 2022-2027|
Published: June 20, 2022
Arizton Advisory & Intelligence
Content info: 342 Pages
Delivery time: 1-2 business days
The IVD raw materials market by revenue is expected to grow at a CAGR of 5.86% during 2022-2027.
The following factors are likely to contribute to the growth of the IVD raw materials market during the forecast period:
With the rise in chronic conditions and patient populations, the demand for diagnostics and laboratory tests increases. The growing demand for antigen and antibody-based tests that increased during COVID-19 led to its major market share.
The Europe region is one of the matured markets for in-vitro diagnostic; the large laboratory instruments are highly automated compared to most point-of-care testing devices. Automation has increased the speed and ease of using the devices the workforce is thoroughly trained and adopted. Furthermore, the global IVD raw materials market is expected to witness an incremental growth of USD 9.91 billion and absolute growth of 40.73% by 2027.
THIS RESEARCH REPORT INCLUDE A DETAILED SEGMENTATION ANALYSIS BY:
Rapid tests developed through clinical chemistry provides test results immediately. Manufacturers offer many IVD raw materials applicable to clinical chemistry methods. The global IVD raw materials market by clinical chemistry is expected to reach USD 12.14 billion by 2027. Furthermore, private laboratories have expanded their footprints in recent years, especially in developing countries, which has stimulated market growth. Moreover, the demand for standalone reference laboratories is gradually rising due to the prevalence of epidemic and pandemic conditions across the globe. The global IVD raw materials market by diagnostic laboratories will grow at a CAGR of over 6% during 2022-2027.
Major manufacturers of IVD raw materials are focusing on their proprietary processing techniques that satisfy the raw material requirements of the IVD industry and provide IVD raw materials made to their own with the off-the-shelf specification. Vendors are constantly investing resources in R&D projects based on market trends and the demand for general health management. Key players are also engaged in strategic acquisitions as part of their inorganic growth strategy to enhance sales and profit margins. Strategic M&As continue to be an essential competitive strategy for key players to expand product offerings, access new technology, or increase market share. Vendors also focus on developing and commercializing innovative analyzers, COVID-19 PCR rapid test kits, and consumables to remain competitive and gain a significant presence in the IVD raw materials market.
Other Prominent Vendors
In 2021, Europe dominated the global IVD raw materials market compared to other regions. This region is a mature market with developed diagnostic infrastructure available in most countries. The demand for advanced molecular diagnostics in the European countries has gone high owing to the presence of advanced infrastructure in healthcare diagnosis. Point of care diagnostics is the latest trend in the European market. The Europe IVD raw materials market is expected to reach USD 11.80 billion by 2027.
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