Covina, Nov. 06, 2023 (GLOBE NEWSWIRE) -- IVD (In-Vitro Diagnostics) tests are used in detecting infections, disease and condition of patients, where tests are typically conducted in smaller equipment or test tubes in laboratories, home or other healthcare centers. The raw materials such as serotypes, tumor markers, biological buffers, Lp-PLA2 monoclonal antibody pair, and others are used in IVD testing.
Improved healthcare infrastructure and growing demand for medical devices and IVD raw materials has boost the demand market growth. New partnerships with pharmaceutical and biotechnology companies have enabled players to fuel the rapid growth of capabilities and capacities by helping industries succeed in medical devices production which is likely to propel IVD Raw Materials market growth.
Key Highlights:
- In February 2023, EDX acquired Torax Biosciences an IVD products developer of diagnostic testing solutions and immunoassay developer. This acquisition will provide point-of-care diagnostics to an individual with new development of product.
Analyst View:
Technological innovation and presence of major key players in healthcare product manufacturing services has contributed in target market growth. Emerging pharmaceutical companies and startup firms and huge spending on research and development activities is expected to foster the demand for IVD Raw Materials market growth in coming years.
Key players:
- alto Bio Reagents
- Thermo Fisher Scientific
- Fapon Biotech
- Merck KgaA
- Fujirebio
- Hoffman-La Roche
- ABclonal
- Beijing Diagreat Biotechnology
- CUSABIO Technology
- Eximio Biotech
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IVD Raw Materials Market Size:
| Attributes | Details |
| IVD Raw Materials Market Value (2022) | US$ 25.8Bn |
| IVD Raw Materials Market Projected Value (2032) | US$ 49.3Bn |
| IVD Raw Materials Market CAGR (2022 – 2032) | 7.0% |
IVD Raw Materials Market growth:
- Rising Demand for Diagnostic Tests: With an aging population and the growing prevalence of chronic diseases, there is an increased demand for diagnostic tests. This drives the need for IVD products and, subsequently, IVD raw materials.
- Technological Advancements: Innovations in IVD technology have led to more accurate and rapid diagnostic tests. This has encouraged the development of new raw materials to meet the requirements of these advanced diagnostics.
- Increasing Awareness: The awareness of the importance of early disease detection and prevention is on the rise. As a result, more people are seeking diagnostic tests, further fueling the demand for IVD raw materials.
- Global Health Challenges: Events like the COVID-19 pandemic have highlighted the critical role of diagnostics in public health. This has accelerated the development and adoption of IVD products and, by extension, the need for raw materials.
- Investments in Healthcare Infrastructure: Many countries are investing in their healthcare infrastructure, which includes strengthening diagnostic capabilities. This has a direct impact on the IVD Raw Materials Market.
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IVD Raw Materials Market future outlook:
- Technological Advancements: Continued innovation in IVD technology and raw materials is expected. This may include the development of more sensitive and specific materials, advanced reagents, and improved manufacturing processes.
- Expanding Market: The IVD market is likely to expand as new diagnostic tests and applications are developed. This expansion will drive the demand for raw materials used in these tests.
- Point-of-Care Testing (POCT): The trend toward decentralized testing and point-of-care diagnostics is expected to grow. This may lead to increased demand for IVD raw materials that are suitable for use in portable and rapid diagnostic devices.
- Personalized Medicine: The shift towards personalized medicine, which relies on diagnostic tests to tailor treatments to individual patients, will drive the need for more specific and customized raw materials.
- Infectious Disease Testing: Ongoing concerns about infectious disease outbreaks will continue to drive the development and adoption of diagnostic tests, especially for emerging diseases.
Key points:
- Technological Advancements: Continuous innovation in IVD technology and raw materials is expected to drive market growth.
- Expanding Market: The IVD market is likely to expand as new diagnostic tests and applications are developed, increasing the demand for raw materials.
- Point-of-Care Testing (POCT): The trend toward decentralized testing and point-of-care diagnostics will drive the demand for raw materials suitable for portable and rapid diagnostic devices.
- Personalized Medicine: The shift towards personalized medicine will require more specific and customized raw materials to tailor treatments to individual patients.
- Infectious Disease Testing: Ongoing concerns about infectious disease outbreaks will drive the development and adoption of diagnostic tests.
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