The IVD raw materials market plays a vital role across various diagnostics settings such as traditional laboratories, point of care testing, and others. IVD raw materials are used to develop products including reagents, accessories and components used for rapid diagnostic tests, clinical chemistry assays, microbiological tests, hematology tests, immunodiagnostics, molecular diagnostics, and others. The growing demand for POC testing, increasing prevalence of chronic and infectious diseases, and technological advancements in digital therapeutics is driving the growth of the IVD raw materials market.
The Global IVD raw materials market is estimated to be valued at US$ 31224.24 Bn in 2024 and is expected to exhibit a CAGR of 58% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the IVD raw materials are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. These key players are focusing on developing advanced digital therapeutics solutions to gain a competitive edge in the market.
The increasing adoption of digital health solutions offers key opportunities for players in the IVD Raw Materials Market Demand to expand their product offerings. Technological advancements like artificial intelligence, machine learning, and cloud computing are enabling the development of smart and connected medical devices to facilitate remote patient monitoring in the IVD raw materials market.
Market drivers
The growing demand for point of care testing and home healthcare testing is a major growth driver for the IVD raw materials market. The rising geriatric population and increasing incidence of chronic diseases have boosted demand for diagnostic testing . Further, the increasing emphasis on decentralized healthcare to provide affordable and accessible diagnostic services, especially in emerging nations, is contributing to the demand for IVD raw materials.
Current Challenges in IVD Raw Materials Market
The IVD raw materials market is facing challenges due to rising regulatory pressures and compliance costs. Stringent regulations around quality standards and safety have increased compliance requirements for manufacturers. Additionally, procuring raw materials from multiple regions and ensuring quality across the supply chain adds to operational complexities. Other challenges include increasing competition from local players, shortage of skilled professionals, and ensuring continuity of supply essential materials.
SWOT Analysis
Strength: The market has strong growth potential due to rising demand for diagnostics testing.
Weakness: Raw material quality issues and supply chain challenges affect production quality and margins.
Opportunity: Emerging markets offer lucrative opportunities for growth due to increasing healthcare investments.
Threats:stringent regulatory norms around safety and quality increase compliance burden on manufacturers.
Geographical Regions
North America dominates the market currently with a share of over 35% due to well-established healthcare systems and diagnostic infrastructure in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to improving access to healthcare in countries like China and India. Rising healthcare expenditures and growing middle-class populations are driving the use of diagnostic tests in the region.
Fastest Growing Region
Asia Pacific region is poised to be the fastest growing regional market for IVD raw materials during the forecast period. Rapid economic development, growing patient awareness, increasing investments by market players are driving higher adoption of diagnostic tests in developing Asian countries. In addition, supportive government policies around healthcare access and rising per capita incomes are propelling the growth of IVD raw materials market in Asia Pacific.
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