In vitro diagnostic (IVD) raw materials are essential components used in the development and manufacturing of diagnostic test kits and reagents. They aid in conducting various medical tests to detect diseases, enable early treatment, and monitor drug therapy. The increasing prevalence of chronic and infectious diseases worldwide has driven the demand for effective diagnostic testing, fueling the need for IVD raw materials.
The global IVD Raw Materials Market is estimated to be valued at US$ 27104.37 Mn in 2023 and is expected to exhibit a CAGR of 58% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for IVD raw materials can be attributed to the key trend of increasing incidence of chronic and infectious diseases. According to the World Health Organization, chronic diseases accounted for over 70% of all deaths globally in 2021, majorly resulting from cardiovascular diseases, cancer, diabetes, and respiratory diseases. The growing burden of such chronic conditions has accelerated the demand for diagnostic testing and monitoring patient prognosis, driving the need for IVD raw materials. Furthermore, increasing healthcare expenditures in developing regions, technological advancements in diagnostics, and growing geriatric population susceptible to developing multiple target diseases over a lifetime will continue to boost the growth of the IVD raw materials market over the forecast period. However, factors such as high capital investment for R&D and manufacturing IVD products pose challenges to raw material suppliers.
Segment Analysis
The global IVD raw materials market is segmented by product into reagents and kits, blood collection tubes, calibrators and controls, and other consumables. The reagents and kits segment is expected to dominate the market during the forecast period. Reagents and kits are widely used in vitro diagnostic tests and are critical components in most clinical diagnostic processes involving nucleic acid extraction and amplification, antibody-antigen reactions, and other analytical tests.
Key Takeaways
The Global IVD Raw Materials Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 27104.37 Mn, indicating significant growth opportunities.
Regional analysis: North America is expected to dominate the IVD raw materials market during the forecast period. Well-established healthcare infrastructure, rising prevalence of chronic and infectious diseases, supportive reimbursement policies, and presence of key market players in the region are driving the market growth. Asia Pacific is anticipated to witness the highest growth rate owing to increasing healthcare expenditure, large patient pool, and growing awareness about early disease diagnosis in countries like China and India.
Key players: Key players operating in the IVD raw materials market include Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed. These companies are focusing on new product launches, partnerships, and acquisitions to consolidate their market position and enhance their product portfolios.
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