NEW YORK, Dec. 3, 2024
NEW YORK, Dec. 3, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global IVD contract manufacturing market size is estimated to grow by USD 10.71 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 12.22% during the forecast period. Increasing demand for one-stop-shop ivd contract manufacturing is driving market growth, with a trend towards leasing of IVD equipment. However, threat of infringement of intellectual property (ip) rights in IVD contract manufacturing poses a challenge. Key market players include Argonaut Manufacturing Services Inc., Avioq Inc, Bio Techne Corp., CorDx, FlexMedical Solutions Ltd, Fortive Corp., Genemed Biotechnologies Inc., HDA Technology Inc., HU Group Holdings Inc., Jena Bioscience GmbH, JSR Corp., Merck KGaA, More Diagnostics Inc., Neogen Corp., PHC Holdings Corp., Prestige Diagnostics UK Ltd., Seyonic SA, TCS Biosciences Ltd., TE Connectivity Ltd., Thermo Fisher Scientific Inc., Tulip Diagnostics Pvt. Ltd., and Veracyte Inc..
Advertisement
AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF
Advertisement
Forecast period
2024-2028
Base Year
2023
Historic Data
2018 - 2022
Segment Covered
Device (IVD consumables and IVD equipment/instrument), Service Type (Assay development, Manufacturing, and Others), and Geography (Asia, North America, Europe, and Rest of World (ROW))
Region Covered
Asia, North America, Europe, and Rest of World (ROW)
Key companies profiled
Argonaut Manufacturing Services Inc., Avioq Inc, Bio Techne Corp., CorDx, FlexMedical Solutions Ltd, Fortive Corp., Genemed Biotechnologies Inc., HDA Technology Inc., HU Group Holdings Inc., Jena Bioscience GmbH, JSR Corp., Merck KGaA, More Diagnostics Inc., Neogen Corp., PHC Holdings Corp., Prestige Diagnostics UK Ltd., Seyonic SA, TCS Biosciences Ltd., TE Connectivity Ltd., Thermo Fisher Scientific Inc., Tulip Diagnostics Pvt. Ltd., and Veracyte Inc.
Key Market Trends Fueling Growth
The IVD contract manufacturing market is experiencing growth, driven by the rising demand for quality healthcare services and increasing awareness of advanced IVD medical devices. This trend is leading to heightened R&D investments and cost-cutting measures through contract outsourcing. In emerging economies, this approach enables IVD OEMs to reduce costs and expand their reach. Key industry insights include a CAGR analysis, pricing trends, patent landscape, buying behavior, and the role of CMO facilities in providing skilled labor and ensuring quality. Cross contamination and patent infringement are potential challenges for budding players in this high potential market for IVD consumables.
Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!
Market Challenges
Insights into how AI is reshaping industries and driving growth- Download a Sample Report
Segment Overview
This ivd contract manufacturing market report extensively covers market segmentation by
1.1 IVD consumables- The IVD consumables market caters to the hematology segment with a focus on testing services. This market's significance stems from the intricate nature of IVD consumables, which include thin-walled, translucent, fragile, or complex-shaped components. Strict tolerance requirements ensure dosing accuracy, snap-in catches, and seals. The market's growth is driven by molecular, clinical, and immunoassay diagnostic techniques. IVD consumables facilitate disease diagnosis by identifying cellular components, such as tumor markers, for improved understanding of cell biology. In hematology, these markers aid in diagnosing malignant tumors or cells using technologies like immunohistochemistry (IHC), determining cell type, origin, and tumor stage.
Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022)
Market Research Overview
The Partnership for Advanced Research in Technology (PARTEC), a German public-private partnership, has identified several key areas in the In Vitro Diagnostic (IVD) contract manufacturing market. These include the need for cost-effective and efficient manufacturing processes, the importance of regulatory compliance, and the role of automation and digitization in improving production and quality control. The global IVD contract manufacturing market is expected to grow significantly due to the increasing demand for point-of-care (POC) diagnostics and personalized medicine. Market players are focusing on expanding their manufacturing capabilities to cater to this growing demand. Government grants and funding initiatives, such as those provided by the European Union and the US National Institutes of Health, are also driving innovation and investment in the IVD contract manufacturing sector. Moreover, the market is witnessing a trend towards outsourcing manufacturing activities to specialized contract manufacturers, who can offer expertise in areas such as automation, sterilization, and regulatory compliance. This trend is expected to continue as the IVD industry moves towards more complex and innovative diagnostic technologies. In summary, the IVD contract manufacturing market is a dynamic and growing sector, driven by advances in technology, regulatory requirements, and the increasing demand for cost-effective and efficient manufacturing solutions.
Table of Contents:
1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation
7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/ivd-contract-manufacturing-market-to-grow-by-usd-10-71-billion-2024-2028-driven-by-demand-for-one-stop-solutions-with-ai-shaping-market-trends---technavio-302320570.html
SOURCE Technavio
