In-vitro diagnostics (IVD) raw materials are used in testing of human samples such as blood, urine, and tissue outside a living body (in vitro). Some of the major IVD raw materials include membranes, microplates, substrates, electrodes, reagents, packages, tubes, and containers. IVD tests help in disease diagnosis, monitoring drug therapy levels, and screening of blood and tissue donation for infections. Growing prevalence of lifestyle diseases such as cancer and COVID-19 pandemic has driven demand for point-of-care testing, thereby fueling consumption of 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 Dynamics:
Surging adoption of point-of-care diagnostics: Point-of-care diagnostic devices offer advantages such as real-time results, cost-effectiveness, and portability, and thus demand for such devices is growing rapidly. Increasing deployment of point-of-care tests for conditions including stroke, cardiac arrest, influenza, and strep throat is expected to propel consumption of IVD raw materials during the forecast period.
Growing prevalence of chronic and infectious diseases: Rising incidence of lifestyle diseases such as cancer and diabetes coupled with outbreak of epidemics is a major factor driving the global IVD market. According to the Centers for Disease Control and Prevention, 6 in 10 Americans suffer from at least one chronic disease. Growing disease burden will significantly fuel demand for IVD tests, subsequently boosting demand for associated raw materials.
Segment Analysis
The IVD raw materials market is dominated by consumables which accounts for over 60% share. Consumables are essential components used in IVD procedures like reagents, probes, assay kits, buffers etc. The demand for consumables is high due to recurring requirement in each test performed. Reagents segment holds the largest share as it forms the backbone of any diagnostic assay or test. The advancement and development of innovative assays is further propelling the growth of the consumables segment.
PEST Analysis
Political: Regulations like the Affordable Care Act and Clinical Laboratory Improvement Amendments in the US are supporting the market growth by increasing healthcare access and emphasis on quality diagnostics. Economic: Rising healthcare spending worldwide due to growing disease burden and increasing income levels are driving more patients towards diagnostic procedures boosting the demand for IVD raw materials. Social: Growing awareness about early disease detection and increasing preference for minimally invasive testing is favoring the market growth. Technological: Automation and digitization trends in the IVD industry are supporting the development and adoption of advanced assays requiring sophisticated raw materials.
Key Takeaways
The Global IVD Raw Materials Market Size is expected to witness high growth owing to the rising chronic disease prevalence, evolving diagnostic technology, and growing geriatric population.
The North American region currently dominates the market attributed to well-established healthcare systems, high healthcare spending, and presence of leading market players in the region.
Key players operating in the IVD raw materials market are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. Key players are focusing on new product launches, collaborations and acquisitions to strengthen their market position and capitalize on future growth opportunities.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
