IVD Raw Materials Market, By Type (Antigen, Antibody, Diagnostic Enzymes, Others), By Application (Pharmaceutical Companies, Laboratories, Hospitals, Others), By Distribution Channel (Direct Sales, Distributor), By End User (Clinical Labs, Patient Self-testing), By Testing Method (Centralized Testing, Point-of-Care Testing), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa ) – Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030
Market Overview
In vitro diagnostics are trials conducted on the plasma sample or cell sample that have been derived from the human body. IVD can be used to see an individual’s overall health to help treat, diagnose, or prevent diseases. IVD are utilized to cure a vast range of medical disorders, such as cardiac disorders, infection, diabetes, cancer, autoimmune disorder, nephrology, and HIV/AIDS. IVD raw materials are used to detect the status of an individual’s health. IVD raw materials are those materials, instruments, and systems envisioned for utilization in cure of disorder.
Competitive Landscape:
Key Players involved in the growth of global IVD Raw Materials Market are Aalto Bio Reagents, Fapon Biotech, F. Hoffmann-La Roche, Fujirebio, Merck KgaA, and Thermo Fisher Scientific, among others
Market Key Drivers:
Rising incidences of chronic diseases is expected to boost the growth of global IVD Raw Materials Market. For instance, according to WHO around 41 million people die due to non-communicable diseases across the globe annually. The Global IVD Raw Materials Market is estimated to be valued at US$ 1062.8 Million in 2022 and is expected to exhibit a CAGR of 4.10 % over the forecast period as highlighted in a new report published by Coherent Market Insights.
Increasing geriatric population is projected to propel the growth of global IVD Raw Materials Market. For instance, according to WHO, by 2030, 1 in 6 people globally will be aged 60 years or above, and by 2050, the global geriatric population would reach 2.1 billion.
Covid-19 Impact Analysis:
The COVID-19 outbreak has significantly affected the IVD raw materials market, as IVD consists the testing of various biological specimens. This is projected to help in the treatment of contagious diseases such as COVID-19. As per the article, the effect of COVID-19 on the IVD Industry’, IVD trials conducted on samples from the human body, have been important equipment in battling COVID-19. Moreover, organizations in the market are focusing on introducing diagnostic kits for the cure of COVID-19.
Key Takeaways:
The global IVD Raw Materials Market is expected to exhibit a CAGR of 16.60 % during the forecast period owing to the rising mergers and acquisitions. For instance, In June 2022, Medix Biochemica acquired 100% of the shares of Bioresource Technology to rise its base matrix abilities and further strengthening its local presence in the US market.
Among regions, North America, Asia Pacific and Europe anticipated to witness robust growth in the global IVD Raw Materials Market due to increasing investments, increasing cases of chronic diseases such as cancer, cardiovascular diseases, rising geriatric population. For instance, as per GLOBOCAN 2,281,658 novel cancer cases were found in the U.S in 2020, with 612,390 deaths.
