Dublin, Aug. 27, 2024 (GLOBE NEWSWIRE) -- The "Global IVD Raw Materials Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global IVD raw materials market is expected to reach a value of $38.05 billion by 2029 from $26.98 billion in 2023, growing at a CAGR of 5.90%
The global IVD raw materials market report contains exclusive data on 37 vendors. The market is characterized by intense competition and rapid technological advancements. Major manufacturers use proprietary processing techniques to meet industry standards and offer customized raw materials with off-the-shelf specifications. These efforts aim to satisfy the increasing demand from the IVD sector, which is expanding due to advancements in healthcare technology and rising global health concerns.
Leading key players are Merck KGaA, Fujirebio, Aalto Bio Reagents, Fapon Biotech, F. Hoffmann-La Roche, and Thermo Fisher Scientific, and they are heavily investing in research and development to innovate their product portfolios, particularly in areas relevant to general health management and major infectious diseases. Strategic acquisitions are also prevalent as companies seek to enhance their capabilities, access new technologies, and broaden their market presence.
The European region dominates the global IVD raw materials market share. Major factors contributing to the growth of the market in the region are the rise in various infectious and autoimmune diseases, growing demand for early diagnosis, rising availability of IVD devices, increasing awareness of personalized medicine, widening availability of various IVD raw materials, growing demand for point of care diagnostics, and advancements in lab automation. The European Commission has recently passed a new regulation for the manufacturing of IVD devices. This IVD regulation aims to establish a well-regulated and smoothly functioning market for in vitro diagnostic medical devices within the European Union.
MARKET TRENDS & DRIVERS
Advancing Healthcare Through Microfluid Technology
Microfluidic technology significantly advances diagnostic testing by miniaturizing sample analysis processes into tiny flow channels. This innovation enables high-throughput, rapid, and automated diagnostic testing, offering substantial benefits in efficiency and accuracy. By precisely controlling fluid flow at a microscale, microfluidic devices can perform complex biochemical assays with minimal sample volumes and reduced reagent consumption, thereby lowering costs and enhancing resource efficiency. Microfluidic devices facilitate quick analysis and rapid results due to their ability to manipulate fluids precisely within microchannels. This capability is crucial for time-sensitive diagnoses and enables healthcare providers to deliver prompt treatment decisions.
Moreover, automation features in microfluidic platforms reduce human error, ensuring consistent and reliable test outcomes across different settings. Microfluidic technology in the IVD raw materials market reshapes product development and manufacturing processes. Manufacturers are leveraging microfluidic platforms to design and produce advanced diagnostic reagents and devices that align with the industry's demand for high-performance, cost-effective solutions.
Growing Demand for Advanced Diagnostic Tests
The increasing demand for advanced diagnostic tests fundamentally reshapes the in vitro diagnostic (IVD) raw materials sales market landscape. These sophisticated tests are pivotal in enabling early diagnosis and treatment across a spectrum of diseases, thereby enhancing patient outcomes and reducing healthcare costs. Advanced diagnostic tests leverage cutting-edge technologies to detect diseases at earlier and more treatable stages. These tests provide clinicians with crucial insights into disease presence, progression, and optimal treatment strategies by identifying specific biomarkers, genetic mutations, or other indicators.
Timely diagnosis facilitated by advanced tests enables healthcare providers to initiate interventions promptly, improving patient prognosis and quality of life. Early detection can significantly enhance treatment efficacy and survival rates for diseases like cancer, cardiovascular conditions, infectious diseases, and genetic disorders. The escalating demand for advanced diagnostic tests drives substantial growth in the IVD raw materials market. Manufacturers are innovating and scaling production to meet this demand, particularly for critical components such as reagents, assays, and diagnostic kits.
The surge in demand for advanced diagnostic tests underscores their indispensable role in modern healthcare. As healthcare systems worldwide prioritize early detection and personalized medicine, the IVD raw materials market stands poised for robust growth, driven by innovations that continue to redefine diagnostic capabilities and patient care standards.
INDUSTRY RESTRAINTS
Navigating Regulatory Landscapes in Medical and IVD Devices
Medical and in vitro diagnostic (IVD) devices are subject to stringent regulations globally, with the European Union (EU) implementing specific directives and now transitioning to the new In Vitro Diagnostic Regulation (IVDR). These regulations align device safety and performance standards with technological advancements and evolving medical science. The IVDR replaces existing directives to incorporate advancements in technology and regulatory practices. It mandates higher quality and safety standards for IVD devices, compelling manufacturers to comply with rigorous product development and testing requirements. This shift emphasizes sustainability, environmental responsibility, and improved device performance and safety.
The point-of-care (POC) diagnostics sector is experiencing rapid growth compared to traditional IVD industries. Despite increasing approvals of POC devices globally, the regulatory approval process, particularly in the EU, tends to be quicker than in other regions like the US FDA. This divergence necessitates CE mark-approved products to undergo additional scrutiny for FDA approval, highlighting the complexity of global regulatory pathways. The regulatory landscape for medical and IVD devices, shaped by IVDR and REACH, underscores the industry's commitment to safety, sustainability, and innovation. Navigating these regulations requires proactive engagement with compliant suppliers and strategic adaptation by R&D teams to ensure continued market readiness and product quality in a dynamic global environment.
KEY QUESTIONS ANSWERED:
- How big is the global IVD raw materials market?
- Which region dominates the global IVD raw materials market?
- What are the key drivers of the global IVD raw materials market?
- What is the growth rate of the global IVD raw materials market?
- Who are the major players in the global IVD raw materials market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 148 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $26.98 Billion |
| Forecasted Market Value (USD) by 2029 | $38.05 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
COMPETITIVE LANDSCAPE
Key Vendors
- Merck KGaA
- Fujirebio
- Aalto Bio Reagents
- Fapon Biotech
- F. Hoffmann-La Roche
- Thermo Fisher Scientific
Other Prominent Vendors
- ABclonal
- BBI Solutions
- Beijing Diagreat Biotechnology
- Biofootprints Healthcare
- BioPorto
- Creative Diagnostics
- CUSABIO Technology
- Eximio Biotec
- GenScript ProBio
- Getein Biotech
- Glentham Life Sciences
- HyTest
- ImmunoDiagnostics
- LGC Group
- Meridian Bioscience
- Medix Biochemica
- More Diagnostics
- MP Biomedicals
- Nanjing Okay Biotechnology
- Nitto Boseki group
- OYC Europe
- Prahas Healthcare
- Promega
- ReAgent
- Rockland Immunochemicals
- Sekisui Diagnostics
- SERION Immunologics
- Signalway Antibody
- Suzhou Yacoo Science
- Trina Bioreactives
- Watson International
SEGMENT INSGHTS
By Product Type
- Antibody & Antigen
- Enzymes
- Proteins
- Biological Buffers
- Others
By Technology
- Clinical Chemistry
- Immunochemistry
- Molecular Diagnostics
- Others
By End-User
- Pharma & Biotech Companies
- Diagnostic Laboratories
- Others
By Geography
- North America
- The U.S.
- Canada
- Europe
- Germany
- The U.K.
- France
- Italy
- Spain
- APAC
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Turkey
- South Africa
- Saudi Arabia
For more information about this report visit https://www.researchandmarkets.com/r/moihkg
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