IVD Contract Manufacturing Market to grow by USD 9.37 billion from 2022 to 2027, Asia to account for 37% of market growth- Technavio

NEW YORK, Sept. 19, 2023 /PRNewswire/ -- The IVD contract manufacturing market is expected to grow by USD 9.37 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 11.84% during the forecast period, according to Technavio Research. The market is segmented by device (IVD consumables and IVD equipment/instrument), service (Assay Development, Manufacturing, and Others), and Geography (Asia, North America, Europe, and the Rest of the World (ROW)). Asia is estimated to contribute 37% to the growth of the global market during the forecast period. Factors like the growing population, which gives market companies great scope for penetration into these countries, represent one of the major reasons that have made a significant contribution to the IVD contract manufacturing market in Asia. In addition, there is growing cooperation among small and medium market participants, where the key players are expanding into hitherto untapped regions. In addition, several key factors such as increasing health budgets, increasing number of hospitals and other health facilities as well as low labor costs are supported by the commitment of governments around the world to expand access to health services. Hence, these factors are expected to drive market growth during the forecast period. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read FREE PDF Sample Report

Company Profile:

Argonaut Manufacturing Services Inc., Avioq Inc, Bio-Techne Corp., CorDx, Danaher Corp., FlexMedical Solutions Ltd, Genemed Biotechnologies Inc., HDA Technology Inc., Jena Bioscience GmbH, Merck KGaA, More Diagnostics Inc., Neogen Corp., PHC Holdings Corp., Prestige Diagnostics UK Ltd., Seyonic SA, TCS Biosciences Ltd., TE Connectivity Ltd., Veracyte Inc., West Pharmaceutical Services Inc., and Wanrun Co. Ltd.

Avioq Inc - The company offers IVD contract manufacturing services that provide biosafety level 2 facilities for large-scale virus production.

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IVD Contract Manufacturing Market: Segmentation Analysis

The IVD consumables segment is estimated to witness significant growth during the forecast period. The IVD consumables segment is increasingly adopted, driven by the growing importance of molecular, clinical, and immunological diagnostic techniques.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report

"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio

IVD Contract Manufacturing Market: Driver & Trend:

• Increasing demand for one-stop-shop IVD contract manufacturing
• Increasing prevalence of chronic and infectious diseases and rising geriatric population
• High growth market potential in emerging countries

Increasing demand for one-stop-shop IVD contract manufacturing is a key factor driving the market growth. Contract manufacturing IVD provides support at all stages of experimental development for different drugs. In addition, they provide secondary packaging services to companies that manufacture IVD equipment, such as user-set packaging, labeling, cartoning, blister packaging, and numbering services. series. In addition, additional services from these IVD contract manufacturers include customizing packaging based on requirements, such as product safety, patient friendliness, efficiency on costs, and country-specific requirements. Hence, these factors are expected to drive market growth during the forecast period.

The leasing of IVD equipment is a major trend in the market.  Identify key trends, drivers, and challenges in the market. Download a FREE sample to gain access to this information.

FAQS

• How do the major trends impact the market?
• How big is the Asia market?
• How do the key drivers and challenges impact the market?

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Device

Market Segmentation by Service

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.

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SOURCE Technavio