IVD Contract Manufacturing Services Market
IVD Contract Manufacturing Services Market - Global Industry Assessment & Forecast
- By Type Assay Development, Manufacturing
- By Category Reagents, Systems
- By Technology Immunoassay, Molecular Diagnostics, Clinical Chemistry, Hematology, Microbiology, Urinalysis
- By Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 12.1 Billion|
|Revenue 2028:||USD 20.47 Billion|
|Revenue CAGR (2022 - 2028):||8.00%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
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Global IVD contract manufacturing services market is valued at USD 12.1 Billion in 2021 and is projected to attain a value of USD 20.47 Billion by 2028 at a Compound Annual Growth Rate (CAGR) of 8.00% during the forecast period, 2022–2028.
This rapid growth is being driven by the increasing demand for point-of-care testing, molecular diagnostics, and next-generation sequencing. As the demand for IVD products continues to grow, so does the demand for contract manufacturing services (CMS). CMS providers are able to offer high-quality, cost-effective manufacturing services that meet the stringent regulatory requirements of the IVD industry.
IVD Contract Manufacturing Services Market Size, 2021 To 2028 (USD Billion)
Increasing Number of Market Players Opting of IVD Contract Manufacturing Services to Save Cost and Improve Product Quality
CMS providers can help IVD companies to streamline their manufacturing process, reduce production costs, and improve product quality. They can also help companies to overcome capacity constraints and manage risk. In addition, CMS providers have the experience and expertise to handle complex manufacturing processes, such as cell-based assays and recombinant protein production. Moreover, they can help companies to stay up to date with the latest technologies and trends in the IVD industry. As a result, the number of IVD companies opting for CMS services is increasing.
Global IVD contract manufacturing services market is Segmented by Type (Assay Development, Manufacturing), Category (Reagents, Systems), Technology (Immunoassay, Molecular Diagnostics, Clinical Chemistry, Haematology, Microbiology, Urinalysis), and Region.
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By Type, Manufacturing to Dominate IVD Contract Manufacturing Services Market
IVD contract manufacturing is becoming more and more popular. There are many reasons that businesses might choose to outsource their IVD manufacturing. Perhaps they don't have the capacity to produce large quantities in-house, or maybe they lack the necessary expertise. Contract manufacturers can often provide a higher level of quality and consistency than businesses can achieve on their own, and they can also help to keep costs down.
Additionally, contract manufacturers can often offer a wider range of services than businesses can provide on their own. This can be extremely helpful for companies that are just starting out and don't have the resources to do everything themselves. A good contract manufacturer will be able to help businesses with all aspects of product development, from designing and manufacturing to marketing and sales.
Asia Pacific is the Fastest Growing IVD Contract Manufacturing Services Market
The IVD contract manufacturing market is growing at a fast pace and Asia Pacific is the fastest growing region in this market. The growth of the IVD contract manufacturing market is mainly driven by the rising demand for diagnostic tests, technological advancements, and the increasing number of mergers and acquisitions (M&As) in the IVD industry.
The Asia Pacific IVD contract manufacturing market is expected to grow at a CAGR of 9.5% during the forecast period. The growth of this market can be attributed to the increasing demand for diagnostic tests, rising prevalence of diseases, and the growing number of M&As in the IVD industry. The countries in this region are witnessing a rapid increase in the geriatric population, which is driving the demand for diagnostic tests. Moreover, the increasing number of private-sector players in this region is contributing to the growth of the IVD contract manufacturing market.
Some of the major players in the IVD contract manufacturing market are Biocon Ltd. (India), Becton Dickinson and Company (U.S.), Cepheid Inc. (U.S.), F Hoffmann-La Roche Ltd. (Switzerland), and Siemens Healthcare GmbH (Germany). These players are focusing on expanding their presence in this region by strengthening their distribution networks and collaborating with local players. For instance, in March 2016, Biocon Ltd. entered into a distribution agreement with Sysmex Corporation (Japan).
IVD Contract Manufacturing Services Market is segmented as follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
IVD Contract Manufacturing Services Market is tabulated as follows:
Frequently Asked Question
The global IVD Contract Manufacturing Services valued at USD 12.1 Billion in 2020 and is expected to reach USD 20.47 Billion in 2028 growing at a CAGR of 8.00%.
The prominent players in the market are Biocon Ltd. (India), Becton Dickinson and Company (U.S.), Cepheid Inc. (U.S.), F Hoffmann-La Roche Ltd. (Switzerland), and Siemens Healthcare GmbH (Germany)..
The market is project to grow at a CAGR of 8.00% between 2021 and 2028.
The driving factors of the IVD Contract Manufacturing Services include
- Rising Prevalence of Infectious Diseases
Asia Pacific was the leading regional segment of the IVD Contract Manufacturing Services in 2020.