In terms of revenue, the Global IVD Contract Manufacturing Services Market is expected to reach USD 20.47 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.80% from 2022 to 2028.
The IVD Contract Manufacturing Services providers offer a range of custom and contract manufacturing services for diagnostic manufacturers. The growth of the IVD Contract Manufacturing Services Market is mainly driven by the increasing need for IVD devices owing to the rising prevalence of infectious diseases, the shift in focus from centralized laboratories to point-of-care testing services, regulatory complexities faced by IVD companies, and the need for cost-effective manufacturing of IVD tests.
- The Assay development sub-segment from the type segment is anticipated to dominate for the IVD Contract Manufacturing Services Market. The growth in this segment is attributed owing to the increasing prevalence of increasing capacity to produce large quantities in-house or maybe they lack the necessary expertise.
- The category segment is accounted for the largest market share in 2021. The reagent is considered to be the most appropriate factor for the growth of the market thus accounting for the segment to grow.
- Asia Pacific is the largest regional segment. This surge is attributed to the rising demand for IVD contract manufacturing in developing economies such as China and India.
Some of key players in IVD Contract Manufacturing Services Market includes, 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 global COVID-19 pandemic has disrupted the workflow in the healthcare industry. The virus has forced a number of bio-pharmaceutical and pesticides companies to shut down and various sub-segments of the sector to slow down thus creating an impact on the revenue cycles.
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.
Asia Pacific is expected to dominate the Global IVD Contract Manufacturing Services Market in 2021 and is likely to continue the same trend during the forecast period. Developing countries are gradually advancing toward IVD contract manufacturing to improve and streamline their business processes. Densely populated countries, such as India and China, are now advancing progressively toward this technology to improve and streamline their business processes. An increase in R&D for developing new projects in countries such as China & India is further adding spotlight. Significant improvements in the manufacturing and processing infrastructure, especially in the developing economies, are providing a thrust to the IVD Contract Manufacturing Services Market growth.