by IVD raw materials include chemicals, reagents and components which are used by in vitro diagnostic companies to develop diagnostic test kits and reagents for various conditions including infectious diseases, cancer, genetic disorders and other non-communicable diseases. IVD tests are considered an important part of healthcare systems across the world as they help in early detection of diseases, guide treatment decisions and monitor health conditions.
The Global IVD Raw Materials Market is estimated to be valued at US$ 31224.24 Bn in 2024 and is expected to exhibit a CAGR of 58% over the forecast period 2024-2031.
IVD raw materials play a critical role in development and commercialization of various diagnostic tests ranging from simple lateral flow assays to highly advanced molecular diagnostics and next-generation sequencing panels. Rising prevalence of chronic and infectious diseases globally has increased the demand for reliable, cost-effective and rapid diagnostic testing, driving the need for suitable IVD raw materials.
Key Takeaways
key players operating in the IVD raw materials market are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. These companies are focusing on developing innovative materials and solutions to enable development of novel IVD tests. The growing demand for point-of-care testing and home-use diagnostic kits has also opened new opportunities for IVD raw material suppliers.
The increasing incidence of lifestyle diseases and infectious outbreaks has boosted the demand for diagnostic testing worldwide. This has prompted in-vitro diagnostic companies to accelerate research and development of new tests, favoring the IVD Raw Materials Market Demand According to estimates, demand for IVD tests is expected to grow at over 8% annually until 2025.
The IVD raw materials market is witnessing increased globalization with companies expanding their operations across geographies. Suppliers are developing strong global supply networks to ensure secure supply of high-quality materials. Asia Pacific region is expected to emerge as the fastest growing market for IVD raw materials over the forecast period.
Market Key Trends
One of the key trends being witnessed in IVD Raw Materials Market is the rising focus on developing more stable and shelf-life extending solutions. This is crucial considering many IVD tests need to be stable and functional when stored for long periods, especially point-of-care and home-use devices. Material developers are investing in innovative packaging, additives and formulations to address the stability challenges faced by the IVD industry. This is expected to open new opportunities for IVD raw material suppliers in the coming years.
Porter’s Analysis
Threat of new entrants: New companies can enter the market easily with low investment and resources required. However, established players have strong brands and distribution networks.
Bargaining power of buyers: Individual consumers have low bargaining power due to availability of substitutes. However, large healthcare organizations and diagnostic chains have significant influence on prices.
Bargaining power of suppliers: A few large multinational companies dominate the supply of raw materials. Suppliers can influence prices due to proprietary technologies and intellectual property.
Threat of new substitutes: Threat is moderate as new alternative materials can be developed and adopted. However, extensive regulations and validation processes limit frequent product replacement.
Competitive rivalry: The market is growing but competition is intense with differentiated product portfolios and pricing strategies of top players. Additional expansion depends on innovations.
Geographical Regions
North America accounts for the largest share of the global IVD raw materials market, primarily due to highly developed healthcare infrastructure, availability of reimbursement, and presence of major market players in the region. The U.S. dominates the North American as well as global market.
Asia Pacific region is expected to witness the highest growth during the forecast period due to improving access to healthcare in emerging economies, increasing healthcare spending, and expanding diagnostics industry in countries like China and India. Rising patient pool and healthcare awareness supplement regional market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
