July 12, 2024

IVD Raw Materials Market, Overview, Dynamics, Key Takeaways

Market Overview:

In vitro diagnostics (IVD) refers to medical devices and reagents used to perform tests on samples such as blood, urine, and tissue that have been taken from the human body. The growing geriatric population and increasing prevalence of chronic and infectious diseases are increasing the demand for IVD testing worldwide. IVD raw materials are substances or reagents that are used as components to manufacture IVD test kits and devices. Some key IVD raw materials include biological buffers, reagents, proteins, antibodies, enzymes, stabilizers, and other raw materials.

Market Dynamics:

The IVD raw materials market is driven by the rising demand for point-of-care (POC) diagnostics due to its easy handling and quick test results. POC diagnostics allow real-time data collection and help clinicians in timely clinical decision making. Furthermore, the increasing prevalence of chronic and infectious diseases is another major factor fueling the market growth. According to World Health Organization (WHO), chronic diseases accounted for approximately 60% of the global deaths in 2001 with cardiovascular diseases as the leading cause. Additionally, rising geriatric population prone to various chronic and long-term diseases is also contributing to the market growth. However, stringent regulatory approval process for IVD devices and reagents poses a major challenge to market players.

SWOT Analysis

Strength: The IVD raw materials market is experiencing rapid technological advancements which is improving the quality of testing. Many developing countries are expanding their healthcare budgets which is driving the market growth. The increasing occurrence of chronic and infectious diseases globally is leading to higher diagnostic testing volumes.

Weakness: Stringent regulatory policies and safety guidelines determine clinical trials and approval process which increases the development costs and timelines. Developing novel diagnostic platforms require substantial R&D investments.

Opportunity: Strategic partnerships and collaborations between technology providers and diagnostic manufacturers can help address the regulatory challenges more efficiently. Rising healthcare expenditure in emerging nations presents new market expansion opportunities. Point-of-care testing is gaining popularity which reduces turnaround time and presents an opportunity.

Threats: Entry of local manufacturers with cheaper alternatives can erode margins and market share of established players. Economic slowdowns may negatively impact the healthcare budgets of many countries. Collection of patient data also involves privacy and security threats.

Key Takeaways

The Global IVD Raw Materials Market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing prevalence of chronic and infectious diseases globally which is raising the diagnostic testing volumes.

Regional analysis
North America dominates the global IVD raw materials market with the largest market share due to availability of state-of-the-art healthcare facilities and rapid adoption of advanced diagnostic technologies in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising healthcare expenditures, increasing patient pool, and growing focus of international players on emerging Asian countries.

Key players analysis
Key players operating in the IVD raw materials market are Aalto Bio Reagents, Fapon Biotech, Fujirebio, Merck KgaA, F. Hoffmann-La Roche, and Thermo Fisher Scientific, among others. These established market players are focusing on new product launches, partnerships, and expansions to increase their revenue share and cater to the growing global demand.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it