DUBLIN--(BUSINESS WIRE)--The "IVD Contract Manufacturing Services Market by Type (Assay Development, Manufacturing), Category (Reagents, Systems), Technology (Immunoassay, Molecular Diagnostics, Clinical Chemistry, Hematology, Microbiology, Urinalysis) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global IVD contract manufacturing services market is expected to grow at a CAGR of 7.7% from 2021-2028 to reach $20.6 billion by 2028.
After an extensive primary and secondary research, and in-depth analysis of the market scenario, the report provides insights on the key industry drivers, restraints, challenges, and opportunities in the IVD contract manufacturing services market. The growth in the IVD contract manufacturing services market is mainly attributed to the increasing need for IVD devices due 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 growing necessity for cost-effective manufacturing of IVD tests.
In addition, high economic and increased outsourcing to emerging countries provides significant growth opportunities for the players operating in this market. However, factors such as maintaining the product quality and protection of proprietary knowledge hinder this market's growth.
Based on the service type, the manufacturing services segment is slated to register the highest growth rate during the forecast period. These services are mostly in demand by the IVD companies since they provide cost-efficiency during outsourcing the manufacture of IVD devices.
Based on technology, the immunoassay segment is expected to account for the largest share of the IVD contract manufacturing services market in 2021. The large market share of this segment is attributed to the emergence of advanced diagnostic immunoassay formats and the higher preference of this method for immune diagnostics tests due to its high accuracy standards, inherent specificity, high throughput, high sensitivity.
An in-depth analysis of the geographical scenario of the IVD contract manufacturing services market provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region.
North America is expected to account for the largest share of the IVD contract manufacturing services market in 2021, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Market Dynamics
Drivers
- Rising Prevalence of Infectious Diseases
- Shift in Focus From Centralized Laboratories to Point-Of-Care Testing Services
- Regulatory Complexities Faced by IVD Companies
- Need for Cost-Effective Manufacturing of IVD Tests
Restraints
- Maintaining Product Quality And Protection of Proprietary Information
Opportunities
- High Economic Growth and Increased Outsourcing to Emerging Countries
Challenges
- Lack of Skilled Professionals
Companies Mentioned
- Savyon Diagnostics
- KMC Systems Inc.
- Cenogenics Corporation
- Nova Biomedical
- Cone Bioproducts
- Invetech Inc.
- Avioq Inc.
- Meridian Bioscience Inc.
- In Vitro Diagnostics Developers Inc.
- LRE Medical
- TCS Biosciences Ltd
- Affinity Life Sciences Inc.
- Coris BioConcept
- Affinity Biologicals Inc.
- Biokit S.A.
- Merck KGaA
- Thermo Fisher Scientific Inc.
- Maxim Biomedical Inc
For more information about this report visit https://www.researchandmarkets.com/r/pp9083
