IVD Contract Manufacturing Services Market Overview
IVD (In-Vitro Diagnostics) are medical devices used for monitoring, diagnosing, screening and assessing predisposition of diseases from test-tube assays outside an organism. Cancer screening, HIV tests, self-test for pregnancy, blood type identification and blood glucose monitoring for diabetes are some examples of IVD products.
Growing prevalence of cancer and infectious diseases has become major contribution in market growth. Outbreak of COVID pandemic has further, driven the demand for target market growth. Presence of major key players, technological innovation and new product launch IVD Contract Manufacturing Services market is anticipated to increase the demand for IVD Contract Manufacturing Services market growth in coming years.
Attributes |
Details |
IVD Contract Manufacturing Services Market Value (2022) |
US$ 14.5Bn |
IVD Contract Manufacturing Services Market Projected Value (2032) |
US$ 46.4Bn |
IVD Contract Manufacturing Services Market CAGR (2022 – 2032) |
12.3% |
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
IVD Contract Manufacturing Services Market Drivers & Restraints
Growing prevalence of diseases and demand for IVD products to fuel market growth
Growing prevalence of diseases and demand for IVD products has become major contribution in market growth. As the demand for IVD medical devices continues to grow demand for CMS (contract manufacturing services) will started growing rapidly. Growing prevalence of cancer diseases and infectious diseases has given rise in IVD technologies such as molecular diagnostics, immunoassay, hematology, microbiology which in turn, facilitate the demand for IVD Contract Manufacturing Services. Further, rising demand for outsourcing product in healthcare due to a lack of manufacturing facilities and high costs is expected to boost the demand for IVD Contract Manufacturing Services market growth.
For instance, in 2019, according to CDC (Centers for Disease Control and Prevention), around 1,752,735 new cancer cases were reported and 599,589 people were died of cancer in United States.
Restrains of IVD Contract Manufacturing Services Market:
Some challenges faced by CMS ((contract manufacturing services) are cost pressure, fierce competition, consolidation, and constant technological innovations, which hamper the market growth. The wrong innovative CMS solution provider may lead to a bad customer experience and variations in the standards of customer service may lead to quality problems. Further, it may also may lead to less control over the production process, which act as a challenges and disadvantages of CMS which in turn restrained the IVD Contract Manufacturing Services market growth.
IVD Contract Manufacturing Services Market Segmentations & Regional Insights
IVD Contract Manufacturing Services Market is segmented based on Device Type, Technology, Service and Region.
Device Type Insight
On the basis of Device Type, IVD Contract Manufacturing Services Market is segmented into Equipment, Consumables. Consumables device type segment is expected to dominate the target market growth as it is widely used to detect chronic diseases, infectious diseases, influenza diseases which boost the segment growth.
Technology Insights
On the basis of Technology, IVD Contract Manufacturing Services Market is segmented into Molecular Diagnostics, Immunoassay, Hematology and Microbiology. Immunoassay technology segment is expected to dominate the target market growth. High level of accuracy, high sensitivity, inherent specificity and rising prevalence of advanced diagnostic immunoassay formats has driven the segment growth.
Service Insights
On the basis of Service, IVD Contract Manufacturing Services Market is segmented into Assay Development, Manufacturing. Manufacturing service segment is expected to dominate the target market growth due to growing outsourcing of manufacturing activities.
Regional Insights:
On region the IVD Contract Manufacturing Services Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period. Moreover, rising prevalence of disease, high disposable income, improved healthcare infrastructure, adoption of innovative technological products, low cost of raw materials and growing demand for medical devices is anticipated to increase demand for IVD Contract Manufacturing Services in the region.
Attribute |
Details |
Base year for estimation |
2022 |
Forecast period |
2022 – 2032 |
Market representation |
Revenue in USD Billion & CAGR from 2022 to 2032 |
Market Segmentation |
By Device Type - Equipment, Consumables By Technology - Molecular Diagnostics, Immunoassay, Hematology and Microbiology By Service - Assay Development, Manufacturing |
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2022 to 2032. For the purpose of this study, has segmented the IVD Contract Manufacturing Services Market report based on Device Type, Technology, Service and Region.
IVD Contract Manufacturing Services Market, By Device Type:
- Equipment
- Consumables
IVD Contract Manufacturing Services Market, By Technology:
- Molecular Diagnostics
- Immunoassay
- Hematology
- Microbiology
- Clinical Chemistry
- Coagulation & Hemostasis
IVD Contract Manufacturing Services Market, By Service:
- Assay Development
- Manufacturing
IVD Contract Manufacturing Services Market, By Region:
-
-
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
-
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Middle East & Africa
-
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
-
- North America
-
IVD Contract Manufacturing Services Market Competitive Landscape & Key Players
The key players operating the IVD Contract Manufacturing Services Market includes, KMC Systems, Inc., Nova Biomedical, Thermo Fisher Scientific Inc., Savyon Diagnostics, Merck KGaA, TCS Biosciences Ltd., Maxim Biomedical Inc., Avioq Inc., Coris BioConcept, Meridian Bioscience Inc., and others.
IVD Contract Manufacturing Services Market Company Profile
- KMC Systems, Inc.*
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Nova Biomedical
- Thermo Fisher Scientific Inc.
- Savyon Diagnostics
- Merck KGaA
- TCS Biosciences Ltd.
- Maxim Biomedical Inc.
- Avioq Inc.
- Coris BioConcept
- Meridian Bioscience Inc.
“*” marked represents similar segmentation in other categories in the respective section
IVD Contract Manufacturing Services Market Highlights
FAQs
The IVD Contract Manufacturing Services Market is segmented into Device Type, Technology, Service and Region.
IVD Contract Manufacturing Services Market is driven by factors like growing prevalence of diseases and demand for IVD products.
By region, the IVD Contract Manufacturing Services market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period.
The key players operating the IVD Contract Manufacturing Services Market includes, KMC Systems, Inc., Nova Biomedical, Thermo Fisher Scientific Inc., Savyon Diagnostics, Merck KGaA, TCS Biosciences Ltd., Maxim Biomedical Inc., Avioq Inc., Coris BioConcept, Meridian Bioscience Inc., and others.
IVD Contract Manufacturing Services Market accounted for US$ 14.5 billion in 2022 and is estimated to be US$ 46.4 billion by 2032 and is anticipated to register a CAGR of 12.3%.