IVD Contract Manufacturing Services Market Worth $20.47 Billion by 2028, at CAGR Growth of 8.00% | Market is Forecasted to Gain Incredible Growth | Forecast Report 2022-2028 by Vantage Market Research

WASHINGTON, March 31, 2022 (GLOBE NEWSWIRE) -- The Global IVD Contract Manufacturing Services Market size is expected to reach over USD 20.47 Billion by 2028. The increase in prevalence of infectious diseases and 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 are the major factors contributing to the growth of this market. Owing to this advancement IVD Contract Manufacturing Services Market is expected to flourish in coming years, states Vantage Market Research, in a report, titled “IVD Contract Manufacturing Services Market Size, Share & Trends Analysis Report by Type (Assay Development, Manufacturing), by Category (Reagents, Systems), by Technology (Immunoassay, Molecular Diagnostics, Clinical Chemistry, Hematology), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

The market size stood at USD 12.1 Billion in 2021. The Global IVD Contract Manufacturing Services Market size is expected to reach USD 20.47 Billion by 2028, exhibiting a CAGR of 8.00% during the forecast period 2022-2028.

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Key Insights & Findings from the Report:

• According to our primary respondents’ research, the IVD Contract Manufacturing Services market is predicted to grow at a CAGR of roughly 8.00% during the forecast period.
• The IVD Contract Manufacturing Services market was estimated to be worth roughly USD 12.1 Billion in 2021 and is expected to reach USD 20.47 Billion by 2028; based on primary research.
• On the basis of region, Asia Pacific is projected to dominate the worldwide IVD Contract Manufacturing Services market.
  

The report on IVD Contract Manufacturing Services Market highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Value Chain Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Porter’s Five Forces Analysis
• Global and Regional Dynamics
  

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Market Overview:

Driver: Rising OEM to focus on Manufacturing of IVD Devices

The IVD Contract Manufacturing Services Market for devices is already established, as most OEMs prefer to outsource manufacturing of high-value components requiring specialized expertise. The rise in molecular diagnostics tests for cancer and infectious diseases will spur market growth. While the orthopaedics market is expected to feature moderate growth, the level of outsourcing in the market is expected to rise and expand to proprietary, high-value technologies like implants. For instance, Ability to process high-precision components that involve reagents and fluids are the most relevant capabilities sought by specialized IVD players. These are some of the major reasons for the growth of IVD Contract Manufacturing Services Market.

Lack of Skilled Healthcare Professionals is expected hinder the IVD Contract Manufacturing Services Market Growth

The lack of skilled healthcare professionals is one of the major problems currently faced by IVD Contract manufacturers, especially those which are located in under developed countries. The cost of raw material is another factor that is expected to hinder the market to some extent as majority of the materials are manufactured by companies having patents. Hence countries such as Brazil, India, Australia, and others might face cost challenges. These are some of the challenges that are currently faced by the IVD Contract Manufacturing Services Market.

COVID-19 Analysis:

The COVID-19 outbreak has affected various healthcare industries worldwide. The IVD Contract Manufacturing Services Market also had a huge impact. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. These actions led to a severe impact on the global economy impairing various industries. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data- points:

1. Impact Assessment of COVID-19 Pandemic
   

I. North America

II. Europe

III. Asia Pacific

IV. Latin America

V. Middle East & Africa

1. Quarterly Market Revenue Forecast by Region 2020 & 2021
2. Key Strategies Undertaken by Companies to Tackle COVID-19
3. Long Term Dynamics
4. Short Term Dynamics

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Regional Analysis:

Increasing Growth of IVD Contract Manufacturing Services Market in Asia Pacific

The Asia Pacific is expected to grow at the fastest rate during the forecast period, owing to the prevalence for increase in number of well-established manufacturing facilities and technical institutes in the US and Canada. Also, large number of on-going research studies and growth of the overall pharmaceutical sector are among the few factors expected to contribute to the growth of this market in this region. Key players are spending huge funds in R&D are also one of the factors that are booming the development of IVD Contract Manufacturing Services Market in this region.

For instance, Biofortuna Ltd, a UK-based diagnostics company offering molecular diagnostic products and contract manufacturing services, has raised £1.6M in its latest funding round. The new funding –supported by current investor Foresight VCTs and members of the senior management team – will allow the company to take its Ready Plex™ rapid blood group genotyping assays into clinical trials and commercialisation, as well as invest in additional resources in its contract manufacturing infrastructure.

Asia Pacific is anticipated to showcase largest growth over the forecast period. This is owing to government-funded investments in studies of IVD contract manufacturing solutions and foreign investments. This region is expected to witness substantial growth owing to unmet needs of the huge population base and improving manufacturing service infrastructure.

Browse market data Tables and Figures spread through 154 Pages and in-depth TOC on "IVD Contract Manufacturing Services Market Size, Share & Trends Analysis Report by Type (Assay Development, Manufacturing), by Category (Reagents, Systems), by Technology (Immunoassay, Molecular Diagnostics, Clinical Chemistry, Hematology), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/ivd-contract-manufacturing-services-market-686454

List of Prominent Players in the IVD Contract Manufacturing Services Market:

• Biocon Ltd. (India)
• Becton Dickinson and Company (U.S.)
• Cepheid Inc. (U.S.)
• F Hoffmann-La Roche Ltd. (Switzerland)
• Siemens Healthcare GmbH (Germany)
  

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the IVD Contract Manufacturing Services Market?
• How will the IVD Contract Manufacturing Services Market change in the upcoming six years?
• Which application and product will take a lion’s share of the IVD Contract Manufacturing Services Market?
• What is the IVD Contract Manufacturing Services market drivers and restrictions?
• What will be the CAGR and size of the IVD Contract Manufacturing Services Market throughout the forecast period?        

This market titled “IVD Contract Manufacturing Services Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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