The IVD raw materials market plays a crucial role in the in vitro diagnostics industry. Raw materials are used to manufacture diagnostics kits, reagents, and components of diagnostic devices that help diagnose various medical conditions. IVD raw materials such as antibodies, proteins, nucleic acids, and chemicals help conduct numerous diagnostic tests across various disciplines including immunology, hematology, urinalysis, microbiology, and molecular diagnostics. The global IVD Raw Materials Market is estimated to be valued at US$ 31224.24 Bn in 2023 and is expected to exhibit a CAGR of 58% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth in demand for point of care diagnostics is primarily driving the IVD raw materials market. Point of care diagnostic devices are portable diagnostic instruments that can be used anywhere to get quick diagnostic results without visiting a diagnostic laboratory. They use IVD raw materials and diagnostic components to conduct bedside or home-based tests. Factors such as rising preference for home healthcare, growing number of pandemic outbreaks, need for urgent diagnostic testing, and increasing incidence of chronic diseases are fueling the adoption of point of care diagnostics. This is augmenting the demand for IVD raw materials across the globe.
SWOT Analysis
Strength: The IVD raw materials market is expected to grow at a high CAGR owing to increased demand for disease diagnosis. There is increasing investment in R&D for development of new products.
Weakness: Raw material price volatility can hamper the profit margins. Stringent regulationsdelay product approval and market entry.
Opportunity: Rising geriatric population and increasing cases of chronic and infectious diseases drive the need for advanced diagnostics. Expanding network of clinical laboratories in developing nations presents an opportunity.
Threats: Alternative technologies like POC testing pose competition. Supply shortage of raw materials during pandemic situations is also a threat.
Key Takeaways
The global IVD Raw Materials Market Growth is expected to witness high growth during the forecast period of 2024 to 2030.
North America currently dominates the market owing to initiatives towards healthcare modernization and presence of major players. Europe and Asia Pacific also capture significant shares with expanding patient base and healthcare investments respectively.
Key players operating in the IVD raw materials market are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. These players are focusing on new product launches, collaborations and geographic expansion to strengthen their market position. For instance, Adherium partnered with Novartis for developing smart inhalers with digital connectivity features.
For more insights, read- https://www.newsstatix.com/ivd-raw-materials-market-trends-growth-and-regional-outlook-2023-2030/
For more details on the report, Read- https://ceocolumn.com/blog/emergence-of-unmanned-combat-aerial-vehicles-in-modern-warfare/
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