June 25, 2024
IVD Raw Materials Market

The Growing Prevalence Of Chronic Diseases Is Driving The IVD Raw Materials Market

The IVD raw materials market involves production of consumables and reagents required for In-Vitro Diagnostics (IVD) testing. IVD testing utilizes reagents, antibodies, probes and various raw materials used in procedures like immunoassays, clinical chemistry, molecular diagnostics, hematology and tissue diagnostics allowing diagnosis of diseases. Rising cases chronic diseases like diabetes, cardiovascular diseases and cancer has increased the demand for IVD testing and subsequently their raw materials. The global IVD raw materials market witnessed robust growth in the past couple of years owing to introduction of innovative testing methods and expansion of diagnostic testing infrastructure across developing nations. Recent technological advancements in biochemistry, immunoassays, molecular diagnostics, and Microfluidics have transformed IVD testing leading to broader test menus that can detect multiple conditions from a single patient sample. The global IVD Raw Materials Market is estimated to be valued at US$ 31224.24 Bn in 2024 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:

One of the key trend in the IVD raw materials market is increased focus on point-of-care testing. Decentralized diagnostic platforms are gaining popularity due to advantages like real time rapid results, low cost and minimal infrastructure requirements making them suitable for resource poor settings. Major players are collaborating with medical equipment companies to develop portable, low volume sample based diagnostics platforms for conditions like diabetes, infectious diseases, cardiac disorders and cancer. Miniaturization of diagnostic instruments along with microfluidics technology has enabled development of user friendly Point-of-Care testing devices incorporating advanced multiplexing capabilities. This rising popularity of POC IVD is expected to boost demand for novel enabling technologies involving high performing microfluidics components and reagents along with integrated electronic readers in coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the IVD raw materials market is low as it requires high R&D investment and strong supply chain network.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established raw material suppliers in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as buyers can switch to alternate suppliers if the pricing is not competitive.
Threat of new substitutes: The threat of substitutes is low as there are limited alternatives available for IVD raw materials.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of global as well as regional players.

Key Takeaways

The global IVD Raw Materials Market Growth is expected to witness high growth.

Regional analysis:

The Asia Pacific region is expected to dominate the market owing to rising geriatric population and increasing prevalence of chronic and infectious diseases in the region.

Key players operating in the IVD raw materials market are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed.

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