The in vitro diagnostics (IVD) raw materials are kits, reagents and other consumable products that are used to perform various diagnostic tests within the healthcare industry. IVD raw materials are used to diagnose conditions like cancer, diabetes, infectious diseases, HIV/AIDS, cardiac disorders and others. This market is seeing increased growth owing to rising incidences of chronic and infectious diseases worldwide. Early and accurate diagnosis has become very crucial for effective disease management. Moreover, advancements in molecular diagnostic technologies have increased the demand for more sensitive IVD consumables.
The global IVD Raw Materials Market is estimated to be valued at US$ 27,104.37 Mn in 2023 and is expected to exhibit a CAGR of 58% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the IVD raw materials Market is the shift towards point-of-care (POC) testing. With POC diagnostics, test results can be obtained within minutes without the need to send samples to a centralized lab. This has increased the accessibility and affordability of diagnostic testing. As a result, demand for raw materials used in portable diagnostic kits and devices is growing rapidly. Another significant trend is the increasing adoption of automated molecular detection platforms for infectious disease screening. Automation reduces manual errors and turnaround time, allowing high-volume testing. It is also driving the need for specific reagents and consumables designed for automated systems. Rising investments and partnerships between raw material manufacturers and diagnostics companies will further fuel innovation. Continuous development of new biomolecules, antibodies and detection technologies are also widening the scope and applications of IVD raw materials market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the IVD raw materials market is low as it requires large capital investments and there are several regulatory approvals needed. However, new companies catering to niche areas may enter.
Bargaining power of buyers: The bargaining power of buyers is high given the presence of several established buyers and the availability of alternatives. Buyers can negotiate on price and demand better terms.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While there are many suppliers, a few major players control the key materials supply. Suppliers of critical raw materials enjoy some pricing power.
Threat of new substitutes: The threat of substitutes is moderate. While new diagnostic testing methods can emerge, most IVD tests have few substitutes given regulatory norms and need for reliability in diagnostics.
Competitive rivalry: The competitive rivalry in the market is high given the presence of several global players. Companies compete based on pricing, innovation, quality, and service.
Key Takeaways
The Global IVD Raw Materials Market Size is expected to witness high growth over the forecast period driven by rising demand for in vitro diagnostics. The global IVD Raw Materials Market is estimated to be valued at US$ 27,104.37 Mn in 2023 and is expected to exhibit a CAGR of 58% over the forecast period 2023 to 2030.
Regional analysis: North America is expected dominate the market owing to developed healthcare infrastructure and availability of reimbursements in the region. Asia Pacific is anticipated to grow at the fastest pace led by countries like China, Japan, and India. Rising healthcare spending and demand for advanced diagnostics are boosting the market in Asia Pacific.
Key players: Key players operating in the IVD raw materials market are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. Adherium Limited offers respiratory diagnostic and monitoring solutions. AstraZeneca produces antibodies and antigens used in various IVD kits and panels.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it