The Global IVD Raw Materials Market is Primed to GrowExponentially Due to Rising Chronic Disease Burden

IVD Raw Materials Market 

IVD raw materials are essential components used in the production of in vitro diagnostic devices and kits which help detect and diagnose various conditions and diseases in humans and animals. These materials include antibodies, proteins, chemical and biological reagents, and others which contribute to the workflow of in vitro diagnostics. The demand for diagnostics has ramped up significantly due to the growing burden of chronic and infectious diseases across the globe.

The global IVD raw materials market is estimated to be valued at US$31224.24 billion in 2024 and is expected to exhibit a CAGR of 58% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the IVD raw materials are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. These players are engaged in ongoing research and development activities to introduce innovative and advanced raw materials for use across diverse diagnostic procedures and tests.

The market IVD Raw Materials Market Demand provides substantial opportunities for companies to invest in new product development and expansion of application areas. Growing awareness regarding personalized medicine and precision diagnostics will further augment the demand.

With the rising prevalence of chronic diseases across both developed and developing regions, companies are focusing on global expansions through partnerships and collaborations to capture the demand from international markets as well.

Market Drivers

The increasing chronic disease burden worldwide has significantly driven the demand for advanced diagnostic procedures and frequent disease monitoring. According to the WHO, chronic diseases accounted for over 70% of global deaths in 2021. This has boosted the volume consumption of IVD raw materials required for manufacturing products deployed in disease diagnosis and management. Additionally, rising healthcare expenditures and rapid technological advancements have also propelled the market growth over the past few years.

PEST Analysis

Political: The IVD raw materials market is influenced by regulations imposed by governments and regulatory bodies across various regions. Regulations related to product approval, testing standards, and quality control have a significant impact.

Economic: Factors such as the gross domestic product of countries, healthcare expenditure, reimbursement policies, and income levels determine the economic growth of the market. The current global economic slowdown due to the pandemic also poses challenges.

Social: The increasing incidence of chronic and infectious diseases, growing awareness about early diagnosis, rising demand for diagnostic testing, and increase in disposable income levels are some of the key social factors driving market growth.

Technological: Advanced technologies are enabling the development of innovative diagnostic products. Technologies such as microfluidics, nanotechnology, and automation allow for miniaturization, increased accuracy and speed. Integration of AI and machine learning is also benefiting the market.

Geographical concentration

North America dominates the market in terms of value, owing to the rising healthcare expenditure, well-developed healthcare infrastructure, and presence of leading market players in the region.

Fastest growing region

The Asia Pacific region is expected to grow at the fastest pace over the forecast perioddue to the rising geriatric population, increase in healthcare spending, growing awareness, and improving diagnostic services across developing countries in the region.

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