IVD Raw Materials Market to Reach $34.25 Billion by 2027. Molecular Point-of-Care (POC) Replacing Existing Limitations at POC sites - Arizton

According to Arizton's latest research report, the IVD raw materials market is growing at a CAGR of 5.86% during the forecast period. The increasing prevalence of infectious & chronic diseases, growing awareness of early diagnosis and disease prevention, and rise in availability of advanced home care kits for cancer diagnostics are the major drivers in the market.
Molecular Point-of-Care (POC) testing has also expanded the diagnostic capabilities and overcome existing limitations at POC sites, such as critical care centers, outpatient clinics, physician offices, and other ambulatory care settings. Consequently, the total market potential of molecular POC diagnostics has increased considerably to offer tremendous growth opportunities in the future.

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IVD medical devices have become a major sector in the field of diagnosis, leading to major advances. Such factors are accelerating the adoption of IVDs and there is a simultaneous demand for its raw materials. Furthermore, the growing trends of POC diagnostics and personalized medicine are contributing to the growth of the market. The surge in adoption of antigen-antibody testing and point-of-care diagnostics has enabled the growth of the pharma & biotech companies segment. The segment is also expected to witness the highest incremental growth of $6.35 billion during the forecast period. However, the diagnostic laboratories segment is likely to witness the highest absolute growth of 43.37% during the forecast period.

KEY INSIGHTS
• The rise in demand for diagnostics and laboratory tests attributable to the surge in the patient population due to the prevalence of chronic diseases is increasing the demand for IVD raw materials.
• The global IVD raw materials market is segmented by product, technology, end-user, and geography.
• In 2021, antibodies & antigens accounted for the highest share of over 36.00% in the global IVD raw materials market due to the growing demand for antigen and antibody-based tests that increased during COVID-19.
• In 2021, clinical chemistry accounted for the highest share of more than 37.00% in the global IVD raw materials market with the growing number of hospitalizations and laboratory tests led by clinical chemistry.
• In 2021, pharma & biotech companies accounted for the highest revenue share of over 62.00% in the global IVD raw materials market, due to the growing number of antigen-antibody testing centers, point of care diagnostics, and pharma & biotech companies.
• In 2021, Europe is dominating the global IVD raw materials market with the highest share of over 34.00% due to the availability of advanced IVD devices and various developments in lab automation.

Major manufacturers of IVD raw materials are focusing on proprietary processing techniques to satisfy the raw material requirements of the IVD industry and provide IVD raw materials manufactured using off-the-shelf specifications. Also, several international players are focusing on the development of innovative products and expanding their product portfolio to ensure a sustainable presence in the market. Additionally, many vendors are constantly investing in R&D initiatives based on market trends and general health management demands. Vendors are also focusing on developing and commercializing innovative analyzers, COVID-19 PCR rapid test kits, and consumables to remain competitive and establish a significant presence in the market. For instance, Adaltis S.r.l. develops, manufactures, and markets IVD systems and reagents and offers a wide range of consumables such as tips, vials, and tubes. These vendors are actively launching innovative devices to penetrate and tap the tremendous growth potential in the market.

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