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IVD Raw Materials Market Growth Accelerated by Increased Diagnosis and Monitoring of Chronic Diseases

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Poonam
IVD Raw Materials Market Growth Accelerated by Increased Diagnosis and Monitoring of Chronic Diseases

The increasing prevalence of chronic and lifestyle diseases such as cancer, cardiovascular diseases, diabetes, and respiratory diseases have augmented the demand for reliable disease diagnosis and monitoring. In vitro diagnostic (IVD) raw materials play a critical role in developing assays and reagents for clinical laboratories to conduct various diagnostic tests. 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:

The increasing demand for rapid and accurate diagnosis of chronic and infectious diseases have positively impacted the sales of IVD raw materials over the years. Various raw materials such as antibodies, probes, primers & buffers are key components of IVD assays and test kits. Major diagnostic device manufacturers are collaborating with leading raw material suppliers to ensure continuous supply of high-quality materials to support their diagnostic product portfolio. Furthermore, advancement in diagnostic technologies such as point-of-care testing, molecular diagnostics, and companion diagnostics have expanded the applications of IVD thereby supplementing the demand for associated raw materials in the market.

Segment Analysis

The global IVD raw materials market is segmented based on product type such as plastic, glass, copper alloy. Among these, the plastic segment dominates the market and accounts for around 35% of the total share. This is attributed to the fact that plastic is widely used as a packaging material for reagents and consumables used in IVD procedures. It possesses properties such as lightweight and flexibility which makes it suitable for packaging purposes.

Key Takeaways

The global IVD Raw Materials Market Growth is expected to witness high growth during the forecast period of 2024 to 2030.

Regional analysis shows that North America accounted for the largest share of 40% in 2024 due to the presence of major players and growing adoption of advanced diagnostic technologies in the region. Europe follows next with a share of 30% in 2024 owing to rising incidence of chronic diseases and increasing focus on preventive healthcare.

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 provides digital health solutions for respiratory disease. AstraZeneca is a pharmaceutical company involved in research and development.

For more insights, read- https://www.insightprobing.com/ivd-raw-materials-market-trends-size-and-share-analysis/

For more details on the report, Read- https://ceocolumn.com/blog/emergence-of-unmanned-combat-aerial-vehicles-in-modern-warfare/


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