
In vitro diagnostic (IVD) raw materials are primarily used to manufacture diagnostic kits and reagents which help detect various clinical conditions. These diagnostic tools facilitate early detection of chronic and infectious diseases. The global IVD Raw Materials Market is estimated to be valued at US$ 27104.37 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: The increasing prevalence of chronic and infectious diseases across the world has been a key growth driver for the IVD raw materials market. Rising investments by various diagnostic companies in R&D of advanced diagnostic tools and tests for early disease detection has further propelled the demand for IVD raw materials. Additionally, growing awareness about benefits of preventive healthcare and rising consumer spending on healthcare has also boosted the sales of diagnostic tests, thereby augmenting the market for associated raw materials. Expanding application of molecular diagnostics in various therapeutic areas is another major trend widening growth opportunities for IVD raw materials market over the forecast period.
Segment Analysis
The global IVD raw materials market is dominated by plastic sub-segment due to advantages such as light weight, chemical inertness, and flexibility. Plastics are widely used across IVD assays, consumables, reagents and other equipment as it helps produce lightweight and durable products at affordable costs. Its inert nature also makes it suitable for diagnostic applications where chemical interactions need to be minimized.
Key Takeaways
The Global IVD Raw Materials Market Size is expected to witness high growth over the forecast period.
Regional analysis: The Asia Pacific region is projected to grow at the fastest rate during the forecast period. This is attributed to the growing per capita income and healthcare infrastructure development in emerging economies. Countries like India, China, South Korea and others are witnessing sustained economic growth which is positively impacting the regional healthcare sector. Rising awareness about early disease diagnosis and presence of local diagnostic device manufacturers are fueling the demand for IVD raw materials in Asia Pacific.
Key players operating in the IVD raw materials market are Adherium Limited, AstraZeneca, Boehringer Ingelheim, Cohero Health, GSK, Novartis, and ResMed, among others. These leading companies are focused on expanding their product portfolios and regional presence through acquisitions and collaborations to strengthen their market shares.
For More Insights, Read: https://www.newswirestats.com/ivd-raw-materials-market-size-share-and-growth-forecast-2023-2030/
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