(MENAFN– Straits Research) Introduction
In vitro diagnostic medical devices (IVDs) are tools used to diagnose diseases by analyzing biological samples in a lab setting, unlike in vivo diagnostics which occur inside the body. IVDs often use reagents like antigens and antibodies to perform tests on tissue or blood samples.
Market Dynamics
The increasing rates of chronic and infectious diseases, such as diabetes, HIV, and cancer, are driving demand for IVD raw materials. About 58 million people globally live with chronic HIV, with 1.5 million new cases each year. Influenza is also a concern, causing millions of severe illnesses annually, pushing up the need for IVD products.
Growth in personalized medicine is another factor. IVDs help tailor treatments for individual patients, leading to innovations in home diagnostics, such as blood glucose monitors and pregnancy tests. This has led to increased government support and investment in healthcare, further boosting demand for IVD devices.
Regional Analysis
Europe holds the largest share of the IVD raw materials market and is projected to grow at a CAGR of 5.38%. Key drivers include rising infectious diseases, a push for early diagnosis, and advancements in IVD technology. Germany, France, and the UK are major contributors. New regulations in the EU aim to ensure a well-regulated market, pushing manufacturers to focus on quality.
North America is expected to grow at a CAGR of 5.95%. The U.S. and Canada face rising rates of diseases like HIV and hepatitis, increasing the demand for rapid IVD tests.
Key Highlights
- The global IVD raw materials market is valued at USD 25.71 billion in 2022, projected to reach USD 42.19 billion by 2031 with a CAGR of 5.66%.
- Antibodies and antigens are the largest product segment, expected to grow at a CAGR of 6.12%.
- Clinical chemistry is the leading technology segment, with a CAGR of 4.75%.
- Pharmaceutical and biotech companies are the largest end-users, anticipated to grow at a CAGR of 5.81%.
- Europe leads the IVD raw materials market with a CAGR of 5.38%.
Competitive Players
- Creative Diagnostics
- Merck KGaA
- Thermo Fisher Scientific Inc.
- OYC Americas, Inc.
- Fapon Biotech Inc.
- Biosynth
- F. Hoffmann-La Roche Ltd
- Sysmex Corporation
- Shenzhen AIVD Biotechnology Co., LTD.
- Glentham® Life Sciences Limited
- Neogen Corporation
Recent Developments
- May 2023: Sysmex Corporation partnered with ThinkCyte to create AI-enabled cell analysis technology for IVD.
- August 2022: Biosynth acquired EUCODIS Bioscience to enhance enzyme development.
Analyst’s Perspective
The market for IVD raw materials is growing rapidly due to biotech advancements, rising chronic disease rates, and a push for personalized medicine. Companies are investing heavily in R&D to improve diagnostic tools, driven by an expanding healthcare infrastructure and an aging population.
Segmentation
- By Product Type: Antibodies, Antigens, Proteins, Enzymes, Biological Buffers, Substrates
- By Technology: Molecular Diagnostics, Clinical Chemistry, Immunochemistry
- By End User: Diagnostic Laboratories, Pharmaceutical & Biotechnological Companies
`
