IVD Contract Research Organization Market Share, Sales Channels and Overview Till 2028

IVD contract research organizations provide support services to the biotechnology companies throughout the development and commercialization of the product. Diagnostic instruments/equipment companies require various regulatory and testing services to implement product lifecycle. CROs are specifically designed to perform these services to reduce the in-house cost and time of the companies. The continuous development in healthcare facilities and IVD products and new products launches propel the growth of the market. Also, rising demand for technological advancements and biomarker-based IVD owing to several advantages offered by them promotes the growth of the market.

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The global IVD contract research organization market is expected to grow from US$ 4,738.79 million in 2021 to US$ 8,019.53 million by 2028; it is estimated to grow at a CAGR of 7.8% from 2021 to 2028.

The rising prevalence of infectious diseases increases the demand for IVD and clinical trials along with new product launches, which fuels the growth of the IVD contract research organization market. However, the stringent regulatory policies and lack of skilled workforce hamper the market growth.

Market leaders operating in the market have undertaken various organic growth strategies in the IVD contract research organization market. The IVD contract research organization market majorly consists of players are Proxima Clinical Research, Inc., AKRN Scientific Consulting S.L. and ICON PLC. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Moreover, the companies have utilized inorganic strategies including mergers & acquisitions, partnership, and collaboration.

As per the National Stem Cell Foundation (NSCF) 2022 report, ~4% of the world's population was affected by one of more than 80 different autoimmune diseases; in the US, it affects 5-8% of the total population. The increasing prevalence of disorders, such as cancer, cardiovascular disorders, autoimmune disorders, and health problems, has created the need for advanced and efficient in-vitro diagnostics and monitoring of disorders, which helps in the treatment. This is driving the growth of the IVD contract research organization market.

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