Press release
IVD Contract Manufacturing Market Growth and Restrain Factors Analysis 2023-2031
According to the latest research by InsightAce Analytic, the global IVD Contract Manufacturing Market size is valued at US$ 12.89 Million in 2022, and it is expected to reach US$ 36.41 Billion in 2031, recording a promising CAGR of 12.38% during the forecast period of 2023-2031.
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The in vitro diagnostic (IVD) contract manufacturing market is likely to grow and change in the upcoming years. With technological advancements, the rising need for diagnostic tests, and the increasing complexity of IVD products, outsourcing production to specialized contract manufacturers has become the norm for IVD companies. These contract companies provide manufacturing, quality control, and supply chain management expertise, allowing IVD companies to concentrate on research, development, and trade. In addition, the IVD contract manufacturing industry must witness developments in automation, digitization and integration of advanced technologies, streamlining the production process and being beneficial. This will result in faster turnaround times, higher profitability and lower costs, meeting the growing need for cost-effective and efficient IVD solutions.
Furthermore, contract manufacturing services are essential in maintaining compliance with stringent standards and helping IVD companies rapidly introduce new and improved business products. As the demand for personalized and targeted medical care continues to increase, the IVD contract manufacturing industry will play an important role by offering the necessary development resources and expertise to support the development and production of diagnostic technologies that ultimately improve patient health.
Some of the prominent players in the IVD Contract Manufacturing Market are:
• Avioq Inc.
• Biokit
• Celestica Inc.
• Cenogenics Corporation
• Cone Bioproducts
• Fujirebio
• Invetech
• Jabil Inc.
• Kimball Electronics, Inc.
• Kmc Systems
• Meridian Biosciences
• Nemera
• Nolato Gw, Inc.
• Nova Biomedical
• Phillips Medsize Corporation
• Sanmina Corporation
• Savyon Diagnosticss
• Stratec
• Te Connectivity Ltd.
• Thermofisher
• Viant Medical Holdings Inc.
• West Pharmaceutical Services
• Other Prominent Players
Market Dynamics:
Drivers:
The key players in the IVD contract manufacturing market are focusing on expanding their businesses through acquisitions and strategic partnerships, which has fueled the market's growth. Furthermore, the rising demand for healthcare outsourcing services due to the shortage of manufacturing facilities and the increasing need for diagnostic tests is expected to drive market expansion during the forecast period. IVD contract manufacturing services can save costs and improve product quality. Thus, this industry's players, startups, and small-scale companies opt for CMS to manage the high product demand and offer high-quality, cost-effective IVD products.
Challenges:
Intellectual property protection is a major challenge in contract manufacturing as OEMs must ensure that their proprietary information and technologies are not disclosed to third parties. Keeping up with regulatory changes and maintaining compliance can be complex and time-consuming. Also, high-quality standards, cost and supply chain management are challenging in IVD contract manufacturing.
Regional Trends:
The IVD contract manufacturing market is growing rapidly, and the Asia Pacific IVD contract manufacturing market is expected to grow fastest over the projected period. The market's growth is mainly driven by increased demand for diagnostics, advancement in medical technologies, increasing government efforts to improve outsourcing capabilities of small-scale outsourced companies and rising M&A activities in the IVD industry. Additionally, the North American market will hold the second-highest revenue share of the IVD contract manufacturing market after Asia Pacific. Factors contributing to this growth are well-established healthcare facilities & industrial infrastructure, growing collaborative and partnership agreements, and improved developmental capabilities of the contract manufacturing companies in this region.
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Key developments in the market:
• In May 2023, West Pharmaceutical Services, Inc. announced that the company's West Ready Pack™ containment solution with Corning® Valor® RTU Vials utilizing Stevanato Group's EZ-fill® technology won the Best Technologies Award at INTERPHEX. This award recognizes cutting-edge technologies, either new technologies or a novel implementation of existing technologies, that can potentially change the way pharma & biotech companies operate.
• In October 2022, Reliance Industries' subsidiary RSBVL and Sanmina Corporation completed the deal to set up an electronics manufacturing joint venture at a total enterprise valuation of about Rs 3,300 crore. The joint venture will prioritize high-technology infrastructure hardware for growth markets and across industries such as communications networking (5G, cloud infrastructure, hyperscale datacentres), medical and healthcare systems, industrial and cleantech, and defence and aerospace.
• In September 2021, TE connectivity acquired Toolbox Medical Innovations (US), Wi Inc. (US), and microLIQUID (Spain). The entities leverage design and manufacturing capabilities in the United States and Europe and are focused on serving a global client base ranging from startups to multinationals in the life science, IVD and cell therapy markets.
• In May 2020, Celestica Inc., a leader in design, manufacturing and supply chain solutions for the world's most innovative companies, won a contract with StarFish Medical Inc. to manufacture ventilators for Canadian market.
Market Segments
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Device Type
• IVD Equipment
• IVD Consumables
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Technology
• Immunoassay
• Clinical Chemistry
• Molecular Diagnostics
• Microbiology
• Hematology
• Coagulation and Hemostasis
• Others
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Services
• Manufacturing Services
• Assay Development Services
• Other Services
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America IVD Contract Manufacturing Market Revenue (US$ Million) by Country, 2023 to 2031
• U.S.
• Canada
Europe IVD Contract Manufacturing Market Revenue (US$ Million) by Country, 2023 to 2031
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific IVD Contract Manufacturing Market Revenue (US$ Million) by Country, 2023 to 2031
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America IVD Contract Manufacturing Market Revenue (US$ Million) by Country, 2023 to 2031
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa IVD Contract Manufacturing Market Revenue (US$ Million) by Country, 2023 to 2031
• GCC Countries
• South Africa
• Rest of Middle East & Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis of key market insights in a timely and cost-effective manner.
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