IVD Contract Manufacturing Market Boom in Outsourcing Set to Reach $46.4 Billion by 2032

IVD Contract Manufacturing Market Size to Expand Lucratively and Reach $36.41 Billion to 2031 - Explained Details | Updated InsightAce Study

InsightAce Analytic Pvt. Ltd. announces the release of the market assessment report on "Global IVD Contract Manufacturing Market Size, Share & Trends Analysis Report By Device Type (IVD Equipment and IVD Consumables), By Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Microbiology, Hematology, Coagulation and Hemostasis, and Others), By Services (Manufacturing Services, Assay Development Services, and Other Services) Market Outlook And Industry Analysis 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 2024-2031.

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In the following years, there will probably be growth and changes in the in vitro diagnostic (IVD) contract manufacturing market. The standard practice for IVD companies is to outsource production to specialist contract manufacturers due to the growing complexity of IVD products, the growing need for diagnostic testing, and technological improvements. IVD companies can focus on R&D and commerce since these contract companies offer manufacturing, quality control, and supply chain management skills.

To streamline the production process and be advantageous, the IVD contract manufacturing business must also see advancements in automation, digitization, and integration of cutting-edge technologies. This will fulfil the growing demand for efficient and cost-effective IVD solutions, resulting in quicker turnaround times, more profitability, and lower expenses. Moreover, contract manufacturing services are necessary to help IVD enterprises launch new and better business goods and maintain compliance with strict standards.

The IVD contract manufacturing sector will be crucial as the need for individualized and focused medical care grows because it provides the knowledge and resources needed to support the creation of diagnostic technologies that, in the end, enhance patient health.

Some of the prominent players in the IVD Contract Manufacturing Market are:
• Sanmina Corporation
• Savyon Diagnosticss
• Stratec
• Te Connectivity Ltd.
• Thermofisher
• Viant Medical Holdings Inc.
• 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
• West Pharmaceutical Services
• Other Prominent Players

IVD Contract Manufacturing Market Report Scope
Report Attribute Specifications

Market Size Value In 2022 USD 12.89 Billion
Revenue Forecast In 2031 USD 36.41 Billion
Growth Rate CAGR CAGR of 12.38 % from 2023 to 2031

Quantitative Units Representation of revenue in US$ Million and CAGR from 2023 to 2031
Historic Year 2019 to 2022
Forecast Year 2023-2031

Report Coverage The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered By Device Type, By Technology, By Services
Regional Scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia

Competitive Landscape 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, And Others.

Customization Scope Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and Available Payment Methods Explore pricing alternatives that are customized to your particular study requirements.

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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Why should buy this report:

 To receive a comprehensive analysis of the prospects for the global IVD Contract Manufacturing Market
 To receive an industry overview and future trends in the global IVD Contract Manufacturing Market
 To analyze the IVD Contract Manufacturing Market drivers and challenges
 To get information on the IVD Contract Manufacturing Market size value (US$ Mn) forecast till 2031
 Major Investments, Mergers & Acquisitions in the global IVD Contract Manufacturing Market industry

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