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Global IVD Contract Manufacturing Services Market to Reach USD 25.8 Billion by 2031 Driven by Rising Infectious Diseases and Shift to Point-of-Care Testing
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Key Players:
The key players profiled in the IVD contract manufacturing services market (Markt für IVD-Vertragsfertigungsdienste) report are Cenogenics Corporation (U.S.), In-Vitro Diagnostic Developers, Inc. (IDxDI) (U.S.), Savyon Diagnostics (Israel), KMS Systems, Inc. (U.S.), Nova Biomedical (U.S.), LRE Medical (Germany), Cone Bioproducts (U.S.), Invetech, Inc. (Australia), Avioq, Inc. (U.S.), TCS Biosciences Ltd. (U.K.), Affinity Life Sciences, Inc. (U.S.), Coris BioConcept (Belgium), Meridian Bioscience, Inc. (U.S.), Affinity Biologicals, Inc. (Canada), Biokit S.A. (Spain), Merck KgaA (Germany), Thermo Fisher Scientific, Inc. (U.S.), and Maxim Biomedical, Inc. (U.S.).
Future Growth Drivers in Enterprise AI and IVD Market Transformation:
The combination of artificial intelligence and diagnostic technologies is changing the healthcare landscape. This shift is creating new opportunities for growth and innovation. As enterprise AI moves beyond experimental stages and the in-vitro diagnostics (IVD) market starts to recover from disruptions caused by the pandemic, several key trends are emerging. These trends will shape the future of these connected sectors.
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Future Growth Drivers in Enterprise AI:
The enterprise artificial intelligence landscape has progressed from cautious experimentation to strategic implementation. Organizations are now committing significant budgets to AI initiatives. The landscape is no longer just about experimentation; it focuses on strategic deployment, budget commitments, and evolving vendor ecosystems. Several critical factors are driving this transformation and speeding up adoption across industries.
By 2025, AI is expected to be a priority for most large enterprises. Total IT budgets are anticipated to increase by about 2% this year, while spending on AI is expected to grow by nearly 6%. This shift in investment highlights the growing recognition of AI's ability to provide a competitive edge and improve operational efficiency. Companies are moving past basic automation to implement advanced AI agents capable of handling complex decisions.
Impact of COVID-19 on the IVD Market:
The COVID-19 pandemic has dramatically changed the in-vitro diagnostics industry, creating both unprecedented demand and lasting structural changes. The outbreak has spurred fast development and adoption of diagnostics, which has been critical for public health responses. This urgency has underscored the importance of diagnostic capabilities in managing global health.
The pandemic led to a dramatic revenue increase in certain segments of the IVD market. In 2022, testing for SARS-CoV-2 is projected to add nearly $33 billion to the IVD market, illustrating the immense pandemic-driven demand. However, this surge has also posed challenges as the industry dealt with supply chain disruptions and capacity limits.
Trends in IVD Automation and AI Integration:
Bringing together artificial intelligence and automation technologies into diagnostic processes is one of the most significant trends in the IVD industry. This integration is opening new pathways for faster, more accurate, and more accessible diagnostic services.
A new generation of IVDs is making diagnoses quicker, more accessible, and more cost-effective. Improvements in AI algorithms, smaller diagnostic equipment, and better data processing capabilities are driving these advances.
Future Growth Strategies for IVD Contract Services:
The market for IVD contract manufacturing services is growing quickly, spurred by the rising demand for outsourced diagnostic development and manufacturing. The IVD contract manufacturing services market is forecasted to reach $25.80 billion by 2031, with a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031. This growth reflects the increasing complexity of diagnostic technologies and the need for specialized expertise in their development and production.
Strategic partnerships between diagnostic companies and contract service providers are becoming increasingly important. These collaborations allow diagnostic firms to tap into specialized skills without making large investments in manufacturing facilities. In turn, contract service providers can utilize their expertise across multiple clients, achieving efficiencies and fostering innovation.
Conclusion
The intersection of advancements in enterprise AI and changes in the IVD market is creating significant opportunities for growth and innovation. Experts expect the global IVD device sector to grow at a 5% CAGR through 2027. As these sectors continue to connect, organizations that successfully merge AI capabilities with diagnostic technologies will be well-positioned to capture significant value in the evolving healthcare landscape.
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Key questions answered in the report:
Which are the high-growth market segments in terms of IVD contract manufacturing services type, category, technology, and geography?
What was the historical market for IVD contract manufacturing services across the globe?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, restraints, opportunities, and challenges in the IVD contract manufacturing services market?
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