IVD Contract Manufacturing Market worth $26.7 billion by 2028
IVD Contract Manufacturing Market in terms of revenue was estimated to be worth $15.0 billion in 2023 and is poised to reach $25.5 billion by 2028, growing at a CAGR of 11.2% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in this market can primarily be attributed to the adoption of new technology to develop efficient products by IVD contract manufacturers, and the increased need to outsource manufacturing to CMOs by large manufacturers to reduce the manufacturing burden and focus on the development of newer technology. The surge in the requirement for IVD testing kits post Covid 19 pandemic, for RT-PCR tests, glucose testing, hematology testing, and other types of testing, also influenced the market growth.
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IVD equipment accounted for the largest share of the IVD contract manufacturing market.
Based on the device type, the IVD contract manufacturing market is segmented into IVD equipment and IVD consumables. In 2022, IVD equipments held the major share of IVD contract manufacturing market. The large share of the IVD equipment segment can be attributed to the the growing number of hospitals and clinical laboratories in developing countries, automation and technological advancements in instruments with high-throughput capabilities.
The assay development segment is growing at the highest rate in the IVD contract manufacturing market.
Based on the services, the IVD contract manufacturing market is segmented into manufacturing services, assay development services, and others. In 2022, the expertise in the area of assay development, resource availability, speed and efficiency of development, reduced development time, reduced costs, improved quality, and increased focus on core competencies, are the factors attributing to the segmental growth. The presence of numerous outsourcing companies in the IVD space have limited financial capabilities,a nd thus, they prefer providing assay development services.
North America segment accounted for the largest share of the IVD contract manufacturing market
The global IVD contract manufacturing market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America segment accounted for the second largest share of the IVD contract manufacturing market after Asia Pacific. Factors attributing to the market share include the presence of a large number of large scaled contract manufacturing companies in the region, improved healthcare and industrial infrastructure and GDP expenditure, improved developmental capabilities of the contract manufacturing organizations in this region, and presence of lifelong collaborative and partnership agreements by large scale OEMs with CMOs in this region.
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IVD Contract Manufacturing Market Dynamics:
Drivers:
- Growth in the IVD devices market in Developing Countries
Restraints:
- Protecting IP is a key challenge in contract manufacturing
Opportunities:
- Increasing healthcare expenditure, infrastructure, and awareness in developing countries
Challenges:
- Lack of constant innovation to balance technological capabilities against costs and budgetary cuts observed by end users
Key Market Players:
The major players in the IVD contract manufacturing market include Jabil Inc. (US), Sanmina Corporation (US), TE Connectivity (Switzerland), Celestica Inc.(Canada), Savyon Diagnostics (Israel), West Pharmaceutical Services, Inc.(US), and Thermofisher (US)
Recent Developments:
- In November 2022, Jabil Inc., expanded its developmental capabilities by opening a design center in Wrolaw, Poland. This would allow the company to develop leading-edge technologies for multiple industries including the automotive and healthcare sectors.
- 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.
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