IVD Raw Materials Market Connected with Molecular diagnostic adoption as a part of heading
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| IVD Raw Materials Market |
The
global IVD raw materials Market is estimated to be valued at US$ 24,340.0 Mn in
2022 and is expected to exhibit a CAGR
of 5.8% over the forecast period 2023-2030,
as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The global IVD raw materials market comprises raw materials such as proteins,
nucleic acids, antibodies, enzymes and others which are the fundamental
components required for manufacturing in-vitro diagnostics (IVD) medical
devices. IVD medical devices help in diagnosis of diseases and their medical
conditions through analysis of human specimens like blood, urine, tissues, or
other bodily fluids, avoiding the need for direct examination of a patient. The
use of IVD raw materials enables point-of-care testing and prescription of
accurate treatment at early stages of diseases. This improves healthcare
outcomes and saves lives.
Market key trends:
One of the key trends driving growth of the IVD raw materials market is
increasing adoption of molecular diagnostic techniques. Molecular diagnostics
helps in detection of specific genetic sequences in DNA or RNA, enabling
detection of diseases at genetic level. It allows accurate diagnosis even
before clinical manifestations of diseases occur. Many clinically relevant
genes involved in cancer, infectious diseases and genetic disorders can be
analyzed through polymerase chain reaction (PCR) based molecular diagnostic
tests. This has significantly increased demand for PCR enzymes, DNA/RNA
extraction kits and related reagents in the IVD raw materials market.
Furthermore, growing demand for personalized medicine tailored to individual
patient's genetic makeup is also fueling usage of molecular diagnostic
techniques, thereby supporting market growth of IVD raw materials over the
forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the IVD raw materials
market is moderate. Establishing manufacturing facilities requires huge capital
investments and compliance with stringent regulations which pose significant
barriers.
Bargaining power of buyers: The bargaining power of buyers is high. The market
is fragmented with the presence of several global and regional vendors offering
similar product profiles. Buyers can negotiate on prices easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate.
Key raw materials are commoditized in nature with the availability of
substitute options. However, compliance requirements create vendor switching
challenges.
Threat of new substitutes: The threat of new substitutes is low. Although some
point-of-care devices are emerging as substitutes, their capabilities are still
limited as compared to laboratory-based IVD tests.
Competitive rivalry: Competition in the market is high among global and
regional players. Players compete based on product innovation, quality,
reliability, and price.
Key Takeaways
The
Global IVD Raw Materials Market is expected to witness high growth,
exhibiting CAGR of 5.8% over the
forecast period, due to increasing prevalence of chronic and infectious diseases.
The market size for 2023 was US$ 24,340.0 Mn.
Regionally, North America dominated the market and is expected to maintain its
lead position owing to growing usage of advanced diagnostic technologies and
favorable reimbursement scenario in the US and Canada. However, Asia Pacific is
predicted to emerge as the fastest growing market due to rising healthcare
expenditure and increasing patient pool in developing countries like India and
China.
Key players operating in the IVD raw materials market are Aalto Bio Reagents,
Fapon Biotech, Fujirebio, Merck KgaA, F. Hoffmann-La Roche, and Thermo Fisher
Scientific, among others. Major players are focusing on product innovations and
partnerships with diagnostic kit manufacturers to strengthen their presence in
the market.
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