The IVD Raw Materials Market Is Estimated To Witness Growth Due To Growing Demand For Point-Of-Care Treatment & Rising Applications Of IVD Tests

Market Overview:
In vitro diagnostics (IVD) refers to tests performed on samples such as blood, urine, and tissue that have been taken from the human body. Samples are tested for infections like HIV, hepatitis, STDs; cancers; cardiovascular disease; and other pathology conditions. IVD raw materials include biological specimens, reagents, calibrators & controls which are major consumables used in IVD tests. Various types of IVD raw materials include analyzers, reagents & kits, services, software. IVD raw materials are used by clinical laboratories as well as point-of-care testing facilities.

Market Dynamics:
Growing demand for point-of-care treatment is expected to drive the IVD raw materials market growth. Point-of-care testing offers quick diagnosis of diseases and helps physicians initiate timely treatment. Furthermore, rising application of IVD tests in various diseases is also fueling market growth. IVD tests help diagnose infectious diseases, cardiac disorders, cancer, and other chronic conditions accurately. For instance, rising cases of cancer globally is driving demand for various IVD tests in cancer screening and diagnosis. Additionally, increasing incidence of infectious diseases worldwide with growing elderly population is augmenting the market growth. However, stringent regulations pertaining to the approval of IVD devices and raw materials may restrain the market growth.

Segment Analysis
The global IVD raw materials market is segmented into reagents & kits, sample preparation, antibodies & immuno reagents, primers & probe, enzymatic reagents, nucleic acid extraction, IVD raw materials controls and standards and other product types. Among these, the reagents & kits segment dominated the market in 2021 and is expected to continue its dominance over the forecast period. This is because reagents & kits form an integral part of IVD assays and tests to provide accurate and timely diagnosis.

PEST Analysis
Political: The governments across the globe are providing substantial funding for research on infectious diseases testing and cancer diagnosis. This is augmenting the growth of the IVD raw materials market.

Economic: Rising healthcare expenditure coupled with booming geriatric population is fueling the demand for IVD tests and diagnostics. This is positively impacting the growth of the IVD raw materials market.

Social: Increasing awareness about early disease diagnosis is encouraging people to opt for diagnostic tests regularly. This is propelling the IVD raw materials market.

Technological: Advancements in molecular diagnostic techniques like PCR, NGS is boosting the demand for high quality raw materials like reagents & kits. Companies are developing innovative materials to integrate with latest diagnostic platforms.

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 investments in R&D by public and private players. The market size for 2021 was US$ 24,340.0 Mn.

Regional analysis: North America dominated the global market in 2021 due to availability of advanced healthcare infrastructure and early adoption of technologically advanced diagnostic products. Asia Pacific is projected to witness fastest growth during the forecast period with rising healthcare expenditure in emerging economies 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. Key players are focusing on new product launches, partnerships, and expansions to strengthen their market position. For instance, in 2021, Roche received U.S. FDA approval for its new cobas RSV test which detects respiratory syncytial virus.

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