The Global IVD Contract Manufacturing Services Market valued at $4.6 billion (2021) is set to witness a growth rate of 4% in the next 5 years. Some of the main factors driving the Global IVD Contract Manufacturing Services Market are rising preference for point-of-care (POC) testing services, Covid-19 outbreak, government support to scale up production of IVD kits, increasing incidence of cancer and infectious diseases, cost savings, scalability, technology know-how and risk mitigation offered by IVD contract manufacturers.
Rising Preference for Point-of-Care (POC) Testing Services Fuels the IVD Contract Manufacturing Services Market
In an endeavor to cut result time and support patients make better-informed decisions about their health, there is considerable demand for IVD testing to move closer to the patient i.e., point-of-care (POC) diagnostics whether in the hospital, clinic, physician’s office, or home.
Manufacturing of specific PoC devices presents manufacturers (OEMs) with a variety of design and manufacturing challenges. For instance, the ability to process high-precision components that involve reagents and fluids are the most relevant capabilities sought by OEMs, which are accomplished by specialized IVD CDMOs.
IVD Diagnostic Kits Demand Triggered by Covid-19 Bolsters the IVD Contract Manufacturing Services Market
The need for IVDs has risen since the Covid-19 outbreak, which in turn has fueled the demand for IVD Contract Manufacturing Services. There are several types of SARS-CoV-2 and COVID-19 related IVDs – diagnostic tests, serology/antibody and other adaptive immune response tests and tests for management of COVID-19 patients.
Explore Premium Report on IVD Contract Manufacturing Services Market @ https://meditechinsights.com/ivd-contract-manufacturing-services-market/
Government Support to Scale Up Production of IVD Kits in the Wake of Covid-19 Spurs the IVD Contract Manufacturing Services Market
Regulators enacted several new measures to expedite access to IVD kits. Regulators issued guidance to assist and clarify new or relaxed requirements under the emergency provisions for IVDs to help accelerate their development. Expedited approval processes for IVDs played a pivotal role in combating the Covid-19 pandemic.
â€œRecently launched point-of-care IVD instruments and devices are convenient to use and efficient. Manufacturing of specific PoC devices presents manufacturers (OEMs) with a variety of design and manufacturing challenges, which is addressed by IVD CDMOs.â€- Director, Leading IVD OEM, United States
Competitive Landscape Analysis of IVD Contract Manufacturing Services Market
The global IVD contract manufacturing services market is marked by the presence of key players such as Jabil, STRATEC, Celestica, Sanmina Gerresheimer, Phillips-Medisize, Plexus, RÃ¶chling, KMC Systems, Cenogenics Corporation, Savyon Diagnostics, Nova Biomedical, Cone Bioproducts, Invetech, Inc., Thermo Fisher Scientific Inc., Avioq, Inc., LRE Medical, Coris BioConcept, Meridian Bioscience, Inc., Maxim Biomedical, Inc., among others.
For More Comprehensive Insights, Contact Us @ https://meditechinsights.com/contact-us/
About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
Associate, Medi-Tech Insights
+32 498 86 80 79