Meticulous Research®, a leading market research firm, has
published a new report titled IVD Assay Development Market Size, Share,
Forecast, & Trends Analysis by Offering (Assay Development, Packaging
Development), Technology (Immunoassay, Molecular Diagnostics, Biochemistry),
Application (Oncology, Diabetes) – Global Forecast to 2031. According to
the findings, the global IVD assay development market is projected to reach
$8.39 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.9%
from 2024 to 2031.
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The growth of the IVD assay development market is driven by
the increasing prevalence of chronic diseases, a rising geriatric population,
the high burden of infectious diseases, and a growing emphasis on the
development of point-of-care (POC) IVD assays. Additionally, increasing
healthcare expenditures are fueling the demand for more advanced diagnostic
solutions. However, the evolving regulatory landscape remains a key challenge
to the market’s growth.
Furthermore, emerging economies and advancements in IVD
assay technologies present significant growth opportunities for market
participants. Challenges related to maintaining product quality and
safeguarding proprietary information also pose potential obstacles to market
expansion.
Key Players:
The key players profiled in the IVD assay development market
report are Thermo Fisher Scientific Inc. (U.S.), Avioq, Inc. (U.S.), Creative
Biolabs, Inc (U.S.), Maxim Biomedical, Inc. (U.S.), Bio-Techne Corporation
(U.S.), Merck KGaA (Germany), PeploBio Ltd (U.K.), ICON plc (Ireland), NeoDx
Biotech Labs Pvt. Ltd. (India), Eclevar Medtech (France), Savyon Diagnostics
(Israel), Promega Corporation (U.S.), and Future Diagnostics Solutions B.V.
(Netherlands). The market is segmented by offering, technology, and application.
The report also provides a comprehensive analysis of market competitors and
regional trends.
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Market Segmentation:
- By
Offering: In 2024, the IVD assay development services segment
is expected to hold the largest share, accounting for 45.1% of the market.
This segment encompasses various stages of assay development, including
raw material selection, feasibility studies, optimization of assay
parameters, and clinical sample testing. The demand for IVD assays in drug
discovery, particularly in assessing pharmaceutical candidates and
detecting biomarkers, is driving the need for these services. As
personalized medicine and precision therapies become more widespread, the
demand for high-quality, customized IVD assays continues to rise, further
strengthening this segment’s position.
- By
Technology: The immunoassay/immunochemistry segment is
projected to dominate the IVD assay development market in 2024, capturing
a share of 42.3%. Immunoassay technologies leverage antigen-antibody
reactions to detect causative agents, offering high specificity and
throughput. The growing use of immunoassays in point-of-care (PoC) testing
for infectious diseases and the increasing global demand for novel assays
are driving the segment’s growth. The aging population and the continued
innovation in immunoassay formats are additional factors contributing to
the dominance of this technology.
- By
Application: The infectious diseases application segment is
anticipated to hold the largest market share in 2024. The rapid spread of
infectious diseases makes accurate and early diagnosis crucial to
preventing transmission. IVD assays have proven to be essential tools in
diagnosing infectious diseases, driving demand for these diagnostic
products. Government initiatives, advancements in diagnostic techniques,
and recent global outbreaks have heightened awareness and spurred
investment in diagnostic solutions. For instance, the World Health
Organization (WHO) reported nearly 40 million cases of HIV globally at the
end of 2023, up from 25.6 million cases in 2021, further underscoring the
need for robust diagnostic tools.
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Regional Insights:
The report also provides a detailed regional analysis,
highlighting key markets such as North America, Europe, Asia-Pacific, Latin
America, and the Middle East & Africa.
- By
Region: North America is expected to dominate the IVD assay
development market in 2024, with a share of 37.8%. This dominance can be
attributed to favorable government investments in disease prevention and
investigation, a high prevalence of infectious and chronic diseases, a
well-established healthcare infrastructure, and a high degree of awareness
regarding early disease diagnosis. Furthermore, North America’s early
adoption of advanced diagnostic technologies and its strong base of key
industry players contribute significantly to the region’s market
leadership.
Overall, the IVD assay development market is poised for
significant growth, driven by advancements in diagnostic technology, increased
healthcare spending, and rising demand for early and accurate disease
detection. The report offers valuable insights for stakeholders looking to
capitalize on the opportunities in this evolving market.
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