IVD Raw Materials MarketSize and Trends

The global IVD raw materials market was valued at US$ 24,340.0 Mn in 2021 and is forecast to reach a value of US$ 35,895.2 Mn by 2028 at a CAGR of 5.8% between 2022 and 2028. The global IVD raw materials market is experiencing strong growth due to the high prevalence of infectious and chronic diseases, high demand for IVD testing and devices, growing awareness of early diagnosis and disease prevention, and rise in availability of advanced home care kits for cancer diagnostics. However, stringent regulations regarding product approvals and lower penetration of IVD devices are some major factors expected to hamper growth of the market.

Global IVD Raw Materials Market Trends:

Increase in demand for IVD raw materials worldwide is expected to propel growth of the global IVD raw materials market. For instance, in May 2022, Agilent Technologies Inc. announced that previously CE-IVD marked instruments, kits, and reagents were released as IVDR Class A, in compliance with the new EU IVDR regulation. This launch of IVDR-compliant Class A products ensures that labs in the EU who rely on Agilent IVDR instruments, kits, and reagents in their diagnostic workflows will continue to be able to use these products without disruption.

Growing geriatric population across the globe is expected to propel the growth of the global IVD raw materials market. For instance, chronic diseases are the leading causes of disability and death among the elderly population worldwide. According to World Health Organization (WHO), by 2030, 1 in 6 people in the world will be aged 60 years or over, and by 2050, the world’s population of people aged 60 years and older will double (2.1 billion).