CHICAGO, April 3, 2024 /PRNewswire/ -- Diagnostic Contract Manufacturing Market in terms of revenue was estimated to be worth $26.0 billion in 2023 and is poised to reach $44.9 billion by 2028, growing at a CAGR of 11.5% from 2023 to 2028 according to a new report by MarketsandMarkets. The growth of this market is majorly driven by rising demand for early diagnosis and widening clinical applications scope and growth opportunities in emerging economies with favorable manufacturing conditions and labor costs.
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218 - Pages
Diagnostic Contract Manufacturing Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $26.0 billion |
Estimated Value by 2028 | $44.9 billion |
Growth Rate | Poised to grow at a CAGR of 11.5% |
Market Size Available for | 2022-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Device, Service, and Application |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growth opportunities in emerging countries |
Key Market Drivers | High cost of in-house IVD manufacturing |
The IVD Consumables segment is expected to account for the largest share in 2022.
The increased accessibility and demand for reagents & kits and the rising number of IVD tests performed are the key factors driving the growth of this segment. The IVD devices market is segmented into IVD consumables and IVD equipment. The low cost of outsourcing consumables production has supported market growth by ensuring high-scale production.
The CT segment held the largest market share in the diagnostic imaging devices market.
By device type, the global diagnostic imaging devices market is broadly segmented into CT scans, X-rays, MRI, Ultrasound, and Others. The increasing availability of CT devices in major markets and technological advancements in CT offering faster and more precise results drive the growth of this market. These technologically advanced diagnostic imaging systems is high in mature markets. Due to rapid economic growth, the adoption of these devices is expected to increase in developing countries in the coming years.
Asia Pacific dominates the global diagnostic contract manufacturing market.
Based on the region, the diagnostic contract manufacturing market is segmented into North America, Europe, Asia Pacific, and Rest of the World. The North American market is driven by improved industrial and healthcare infrastructure and the competitive manufacturing capabilities of companies providing diagnostic contract manufacturing services. Europe's market is driven by favorable government policies. Asia Pacific will observe high growth during the forecast period with its increasing focus and expansion of players in the market.
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Diagnostic Contract Manufacturing Market Dynamics:
Drivers:
- High cost of in-house IVD manufacturing
Restraints:
- High IP protection concerns and the possibility of IP theft
Opportunities:
- Growth opportunities in emerging countries
Challenge:
- Adoption of refurbished diagnostic imaging systems
Key Market Players of Diagnostic Contract Manufacturing Industry:
Major players in the diagnostic contract manufacturing market include Jabil Inc. (US), Flex Ltd. (Singapore), Plexus Corp (US), Sanmina Corporation (US), TE Connectivity Ltd. (Switzerland), and Celestica Inc. (Canada).
Breakdown of supply-side primary interviews by company type, designation, and region:
- By Company Type: Tier 1- 55%, Tier 2- 40%, and Tier 3- 5%
- By Designation: C-level - 37%, Director-level - 48%, and Others-15%
- By Region: North America- 56%, Europe -17%, Asia- Pacific -20%, and Rest of the World -7%
Recent Developments of Diagnostic Contract Manufacturing Industry:
- In 2022, IdentifySensors Biologics partnered with Jabil Inc. to develop processes for the reliable and robust manufacturing of portable devices that rapidly detect a wide range of infections at the molecular level with an accuracy that is superior to PCR testing.
- In 2022, Plexus Corp. expanded its manufacturing facility in Bangkok, Thailand.
- In 2021, TE Connectivity (US) acquired three companies focused on microfluidic cartridge and blister reagent package development, usability testing, and clinical research and manufacturing.
- In 2020, Sanmina Corporation achieved the Medical Device Single Audit Program (MDSAP) Certification at facilities in Malaysia, Singapore, and Sweden. The certification ensures its compliance with quality practices and audits.
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Diagnostic Contract Manufacturing Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall diagnostic contract manufacturing market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers (early diagnosis and widening scope of clinical applications, adoption of robotics and automation in manufacturing processes, growing outsourcing activity by IVD manufacturers, and high cost of in-house IVD manufacturing), restraints (IP protection concerns and possibility of theft), opportunities (growth opportunities in emerging economies), and challenges (Increasing adoption of refurbished diagnostic imaging systems, lack of constant innovation to balance technological capabilities against costs, and shortage of skilled labor).
- Market Development: Comprehensive information about lucrative markets - the report analyses the diagnostic contract manufacturing market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the diagnostic contract manufacturing market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Jabil Inc. (US), Flex Ltd. (Singapore), Plexus Corp. (US), Sanmina Corporation (US), TE Connectivity Ltd. (Switzerland), Celestica Inc. (Canada), among others in the diagnostic contract manufacturing market strategies.
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