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Redding, California - October 20, 2024

IVD Assay Development Market to be Worth $8.39 Billion by 2031

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

Meticulous Research^®—a leading market research company, published a research 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 this latest publication from Meticulous Research^®, the IVD assay development market is projected to reach $8.39 billion by 2031, at a CAGR of 7.9% from 2024 to 2031.

The growth of IVD assay development market is driven by the rising prevalence of chronic diseases & the increasing geriatric population, the high burden of infectious diseases, the growing focus on the development of POC IVD assays, and rising healthcare expenditures. However, the market growth is restrained by an evolving regulatory landscape.

Moreover, the emerging economies and the use of advanced technologies in IVD assay development are expected to generate growth opportunities for market stakeholders. Maintaining product quality & protecting proprietary information pose challenges to the growth of the market.

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 IVD assay development market is segmented by Offering, technology, and application. The report also evaluates industry competitors and analyzes the IVD assay development market at the regional and country levels.

Among the offerings studied in this report, in 2024, the IVD assay development services segment is anticipated to dominate the IVD assay development market with a share of 45.1%. Assay development services have various phases, including the selection of key raw materials, the screening of raw materials, preliminary feasibility studies, the optimization of assay parameters, the verification of assay designs, and clinical sample testing. The increased usage of IVD tests in drug discovery is driving the demand for IVD assay development services. IVD assays are essential for assessing pharmaceutical candidates, detecting biomarkers, making treatment decisions, and identifying patients for specific therapy. With pharmaceutical companies' transition to customized medicine and precision therapies, the demand for high-quality IVD assays is fast increasing. These are factors contributing to the segment’s dominant position in the c market.

Among the technologies studied in this report, in 2024, the immunoassay/immunochemistry segment is anticipated to dominate the IVD assay development market with a share of 42.3%. Immunoassay/immunochemistry is a bioanalytical method in which the quantitation of the analyte depends on the reaction of an antigen and an antibody. Immunoassay technologies utilize antigen-antibody reactions for the detection of causative agents. In addition, higher preference for immunodiagnostics compared to other technologies owing to its inherent specificity and high throughput, and the emergence of advanced diagnostic immunoassay formats. Further, the growing use of immunoassays in Point-of-care (PoC) infectious disease testing, the increasing need to develop novel assays, and the rising aging population are factors contributing to the segment’s dominant position in the IVD assay development market.

Among the applications studied in this report, in 2024, the infectious diseases segment is anticipated to dominate the IVD assay development market. Infectious diseases are transmissible or communicable illnesses that can spread quickly across the masses. It is crucial to accurately diagnose infections to prevent further spread. IVD assays are widely accepted and effective in diagnosing infectious diseases. Government initiatives to promote awareness and testing for infectious diseases, advancements in diagnostic techniques, recent outbreaks of infectious diseases around the world, and rising prevalence of infectious diseases (According to the WHO, there were 39.9 million cases of HIV at the end of 2023 globally, compared to 25.6 million cases in 2021) are factors contributing to the segment’s dominant position in the IVD assay development market.

Among geographies, in 2024, North America is anticipated to dominate the IVD assay development market with a share of 37.8%. The large share of this segment is attributed to factors such as favorable government investments and funding for disease investigation & prevention, high prevalence of various infectious diseases and chronic diseases, well-developed healthcare sector, awareness regarding early disease diagnosis, early adoption of advanced innovative diagnostic products which are significant factors driving the growth of the IVD assay development market in the region.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=6037

Key questions answered in the report-

Which are the high-growth market segments in terms of IVD assay development by offering, technology, application, and geography?
What was the historical market for IVD assay development across the globe?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, opportunities, and challenges in the IVD assay development market?
Who are the major players operating in the IVD assay development market?
What is the competitive landscape like, and who are the leaders in the IVD assay development market?
What are the recent developments in the IVD assay development market?
What are the different strategies adopted by the major players in the IVD assay development market?
What are the geographical trends and high-growth regions/countries?

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Redding, California - October 20, 2024

IVD Assay Development Market to be Worth $8.39 Billion by 2031

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

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