Diagnostic Contract Manufacturing Market Worth $44.9 billion | MarketsandMarkets™

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.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=5534234

Browse in-depth TOC on "Diagnostic Contract Manufacturing Market"

183 - Tables
37 - Figures
218 - Pages

Diagnostic Contract Manufacturing Market Scope:

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.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=5534234

Diagnostic Contract Manufacturing Market Dynamics:

Drivers:

1. High cost of in-house IVD manufacturing

Restraints:

1. High IP protection concerns and the possibility of IP theft

Opportunities:

1. Growth opportunities in emerging countries

Challenge:

1. 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.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=5534234

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.

Related Reports:

In Vitro Diagnostics Market - Global Forecasts to 2029

Monoclonal Antibody Therapeutics Market - Global Forecasts to 2029

Diagnostic Electrocardiograph (ECG) Market - Global Forecasts to 2028

Life Science Instrumentation Market - Global Forecasts to 2028

Biomarkers Market - Global Forecasts to 2028

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/diagnostic-contract-manufacturing-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/diagnostic-contract-manufacturing.asp

Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets