The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Diagnostic Contract Manufacturing Global Market Report 2024, the diagnostic contract manufacturing market is expected to show significant growth in the forecast period.

• Market Size and Growth Rates:
  • In 2023, the diagnostic contract manufacturing market was valued at $27.44 billion.
  • The market is expected to reach $31.29 billion in 2024, growing at a compound annual growth rate (CAGR) of 14.0%.
  • By 2028, the market size is projected to expand to $53.74 billion, with an increased CAGR of 14.5%.
• Historic Growth Factors:
  • Outsourcing Demand: Increasing reliance on outsourcing to achieve cost efficiency.
  • Regulatory Compliance: Stricter regulatory requirements for quality and compliance.
  • Shortened Product Lifecycles: Need for flexible manufacturing solutions.
  • Globalization: Expanded operations and supply chains of diagnostic companies.

Future Growth Drivers

• Personalized Diagnostics: Rising demand for personalized diagnostic tests and companion diagnostics.
• Point-of-Care Testing: Expansion of decentralized diagnostic platforms.
• Specialty Testing Outsourcing: Increase in outsourcing molecular diagnostics and immunoassays.
• Flexible Manufacturing: Shift towards more adaptable manufacturing processes.
• Technological Advancements:
  • Automation and Robotics: Adoption in manufacturing processes.
  • 3D Printing: Utilized for rapid prototyping and customization.
  • AI and Data Analytics: Integration into manufacturing processes.
  • Digital Twin Technology: Simulation and optimization of manufacturing processes virtually before physical implementation.

Preventive Healthcare’s Impact on Market Growth

• Preventive Healthcare:
  • Focus on measures to prevent disease and injury, driven by rising healthcare costs, chronic disease prevalence, and an aging population.
  • Diagnostic contract manufacturing supports preventive healthcare by providing essential diagnostic tools and tests.
• Market Impact:
  • Customized solutions, quality assurance, scalability, and cost-effective solutions for early disease intervention.
  • Significant increase in preventive healthcare spending noted in the EU, with expenditure reaching 0.65% of GDP in 2021, and a rise in immunization program spending.

View More On The Diagnostic Contract Manufacturing Market Report 2024 – https://www.thebusinessresearchcompany.com/report/diagnostic-contract-manufacturing-global-market-report

Key Market Players

• Major Companies:
  • Thermo Fisher Scientific Inc., Abbott Laboratories, Jabil Inc., Flex Ltd., Becton Dickinson and Company (BD)
  • TE Connectivity Ltd., Sekisui Diagnostics LLC, Sanmina Corporation, Celestica Inc., Nipro Medical Corporation
  • Philips-Medisize Corporation, Plexus Corp, West Pharmaceutical Services Inc., Benchmark Electronics Inc., Bio-Rad Laboratories
  • QIAGEN N.V., Kimball Electronics Inc., Integer Holdings Corporation, Bio-Techne Corporation, Nolato AB
  • Nova Biomedical Corporation, Meridian Bioscience Inc., Fujirebio Inc., Biokit S.A., Invetech Pty. Ltd.
  • KMC Systems, Savyon Diagnostics Ltd., Prestige Diagnostics U.K. Ltd., Cenogenic Corporation, Avioq Inc.

Strategic Partnerships Enhancing Innovation

• Collaborations:
  • Companies are forming strategic partnerships to support diagnostic equipment production and gain a competitive edge.
  • Example: Highfield Diagnostics Ltd. collaborated with SCIENION GmbH in July 2022 for mass manufacturing lateral flow tests (LFTs) incorporating flowDx technology. This partnership aims to enhance production efficiency and accuracy in LFTs.

Market Consolidation Through Acquisitions

• Recent Acquisition:
  • In August 2023, RQM Ltd. acquired Kottmann GmbH, enhancing its presence in the European MedTech market.
  • The acquisition aims to improve operational efficiency and accelerate client market entry, solidifying RQM’s position in the MedTech CRO space.

Market Segmentation

• By Service:
  • Device Development and Manufacturing Services
  • Quality Management Services
  • Packaging and Assembly Services
  • Other Services
• By Application:
  • In Vitro Diagnostic Devices
  • Diagnostic Imaging Devices
  • Other Applications
• By End User:
  • Medical Device Companies
  • Pharmaceutical and Biopharmaceutical Companies
  • Other End Users

Regional Insights

• Largest Region:
  • North America was the largest region in the diagnostic contract manufacturing market in 2023.

By focusing on these growth drivers, technological advancements, and strategic partnerships, the diagnostic contract manufacturing market is poised for significant expansion in the coming years.

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