IVD Contract Research Organization Market is expected to reach US$ 8,019.53 Million by 2028

Increasing Demand for In-Vitro Diagnostics and Clinical Trials to Contribute to Global IVD Contract Research Organization Market Growth during 2021–2028

According to our latest market research study on “IVD Contract Research Organization Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Services,” the market is expected to grow from US$ 4,738.79 million in 2021 to US$ 8,019.53 million by 2028; it is estimated to grow at a CAGR of 7.8% from 2021 to 2028. The report highlights the trends prevailing in the market and market drivers and deterrents. The increasing demand for in-vitro diagnostics and clinical trials and new product launches by market players drive the market growth. However, stringent government policies and lack of skilled workforce limit the market growth.

Based on services, the IVD contract research organization market is segmented into clinical research, biostatistics and data management services, therapeutic expertise, regulatory services, reimbursement support services, assay development services, and others. In 2021, the biostatistics and data management services segment held the largest share of the market. However, the clinical research segment is expected to register the highest CAGR from 2021 to 2028. Clinical research is one of the most important areas in the pharmaceutical industry, since it helps ensure that pharmaceuticals are developed effectively by proving their efficacy, safety, and bioequivalence. Clinical research offers a diverse portfolio that includes developing new compounds; discovering new indications, drug design, and dose regimens; evaluating drug delivery devices; studying the safety of the generated product; and determining equivalence against the reference product.   

Before COVID-19 pandemic, the global IVD contract research organization market was developing at a significant rate owing to the opportunities and demand in Asia Pacific. It has become priority for the healthcare industry and government to deal with the pandemic and for that they must prioritize the clinical trials for COVID-19 treatment and diagnostics as compared to other disorders. The clinical trials for other disorders were on halt and manufacturers along with contract research organization were focusing on the development of IVD for COVID-19 testing, which helps in treatment and monitoring. The increased production and supply of COVID-19 testing kits in India and China along with other ongoing clinical trials in the region are expected to have moderately positive impact on the growth of the IVD contract research organization market.

Proxima Clinical Research, Inc.; Clinexa; ResearchDx; NAMSA; Nexelis; a Q² Solutions Company; ICON PLC; Toolbox Medical Innovations; DCN Dx; CMIC HOLDINGS Co., LTD; and AKRN Scientific Consulting S.L. are among the prominent players operating in the global IVD contract research organization market.

Companies are launching new and innovative products and services to sustain their position in the global IVD contract research organization market. In September 2020, ICON plc, launched accellacare, a global clinical research network offering patients easier and faster access to treatments and offering customers the option to deploy decentralized trials.   

Global IVD Contract Research Organization Market, by Region, 2021 (%)

The report segments the global IVD Contract Research Organization market as follows:

The IVD contract research organization market is bifurcated on the basis of type and services. Based on type, the market is segmented into clinical chemistry, molecular diagnostics, immunochemistry, companion diagnostics, hematology, histology and cytology, microbiology, and others. Based on services, the IVD contract research organization market is segmented into clinical research, biostatistics and data management services, therapeutic expertise, regulatory services, reimbursement support services, assay development services, and others. By geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, Africa, and the Rest of Middle East & Africa), and South and Central America (Brazil, Argentina, and the Rest of South and Central America).