Diagnostic contract manufacturing market to reach USD 44.9B by 2028

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.

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. MarketsandMarkets™