IVD Contract Research Organization Market Forecast to 2029 – COVID-19 Impact, Size, Trends, Share, and Global Industry Analysis By Services, Type, and Geography
IVD contract research organizations provide support services to biotech companies throughout the product development and commercialization process. Diagnostics/equipment companies need different regulatory and testing services to carry out the product life cycle. CROs are specifically designed to provide these services to reduce the cost and time of internal business. Growing demand for in vitro diagnostics and clinical trials as well as new product launches by market participants is driving the growth of the IVD contract research institution market. However, strict government policies and a lack of skilled labor have limited the growth of the market.
According to Pheonix Research, the IVD contract research institution market is expected to reach $8,019.53 million in 2028 from $4,738.79 million in 2021; it is estimated to grow at a CAGR of 8.1% from 2022 to 2029.
The growing importance of contract research organization (CRO) services will help to expand the market. In recent years, Contract Research Organizations (CROs) service has become more popular in the healthcare industry. There have been significant advances in the healthcare sector, including drug research and development. Contract Research Organization (CRO) service organizations are becoming increasingly popular.
Due to the increasing incidence of cancer, diabetes, and other infectious diseases, the market for contract research organization (CRO) services is growing; As the number of patients increases, the demand for laboratory testing services also increases. These services are also cost-effective and provide the least invasive technique for making treatment decisions. These health technologies allow greater flexibility in healthcare management by enabling earlier detection and treatment of disease.
Covid 19 Impact
The COVID-19 pandemic has had a significant impact on the IVD contract research organization globally and has impacted clinical trials of various products. The continued mutation of the existing novel coronavirus and its severity has caused severe loss of life and impacted the global economy. The COVID-19 pandemic is confusing healthcare facilities with unprecedented operational and clinical challenges. The pandemic has had a severe impact on the world, but it has also created an opportunity for the IVD Contract Research Organizations Market. Contract research organizations are prioritizing the development of COVID-19 test kits, treatments, and vaccines, which has halted clinical trials and other R&D activities.
In addition, government support initiatives and investment by major market participants in the development of IVD-based COVID-19 test kits have increased clinical trials for IVD test kits. COVID19. Once the pandemic is contained, clinical trials for other diagnoses along with the COVID-19 test kit and its production are expected to accelerate the growth of the IVD contract research institution market. However, the COVID-19 pandemic has led to the implementation of new practices and approaches with revised regulatory policies for clinical trials, which are expected to have a moderate positive impact on the market. IVD Contract Research Organization in the coming years.
Major players in the IVD Contract Research Organization Market are – Innovations, Clinexa, NAMSA, ICON PLC, Proxima Clinical Research, AKRN Scientific Consulting S.L., DCN Dx, CMIC HOLDINGS Co., a Q² Solutions Company, LTD, ResearchDx, Nexelis, ResearchDx, Toolbox Medical and Others.
Latest Report on “IVD Contract Research Organizations Market (2022-2029)” Segmented Based On Service, Type, And Geography. By Geography, the market is extensively fragmented into Europe, North America, and South America. Europe, APAC, Middle East & Africa, and South America market reports provide in-depth market insights and analysis, focusing on parameters like market trends, technological advancements, market dynamics, and competitive analysis of major global market participants.
Market Segmentation
By Services
• Clinical Research
• Regulatory Services
• Therapeutic Expertise
• Assay Development Services
• Reimbursement Support Services
• Biostatistics & Data Management Services
• Others
By Type
• Clinical Chemistry
• Molecular Diagnostics
• Hematology
• Immunochemistry
• Histology & Cytology
• Companion Diagnostics
• Microbiology
• Others
By Region
North America
• U.S.
• Canada
• Mexico
Europe
• Germany
• Russia
• U.K.
• France
• Italy
Middle East & Africa
South America
• Argentina
• Brazil
• Bolivia
• Others