The growth of this market can be attributed to the growing percentage of aging population and people affected by chronic diseases. The recent advancements in packaging solutions have led to increased quality and performance of packaging materials at economical costs. In addition to point-of-care testing, the growing practice of self-testing by the public is another relevant factor contributing to the growth of the in-vitro diagnostics packaging market. Increasing private investments and venture-funding towards the development of innovative products, in addition to growing government support to increase the adoption of point-of-contact medical devices, are providing an unprecedented boost to the global market.
The emphasis of IVD packaging is growing in the healthcare sector owing to the demand for faster diagnosis and increased volume obtained by automation devices. This has resulted in the increased usage of IVD devices in hospitals.
Increasing Number of Point-of-care Tests To Drive The Market
The market is aided by the change in government regulations regarding the usage of point-of-care testing and molecular diagnostics. For instance, these changes have led to increases in the manufacture and development of IVD devices in Europe. It was estimated that there are more than 40,000 different IVD products in the European market. Moreover, both clinical laboratories and manufacturers are increasingly relying on smaller companies with specialized niche technology to increase their market share. This trend is being driven by the growing investment in molecular point-of-care testing (POCT). Also, an increase in the usage of self-testing devices such as self-monitoring of blood glucose devices is also providing a boost to the IVD packaging market.
Growing Demand for Tubes to Drive the Market
By 2025, collection tubes are expected to have the largest share due to their adaptability to virtually all types of IVD procedures as well as due to the evolving user-preference for higher value-added IVDs with enhanced seals and premium additives. Moreover, the flexibility that the tube can be produced using various materials, such as glass and plastic, is further expected to augment the growth. The segment is also propelled by the increasing availability of point-of-care test kits, which majorly comprises of blood tests. Moreover, as hospital diagnostics are replaced by point-of-care tests and professional molecular diagnostic procedures, the demand for these tubes is expected to increase.
Rising Demand from Europe to Drive the Market
The differences in total healthcare expenditure, both in relative terms to GDP and absolute amounts, demonstrate the wide variation in access to healthcare across the countries in Europe. Also, four EU countries are in the five highest per capita health spenders in the world. It was estimated that 92% of IVD devices available globally are manufactured and developed in Europe. Germany, the largest market for IVD packaging in Europe, is expected to register a growth in the IVD packaging market owing to the significant rise in laboratory diagnostics and rapid test markets.
A significant amount of this growth is driven by the increase in general patient requests, fueled by rising chronic diseases, chronic diseases account for 50% of all pathology services. Moreover, the sudden shift toward personalized medical devices is expected to create a demand for IVD devices. The innovations in IVD devices are likely to accelerate the demand for IVD packaging in Germany during the forecast period.
Key Developments in the Market
- October 2017: Merck announced Amicon Ultra-4 and -15 Centrifugal Filter Units – 10,000 NMWL for IVD use. These centrifugal filter units designed for in-vitro diagnostic are intended to use for concentrating serum, urine, cerebrospinal fluid, and other body fluids before analysis.
Reasons to Purchase this Report
- To analyze the increasing number of the point-of-care tests and its effects on market
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Analyzing the product type that is expected to dominate the market
- End user and region that are expected to witness growth during the forecast period
- Latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in Excel)
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study
2. Research Approach and Methodology
3. Executive Summary
4. Market Dynamics
4.1 Market Overview
4.2.1 Growing Demand for Tubes
4.2.2 Increasing Number of Point-Of-Care Tests
4.3.1 Most Populous Market are Still Idle in Business Demand
4.3.2 High Cost of Testing Processes is Hampering the Market Penetration
4.4 Industry Attractiveness - Porter's Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
5. Global IVD Packaging Market Segmentation
5.1 By Product
5.2 By End User
5.2.3 Academic Institutes
5.2.4 Patient Self-Testing
5.2.5 Others (Pharmaceutical & Biotechnology)
5.3 By Region
5.3.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
5.3.3 Asia Pacific
5.3.4 Latin America
5.3.5 Middle East And Africa
184.108.40.206 South Africa
220.127.116.11 Saudi Arabia
6. Competitive Intelligence - Company Profiles
6.1 Bio-Rad Laboratories Inc.
6.2 Corning Incorporated
6.3 Greiner Holding AG
6.4 Narang Medical Ltd
6.5 Amcor Limited
6.6 GBF, Inc.
6.7 Duran Group GmbH
6.8 Wheaton Industries
6.9 WS Packaging Group
6.10 Sarstedt AG & Co. KG
*List is not exhaustive
7. Investment Analysis
8. Future Outlook Of IVD Packaging Market