The IVD Contract Research Organization Market Growth driven by the increasing demand for in-vitro diagnostics and clinical trials and new product launches by market players.

New York, March 30, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “IVD Contract Research Organization Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Clinical Chemistry, Molecular Diagnostics, Immunochemistry, Companion Diagnostics, Hematology, Histology & Cytology, Microbiology, and Others), Services (Clinical Research, Biostatistics & Data Management Services, Therapeutic Expertise, Regulatory Services, Reimbursement Support Services, Assay Development Services, and Others), and Geography”, the global IVD contract research organization market is projected to reach US$ 8,019.53 million by 2028 from US$ 4,738.79 million in 2021; it is estimated to grow at a CAGR of 7.8% from 2021 to 2028.

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Report Coverage	Details
Market Size Value in	US$ 4,738.79 Million in 2021
Market Size Value by	US$ 8,019.53 Million by 2028
Growth rate	CAGR of 7.8% from 2021 to 2028
Forecast Period	2021-2028
Base Year	2021
No. of Pages	155
No. Tables	57
No. of Charts & Figures	78
Historical data available	Yes
Segments covered	Type, Services, and Geography
Regional scope	North America; Europe; Asia Pacific; Latin America; MEA
Country scope	US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends

IVD Contract Research Organization Market: Competitive Landscape and Key Developments
NAMSA, ICON PLC, and DCN Dx have implemented various inorganic strategies, such as partnerships and collaborations, which bought dynamic improvements in the IVD contract research organization market. Various companies are also adopting organic strategies, such as product launches and expansions, to expand their business and enhance geographic presence. Additionally, acquisitions and partnerships help market players strengthen their customer base and expand the product portfolio.

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In March 2022, NAMSA, a world leading MedTech Contract Research Organization (CRO) offering global end-to-end development services, announced the acquisition of ÅKRN Scientific Consulting, a prominent European Medical Device CRO based in Madrid, Spain.

In February 2021, Icon Plc acquired PRA Health Sciences, Inc. Both businesses can provide value to their patients, clients, staff, and shareholders as a result of these acquisitions.

In June 2021, DCN Dx acquired IVD Vision, a developer of diagnostics instruments and software. Also, DCN Dx expanded its capabilities for electrical, mechanical, software, optical, and systems engineering for IVD diagnostics.

In September 2020, ICON plc, launched Accellacare a global clinical research network offering patients easier and faster access to creative treatments and offering customers the option to deploy decentralized trials.

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IVD Contract Research Organization Market: Key Insights – Impact of COVID-19 Pandemic
Before COVID-19 pandemic, the global IVD contract research organization market was developing at a significant rate owing to the opportunities and demand in the global market. 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 Medtech industry and its organization reently called for the posponment of the implementation of Medical Device Regulation  and n Vitro Diagnostic Regulation specially in Europe. Various regulatory changes were scheduled to come into effect in May 2022 as part of the new EU IVDR, however the dates are likely to be delayed a year because of the COVID-19 pandemic.

Furthermore, the countries such as India, China were focusing on the development of COVID-19 test kits in the country itself and local contract research organizations were helping them along with government support. For instance, in March 2020, Mylab is the first and only Indian company to to get approval from the Indian FDA for Covid-19 test kits. The company placed society first and offered Covid-19 kits at one fourth the cost borne by the government. They are working with the central and state governments, ICMR and NIV to ensure kits are available in the remotest parts of the country and to the friends of India. Thus, increased production and supply of COVID-19 testing kits in the countries along with other ongoing clinical trials in the global market are expected to have moderately positive impact on the growth of the IVD contract research organization market. 

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IVD Contract Research Organization Market: Segmental Overview
Based on type, the IVD contract research organization market is segmented into clinical chemistry, molecular diagnostics, immunochemistry, companion diagnostics, hematology, histology and cytology, microbiology, and others. The clinical chemistry segment held the largest market share in 2021. However, the hematology segment is anticipated to register the highest CAGR during the forecast period. Factors such as increased patient awareness, patient self-testing, a rapidly ageing global population, and automated testing due to technological advancements drive the market growth. A few commonly observed blood diseases are blood clots, anemia, hemophilia, lymphoma, leukemia, and myeloma. The growing prevalence of blood-related diseases is leading to the development of new blood tests. Therefore, the market growth for the hematology segment is prominently attributed to the considerable prevalence of blood-related disorders and extensive growth in clinical trials.

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Immunochemistry Instruments and Reagents Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Product (Instruments and Consumables), Application (Cardiology, Endocrinology, Oncology, Therapeutic Drug Development & Monitoring, Infectious Disease Testing, Drugs Of Abuse Testing and others) End user (Hospitals And Clinics, Diagnostic Laboratories, Research Labs & Institutes, Biopharmaceutical & Biotechnology Companies and Others) and Geography

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