Clinical Chemistry Segment to Lead IVD Contract Research Organization Market During 2021-2028

According to our latest 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 key factors and trends impacting the market and focuses on prominent players and their strategies.

IVD contract research organizations provide support services to the biotechnology companies throughout the development and commercialization of the product. Diagnostic instruments/equipment companies require various regulatory and testing services to implement product lifecycle. CROs are specifically designed to perform these services to reduce the in-house cost and time of the companies. The increasing demand for in-vitro diagnostics and clinical trials and new product launches by market players drive the IVD contract research organization market growth. However, stringent government policies and lack of skilled workforce limit the market growth.

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.

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 key players operating in the IVD contract research organization market.

The report segments the 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). 

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