In-Vitro Diagnostics (IVDs) are medical equipment used to perform tests on bodily fluids such as blood, stool, urine, etc. to detect infections and diseases. In addition to this, they also help to monitor drug therapies and detect early diagnosis so as to treat a chronic disease at the initial stage. IVD devices can range from simple tests to sophisticated DNA technology including calibrators, software, reagents, control materials, kits and other instruments. To ensure a quality result, IVD tests require specialized packaging which includes bottles, boxes, plates and bags to protect the chemicals and samples. According to the latest report by IMARC Group, titled “In-Vitro Diagnostics Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global in-vitro diagnostics packaging market reached a value of US$ 6.2 Billion in 2018.
IVD equipment play a crucial part in the healthcare sector by adding a significant value to medical diagnosis and treatment processes and enhancing the well-being of the general public. A rise in the number of geriatric population and people affected by chronic diseases are the major growth-inducing factors for the IVD packaging market. Additionally, high adaptability of bottles, vials, tubes, etc. for several IVD procedures due to perfectly designed closures facilitates the market growth. Apart from this, recent developments in IVD are projected to increase the quality and functionality of packaging materials without affecting the packaging cost. On account of these factors, the market value is projected to reach US$ 7.6 Billion by 2024, expanding at a CAGR of 3.4% during 2019-2024.
This report provides a deep insight into the global in-vitro diagnostics packaging market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the in-vitro diagnostics packaging market in any manner.
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