Immunohistochemistry Market

Global Immunohistochemistry Market Size (2022 to 2027)

The size of the global IHC market is forecasted to value USD 2.69 billion by 2027 from USD 1.88 billion in 2022, growing at a CAGR of 7.4% from 2022 to 2027.

Immunohistochemistry is a staining procedure done on a fresh or stored cancer tissue removed during the biopsy. IHC is used to detect if the cancer cells have hormone receptors on their surface. IHC is majorly used for the diagnosis of cancers, especially tumor antibodies.

MARKET DRIVERS:

Growth in the prevalence of chronic diseases is one of the major factors driving the global immunohistochemistry (IHC) market.

Rising incidences of cancer and the increasing geriatric population worldwide are some major drivers for the growth of the immunohistochemistry market. Other factors that fuel market growth are increasing healthcare expenditure and improving healthcare infrastructure, thus leading to more hospitals and diagnostic laboratories day by day. The market is showcasing significant potential during the mentioned forecasting period. It will continue to grow with the recent developments in the medical sector.

The introduction of technologically advanced immunohistochemistry solutions and growing drug discovery & development activities are the major factors in developing the target market's growth. Rising approvals of products and introducing technologically advanced immunohistochemistry solutions for disease diagnosis further fuel the growth of the global immunohistochemistry market.

Whereas the involvement of major players to develop IHC solutions collaborating with the pharmaceutical drug manufacturers for developing and providing IHC companion diagnostic solutions for their immunotherapies is creating lucrative opportunities for the market's growth. Besides, awareness about these chronic diseases is anticipated to increase the demand for immunohistochemistry solutions contributing to market growth.

MARKET RESTRAINTS:

However, the lack of specificities associated with IHC techniques coupled with its high setup cost is the major restraints that limit the growth of the global immunohistochemistry market. Lack of specificity of IHC techniques for diagnosing some chronic diseases is the major challenge faced by the Immunohistochemistry market. Additionally, a considerable burden high setup cost of IHC equipment on hospitals and the diagnostic laboratories among the emerging economies are the other factors that are limiting the growth of the target market.

COVID-19 impact on the global immunohistochemistry market:

The COVID-19 adversely impacted the global economy in 2020. The World Health Organisation declared COVID-19 as a pandemic. Due to the virus's fast spread with human-to-human interactions, almost all countries had implemented the lockdown. Moreover, due to the pandemic, all countries had closed their borders, which adversely impacted the global economy in 2020. The lockdown had affected every aspect of the diagnostic industry, including IHC testing. The surgeons run an IHC test to give the best treatment for patients after conducting the surgeries. Due to the pandemic, the patient's visit to the hospitals and the number of elective surgeries and diagnostic tests has dramatically fallen, which had significantly diminished the sales of IHC products during the pandemic.

REPORT COVERAGE:

This research report on the global immunohistochemistry market has been segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2027.

Immunohistochemistry Market – By Product:

• Antibodies
• Reagents
• Equipment              
• Kits             

Based on the product, the antibodies segment is predicted to lead the global immunohistochemistry market during the forecast period. The mandatory use of antibodies in carrying out the immunohistochemistry diagnosis of various diseases like cancer, infectious diseases, and other diseases is the primary reason for antibody segment growth. The other reason that has boosted this segment is the rising usage of research antibodies for drug development.

Immunohistochemistry Market – By Application:            

• Diagnostics              
• Drug testing                   

Based on the application, the diagnostic segment had accounted for the largest share of the Immunohistochemistry market in 2020. The growth of the market in this segment is attributed to the growing incidence & prevalence of cancer. Also, the burden of infectious diseases and the favorable reimbursement scenario for IHC tests is another factor growing the segment's share in the market.

Immunohistochemistry Market – By End User:

• Hospitals & Diagnostics Laboratories       
• Research Institutes             

Based on the end-users, the Hospitals & Diagnostics Laboratories segment is the vital segment with the majority of the market's share due to technological advancements such as automated sample preparation and digital pathology, which have added considerable value. Also, the growing demand for disease diagnosis due to the rise in the incidence of chronic diseases is the other factor that has boosted the target market among this segment.

Immunohistochemistry Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, The IHC market in North America is leading because of advancements in the biotech market and commercialization. The North America Immunohistochemistry Market was valued at USD 530 million in 2020 and is estimated to grow at a CAGR of 7.6% to reach USD 760 million by 2025. The primary factor driving the growth of the target market in this region is the growing adoption of these immunohistochemistry instruments in laboratories & diagnostic centers. Also, a supportive reimbursement framework in countries like the US and Canada boosts the penetration of automated devices, promoting the growth of the target market in the region. Further, an increase in the incidence of cancer is driving the demand for these immunohistochemistry techniques. For instance, according to the American Cancer Society, in 2019, it is reported that 1,762,450 new cancer cases were diagnosed, and more than 606,880 cancer deaths in the United States.

However, the IHC market in the Asia-Pacific region is expected to increase during the forecast period. The Asia Pacific IHC Market was valued at USD 490 million in 2020 and is anticipated to reach USD 690 million at a CAGR of 7.2%by 2025. The rapid growth of the target market in this region is attributed to the economic development in countries like China, India, South Korea, and Singapore. Besides, the rapid growth of the aging population and the high prevalence of chronic diseases are the other factors that are fuelling the Asia-Pacific Immunohistochemistry Market development. Moreover, WHO estimates that the annual events of CVDs are predicted to rise by 50% in China between 2010 and 2030.

The IHC market in Europe is expected to grow at a higher rate in the coming years following the Asia Pacific. Constant economic growth and rising disposable income in urban areas are mainly propelling the market demand in this region.

The IHC market in Latin America is growing due to the increasing incidences of cancer, stabilization of the economy over the past years, growing expenditure on healthcare, developing infrastructure, and rising disposable income.

The IHC Market in the Middle East & Africa is estimated to register a growth rate of 7.3% during the forecast period.

KEY MARKET PARTICIPANTS:

Some of the notable companies leading the global immunohistochemistry market profiled in this report are F. Hoffmann-La Roche AG, Danaher Corporation, Agilent Technologies, Inc., Thermo Fisher Scientific Inc., Merck Millipore, Bio-Rad Laboratories, Inc., PerkinElmer, Inc., Abcam plc, Cell Signaling Technology, Inc., and Bio SB Inc.