Immunohistochemistry Market is Projected to Reach the Valuation of US$ 4.59 Billion in 2032
The immunohistochemistry market size is expected to be worth US$ 2.05 billion in 2022 and US$ 4.59 billion by 2032, with a quick CAGR of 8.4% between 2022 and 2032. Adoption of immunohistochemistry is anticipated to increase as a result of the rise in healthcare spending and the spike in interest in living a higher quality life.
The immunohistochemistry market outlook is anticipated to expand due to the increase in chronic diseases. As value-based healthcare solutions are becoming more popular, it is anticipated that the demand for immunohistochemistry is likely to increase rapidly.
The immunohistochemistry market share is expected to increase due to an increase in patients with cancer, infectious diseases, and cardiovascular disorders, all of which use immunohistochemistry for diagnosis.
The alarming rate at which infectious diseases are spreading presents a challenge for medical professionals in developing drugs for such unidentified diseases. The rise in demand for immunohistochemistry for such diseases is expected to drive immunohistochemistry market growth.
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According to the International Diabetes Federation, 463 million people aged 20 to 79 worldwide have diabetes as of 2019, with that figure expected to rise to nearly 700 million by 2045. Increased R&D in immunohistochemistry-based techniques is expected to drive immunohistochemistry market growth in the coming years.
Additionally, the adoption of immunohistochemistry is estimated to grow over the course of the projected period due to an increase in the incidence and prevalence of chronic diseases like cancer, where proteins are expected to play a significant role. Short-term expansion of the immunohistochemistry industry is expected to be constrained by unfavorable reimbursement regulations.
Key Takeaways from Market Study
- Since antibodies play such an important role in disease diagnosis and medication testing, the antibodies segment dominated the immunochemistry market in 2021, accounting for more than 41% of global revenue.
- The diagnostics application sector accounted for approximately 70% of revenue in 2021, and it is expected that this segment is projected to lead during the forecast period.
- In 2021, hospitals and diagnostic laboratories generated more than 71% of total revenue, dominating the immunochemistry market.
- North America is likely to dominate the immunochemistry market in 2021, accounting for more than 39% of global sales.
- Asia Pacific is expected to have the fastest CAGR during the forecast period. This is largely due to global players increased geographic presence in Asian markets.
“Increasing automation and machine learning deployment in immunohistochemistry (IHC), as well as the release of technologically enhanced IHC solutions, are expected to significantly drive the immunohistochemistry market share during the forecast period. Due to advancements in IHC methods, the demand for immunohistochemistry in disease diagnosis has increased significantly.”- Future Market Insights Analyst.
Key players in the immunohistochemistry market are developing cutting-edge products that are expected to drive immunohistochemistry market growth.
The introduction of these clinical diagnostic markers could help the immuno-oncology field advance early cancer medication development. The immunohistochemistry market is expected to expand at a faster rate during the forecast period due to R&D advancements.
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The following companies are among the major players in the global immunohistochemistry market:
Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., Merck KGaA; Danaher Corporation; PerkinElmer, Inc., Bio-Rad Laboratories, Inc., Cell Signaling Technology, Inc., Bio SB; Abcam plc., Agilent Technologies, Inc.
Recent Developments in Immunohistochemistry Market:
- Roche’s VENTANA MMR RxDx companion diagnostic test was approved by the FDA in August 2021 for solid tumours that lack the MMR pathway. The test determines who is eligible for JEMPERLI, GSK’s anti-PD1 immunotherapy.
- Agilent received a CE-IVD mark in Europe in August 2021 for its PD-L1 IHC 22C3 pharmDx assay for the identification of oesophageal cancer patients for treatment with KEYTRUDA.
- Biocare Medical LLC introduced the ONCORE Pro, a fully automated in vitro diagnostic benchtop system for In-situ Hybridization (ISH) and IHC applications, in January 2021.
- In January 2021, Abcam and Shuwen Biotech (Shuwen) formed a strategic partnership to develop and market Companion Diagnostics (CDx). According to the agreement, Abcam will provide recombinant rabbit monoclonal antibodies to Shuwen Biotech for additional immunohistochemistry.
- Drug Testing
- Hospitals & Diagnostic Laboratories
- Research Institutes
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