Immunohistochemistry Market Poised for Significant Growth by 2028
The latest report "Immunohistochemistry Market size by Product (Antibodies, Reagents, Equipment, Kits), Application (Diagnostics [Cancer, Infectious, Autoimmune Diseases], Research, Forensic), End Users (Diagnostic Laboratories, Research Institutes) - Global Forecast to 2028" projects significant growth in the global immunohistochemistry market. According to the report, the market is anticipated to reach USD 4.7 billion by 2028, up from USD 3.2 billion in 2023, reflecting a notable CAGR of 7.4% during the forecast period of 2023 to 2028.
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Key Drivers of Market Growth
Several factors are driving the growth of the immunohistochemistry market:
- Increasing Geriatric Population and Cancer Cases: The global rise in the aging population has led to an increase in cancer cases, significantly contributing to market expansion.
- Technological Advancements: Continuous advancements in immunohistochemistry (IHC) technology have enhanced its diagnostic capabilities, making it a preferred method across various medical applications.
- Reimbursement Availability: The availability of reimbursements for IHC tests has facilitated broader adoption, further driving market growth.
Challenges to Market Growth
Despite the positive outlook, certain factors may impede market growth:
- Presence of Alternative Tests: The existence of alternative diagnostic tests poses a challenge to the IHC market.
- Market Consolidation: Significant market consolidation by major players is expected to pose challenges during the forecast period.
Segment Insights
Product Segment:
- The Kits product segment within the immunohistochemistry market witnessed the highest growth rate in 2022. This growth is attributed to the growing demand for comprehensive solutions from single, reliable providers. Ready-to-use kits streamline the IHC process, eliminating the time-consuming selection of primary antibodies and stains, thus fostering market growth.
Application Segment:
- The diagnostic and research segments dominate the market. However, the forensic application segment accounted for the smallest share in 2022. Although IHC plays a crucial role in forensic pathology, particularly in determining the cause of death, its applications are limited due to tissue degradation post-mortem.
End Users:
- Hospitals and diagnostic laboratories represent the largest segment, driven by the increasing number of specialty diagnostic tests and the rising trend of in-house diagnostic capabilities.
Regional Insights
The Asia-Pacific region emerges as the fastest-growing market, propelled by:
- Economic growth
- Rising prevalence of chronic diseases
- Increasing healthcare spending
- Government initiatives promoting healthcare awareness and accessibility
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The prominent players of this market are F. Hoffmann-LA-Roche AG (Switzerland), Danaher Corporation (US), Agilent Technologies Inc. (US), Merck KGAA (Germany), Bio-Rad Laboratories Inc.(US), Eagle Biosciences Inc. (US), Biocare Medical LLC. (US), Elabscience Biotechnology Inc. (China), Bio-Genex Laboratories (US), Diagnostic Biosystem (US), Histo-Line Laboratories (Italy), Rockland Immunochemicals Inc. (US), Genemed Biotechnologies Inc.(US), Candoor Bioscience GMBH (Germany), Bio-Techne Corporation (US), Abcam PLC (UK), Becton, Dickinson and Company (US), Perkinelmer Inc. (US), Takara Bio, Inc. (Japan), Thermo Fisher Scientific Inc. (US), PHC Holdings Corporation (Japan), Cell Signaling Technology Inc. (US), Bio SB Inc. (US), Miltenyi Biotech (Germany), Sakura finetek Japan Co., Ltd.(Japan), Enzo Biochem, Inc.(US), and Origene Technologies Inc.(US).
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