Immunohistochemistry (IHC) Market Growth Is Attributed To The Increasing Demand For Diagnostic Applications

According to Precision Business Insights (PBI), the latest report, the Immunohistochemistry (IHC) market is expected to be worth USD 2.09 billion in 2022, growing at a 9.2% CAGR from 2022 to 2028. The global Immunohistochemistry (IHC) market is segmented into the following types: by Product (Antibodies (Primary antibodies and Secondary antibodies), Reagents (Histological Stains, Blocking Sera and Reagents, Chromogenic Substrates, Fixation Reagents, Organic Solvents, Proteolytic Enzymes, Diluents, Other Reagents), Equipment (Slide-staining Systems, Tissue Processing Systems, Slide Scanners, Other Equipment), Kits (IHC Kits for Human tissue, IHC Kits for Animal tissue)), by Application (Diagnostic applications (Cancer, Infectious diseases, Autoimmune diseases, Nephrological diseases, Neurological diseases, Other diseases), Research Applications (Drug development and Testing, Other research applications), Forensic applications), by End-user (Hospitals & Diagnostic Laboratories, Academic & research Institutes, Other end users), and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) Forecast to 2028. Key players' profiles in the Immunohistochemistry (IHC) market report are 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, Agilent Technologies, Inc., and Abcam plc. In the future, the market will be expected to grow due to the rise in the prevalence of chronic diseases. The increase in patients with cancer, infectious diseases, and cardiovascular disorders where immunohistochemistry is employed for diagnosis would aid the industry's expansion and help it capture its market share shortly. The rate at which infectious diseases are growing is worrying, which challenges medical professionals in creating drugs for such unidentified diseases. The rise in demand for treating such conditions will soon propel the market to a flourishing pace.

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Diagnostic Applications Segment to Dominate the Immunohistochemistry (IHC) Market:
The diagnostic applications segment is expected to account for a larger revenue share in the global Immunohistochemistry (IHC) market, with a value share worldwide. It is projected to grow at a 10.2% CAGR between 2022 and 2028. The growing prevalence of cancer and the widespread use of immunohistochemistry in diagnosing infectious diseases, cardiovascular disorders, and other diseases are credited with the high proportion of this market. Lung, female breast, bowel, and prostate cancer are the four types of cancer that are diagnosed most frequently worldwide, according to Cancer Research UK. More than four in ten of all malignancies diagnosed worldwide are one of these four. By 2040, there will be 27.5 million new cases of cancer year, and there will be 9.6 million cancer-related deaths globally. A few other reasons driving the market expansion include an aging population that is more susceptible to infections and other chronic diseases and an increase in diagnostic facilities worldwide.

Asia Pacific Immunohistochemistry (IHC) Market
The Asia Pacific market is expected to increase in the global Immunohistochemistry (IHC) market over the forecast period. It is projected to grow at a CAGR of 10.4% in the coming years. Due to some factors, including rising disposable income, expanding healthcare spending, increasing demand for high-quality medical care, and rising pharmaceutical and biopharmaceutical company investments, APAC is anticipated to grow at the quickest rate over the projection period. Other significant factors influencing the growth of the immunohistochemistry market in APAC include the rising frequency of chronic diseases, the rapidly rising elderly population, increased university and government spending on diagnostic research, and numerous industry participants.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Immunohistochemistry (IHC) market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In August 2021, Agilent received a CE-IVD mark in Europe for its PD-L1 IHC 22C3 pharmDx assay for the identification of oesophageal cancer patients for treatment with KEYTRUDA.

Detailed Segmentation
Based on the product, the market is segmented into the following:
• Antibodies
• Reagents
• Equipment
• Kits

Based on the application, the market is segmented into the following:
• Diagnostic applications
• Research Applications
• Forensic applications

Based on the end user, the market is segmented into the following:
• Hospitals & Diagnostic Laboratories
• Academic & research Institutes
• Other end users

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