The global immunohistochemistry market in terms of revenue was estimated to be worth $3.2 billion in 2023 and is poised to reach $4.7 billion by 2028
The latest report titled “Immunohistochemistry Market by Product (Antibodies, Reagents, Equipment, Kits), Application (Diagnostics [Cancer, Infectious, Autoimmune Diseases], Research, Forensic), End Users (Diagnostic laboratories, Research Institute) – 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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=121632939
The driving forces behind this growth include several key factors. Firstly, the increase in the geriatric population and the consequent rise in cancer cases globally have significantly contributed to market expansion. Secondly, technological advancements in Immunohistochemistry (IHC) have enhanced its diagnostic capabilities, making it an increasingly preferred method across various medical applications. Furthermore, the availability of reimbursements for IHC tests has facilitated broader adoption.
However, despite the positive outlook, certain factors may impede market growth. The presence of alternative tests and the significant market consolidation by major players are expected to pose challenges during the forecast period.
Companion diagnostics include tests or assays intended to assist healthcare providers in making treatment decisions for patients based on the best response to therapy. The co-development of companion diagnostics with therapeutic products has the potential to significantly alter the drug development process and commercialize drug candidates by yielding safer drugs with enhanced therapeutic efficacy quickly and cost-effectively. With an increase in the demand for high-priced specialist therapies and safer drugs, the market for companion diagnostics has a high growth potential. The growing importance of companion diagnostics is also providing growth opportunities for the diagnostics segment and, in turn, the IHC market. Recently, In October 2022, Roche received approval by US FDA for first IHC based companion diagnostic for PATHWAY anti-HER2/neu (4B5) Rabbit Monoclonal Primary Antibody to identify metastatic breast cancer patients with low HER2 expression for whom Enhertu (fam-trastuzumab deruxtecan-nxki). Pharmaceutical companies are increasingly collaborating with diagnostic companies to make safer and more effective drugs. For instance, in January 2023, Thermo partnered with AstraZeneca to Develop Solid Tissue and Blood-Based Companion Diagnostic Test for Tagrisso. Also, in January 2020, Amgen entered into strategic collaborations with Guardant Health, Inc. (US) and QIAGEN (Germany) to develop blood- and tissue e-based companion diagnostics (CDx), for investigational cancer treatment AMG 510. Such development for companion diagnostics and the integration of companion diagnostics with IHC is facilitating personalized medicine, supporting drug development and approval processes, expanding market potential, improves patient outcomes, encouraging research collaboration, and providing growth opportunities for Immunohistochemistry Market.
The report highlights the remarkable growth in the Kits product segment within the immunohistochemistry market. In 2022, this segment witnessed the highest growth rate, 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.
In terms of applications, while diagnostic and research segments dominate the market, 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.
Among 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. The Asia-Pacific region emerges as the fastest-growing market, propelled by economic growth, rising chronic diseases prevalence, increasing healthcare spending, and government initiatives promoting healthcare awareness and accessibility.
Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=121632939
Key players in the global immunohistochemistry market include F. Hoffman-La Roche AG, Danaher Corporation, and Agilent Technologies, Inc.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
© 2024 Crivva. All Rights Reserved.