Immunohistochemistry Market Expected to Reach $4.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Immunohistochemistry Market," The Immunohistochemistry Market size was valued at $2.4 billion in 2021 and is estimated to reach $4.5 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.

Immunohistochemistry is a technique that is used to diagnose numerous chronic illnesses like cancer and cardiovascular and infectious diseases. It is a highly sensitive method that allows the localization of antigens within a cell or a tissue with high resolution. The method is based on the use of a primary antibody that specifically binds to its complementary antigen.

The key Immunohistochemistry Market trends are the rise in the prevalence of chronic disease, the rise in the geriatric population and increase in healthcare expenditure across the world drivesImmunohistochemistry Market growth. According to a report published by the World Health Organization, in 2021, non-communicable diseases (NCDs) killed around 41 million people each year, which was 71% of all deaths globally. However, lack of skilled professionals restricts the market growth in the forecast period.

The global Immunohistochemistry Industry is segmented into product, application, end-user, and region. By product, the market is categorized into antibodies, reagents, equipment, and kits. the antibody segment is further classified into primary antibodies and secondary antibodies. By reagent segment is further classified into histological stains, blocking sera and reagents, chromogenic substrates, fixation reagents, organic solvents, proteolytic enzymes, diluents, and other reagents equipment segment is further classified into slide-staining systems, tissue processing systems, slide scanners and other. kits segment is further classified into IHC kits for human tissue, IHC kits for animal tissue. By application, the market is segmented into diagnosis, research application, and forensic. By diagnosis, the segment is further bifurcated into cancer, infectious diseases, autoimmune diseases, nephrological diseases, neurological diseases, and other diseases. By research application segment is further classified into drug testing and others. By end user, the market is categorized into hospitals & diagnostic laboratories, academic & research institutes, and other end users.

On the basis of product, the immunohistochemistry market has been segmented into antibodies, reagents, equipment, and kits. In 2021, the antibodies segment accounted for the largest share of the market. The dominance of this segment can be attributed to an increase in use of primary and secondary antibodies in immunohistochemistry tests for the diagnosis of disease.

On the basis of application, the diagnosis segment exhibited the highest growth in 2021 and is anticipated to lead during the forecast period, owing to an increase in the prevalence of various chronic diseases such as cancer, diabetes, and others across the world.

Depending on the end user the immunohistochemistry market is segmented into hospitals & diagnostic laboratories, academic & research institutes, and other end users. In 2021, the hospitals & diagnostic laboratories segment accounted for the largest share of 48.0%. The large share of this segment was attributed due to the increase in the number of patient visits to hospitals for diagnosis of various chronic diseases.

North America accounted for a majority of the immunohistochemistry market share in 2021 and is anticipated to remain dominant during the forecast period. This is attributed to rise in a number of chronic disease cases, the presence of key players, and advancements in healthcare in the region. For instance, six in ten Americans live with at least one chronic disease, like heart disease and stroke, cancer, or diabetes which are leading causes of death and disability and they are also a leading driver of the healthcare costs in this region.

Asia-Pacific is anticipated to witness lucrative growth, owing to an increase in medical tourism, implementation of new ICT guidelines in Japan, investments, and reforms to modernize China’s healthcare infrastructure, rapid growth in the healthcare industry in India to support the market growth in this region.

Key players that operate in the immunohistochemistry market are Abcam PLC, Agilent Technologies Inc, Becton, Dickinson & Company, Biocare Medical LLC, Biogenex Laboratories, Bio-Rad Laboratories Inc., Cell Signaling Technology Inc, Diagnostic Biosystems Inc., Eagle Biosciences Inc, F. Hoffman-La Roche AG, Genemed Biotechnologies Inc, Merck KGaA, Miltenyi Biotec GmbH, PerkinElmer Inc, Rockland Immunochemicals Inc, Takara Bio. Inc and Thermofisher Scientific, Inc.

KEY FINDINGS OF THE STUDY

• By product, the antibodies segment was the highest contributor to the market in 2021.
• By application, the diagnosis segment was the highest contributor to the market in 2021.
• By end user, the hospital & diagnostics laboratories segment is projected to grow at a significant CAGR of 7.3% from 2022 to 2031.
• By region, North America garnered largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 7.5% during the review period.