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(Health-NewsWire.Net, April 08, 2021 ) The global immunohistochemistry market is projected to reach USD 2.7 billion by 2025 from USD 1.9 billion in 2020, at a CAGR of 6.6% during the forecast period.
Factors Driving the Market Growth:
The increasing incidence and prevalence of cancer, technological advancements in IHC, and the availability of reimbursement for IHC tests are the major factors driving the growth of this market.
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COVID-19 impact on the global IHC market
Globally, the COVID-19 outbreak has impacted every aspect of the diagnostic industry, including IHC testing. In the last few months, the number of patient visits to hospitals has reduced significantly, despite emergency OPD and laboratory services being available in hospitals.
After commencing cancer surgeries or any other surgeries, surgeons run an IHC test/assay to decide the best treatment for patients. However, due to lockdowns in Q1 & Q2 2020 in many countries, the number of elective surgeries and diagnostic tests has significantly reduced. As a result, the number of IHC tests has reduced. This has significantly reduced the sales of IHC products in Q1 2020 and, to some extent, in Q2 2020.
The cancer segment accounted for the largest share of the diagnostic segment in the IHC market
Based on diseases, the diagnostic applications is further segmented into infectious diseases, cancer, autoimmune diseases, neurology, nephrological diseases, and other diseases (cardiovascular diseases, ophthalmology, and diabetes). In 2019, the cancer diagnostics segment accounted for the largest share of the immunohistochemistry market for diagnostic applications Growing use of IHC tests for cancer diagostics and increasing prevalence & incidence of cancer to fuel market growth.
Hospitals & diagnostic laboratories accounted for the fastest-growing end user segment of the IHC market
Based on end user, the immunohistochemistry market is segmented into hospitals & diagnostic laboratories, academic & research institutes, and other end users (contract research organizations, pharma & biopharma companies, and forensic laboratories). The hospitals & diagnostic laboratories segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment is majorly attributed to factors such as the rising burden of cancer and the favorable reimbursement scenario for IHC tests.
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North America accounted for the largest share of the IHC market
North America accounted for the largest share of the IHC market, followed by Europe in 2019. The growth in this regional market can be attributed to the presence of major players operating in the IHC market in the US, rising incidence of cancer and infectious diseases, and the increasing adoption of companion diagnostic assay kits.
Leading Players of the Market:
The prominent players operating in the IHC market are F. Hoffmann-La Roche Ltd (Switzerland), Agilent Technologies, Inc. (US), Danaher Corporation (US), PHC Holding Corporation (Japan), Biocare Medical, LLC. (US), and Merck KGaA (Germany).
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