Market key trends:
The diagnostic application segment contributes to over 60% of market share in 2023 and is expected to witness highest growth over the forecast period. This is mainly attributed to increasing prevalence of cancer and rising demand for IHC assays to detect various biomarkers and guide effective treatment regimens. Furthermore, IHC plays a pivotal role in understanding molecular pathology and cancer heterogeneity which influences drug development and precision medicine approaches. Conventional techniques are being replaced by automated platforms owing to their advantages of increasing throughput, reproducibility and reduced analysis time. Technological advancements in IHC offer solutions for multiplex protein detection which will aid in disease diagnosis and prognosis.
The global Immunohistochemistry Market is estimated to be valued at US$ 1,463.6 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Market Overview:
Immunohistochemistry is a technique used to detect antigens in cells of a tissue section by exploiting the principle of antibodies binding specifically to antigens in biological tissues. Immunohistochemistry allows visualization of the distribution and localization of antigens in different types of cells and tissues.
SWOT Analysis
Strength: Immunohistochemistry is a well-established technique that provides reproducible and reliable results for disease diagnosis and research. It helps in detecting microscopic organisms, cellular markers, or foreign substances in cells and tissues.
Weakness: The process of immunohistochemistry can be time-consuming and requires a considerable amount of manual labor and expertise. Improper storage, fixation, or processing of tissues can affect the quality of results.
Opportunity: Growing applications of immunohistochemistry in disease diagnosis, research activities related to drug discovery and development offer significant growth opportunities. The rising prevalence of cancer globally increases the demand for IHC tests.
Threats: Stringent regulatory framework for diagnostic products and lack of skilled professionals in developing countries are some of the challenges. High installation and maintenance costs of advanced IHC instruments also threaten market growth.
Key Takeaways
The global Immunohistochemistry market is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing applications in disease diagnosis and research activities.
Regional analysis: North America dominates the global IHC market due to advance healthcare infrastructure and presence of major market players. Asia Pacific exhibits highest growth rate led by China and India owing to rising healthcare spending, large patient population and increasing awareness.
Key players operating in the Immunohistochemistry market are Merck KGaA, Rockland Immunochemicals, Inc., F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific, PerkinElmer, Inc., Bio-Rad Laboratories, Inc., Cell Signaling Technology, Inc., Bio SB, Agilent Technologies, Inc., Abcam plc., Becton, Dickinson and Company, Miltenyi Biotec, Biocare Medical, LLC, Eagle Biosciences, Inc., Bio-Techne, Diagnostic Biosystems, Inc., and BioGenex. These key players are focusing on new product launches and collaborations to strengthen their market position.
