Immunohistochemistry Market to 2027 - Global Analysis and Forecasts By Application (Diagnostics, Drug Testing); Product (Antibodies, Equipment, Reagents, Kits); End User (Hospitals and Diagnostic Laboratories, Research Institutes, Others) and Geography
The global Immunohistochemistry market is expected to reach US$ 3,347.57 Mn in 2027 from US$ 1,787.45 in 2018. The immunohistochemistry market is estimated to grow with a CAGR of 7.3% from 2019-2027.
Driving factors such as rising incidences of chronic and infectious diseases, increasing geriatric population, and growing R&D investments biotechnology & biopharmaceutical industries are expected to boost the market over the years. However, limitations associated with immunohistochemistry is likely to have a negative impact on the growth of the market in the coming years. Besides, the development opportunities in emerging countries are likely to have a positive effect on the growth of the market in the forecast years.
In recent years, the biotechnology industry is developing at an extraordinarily rapid speed. Manufacturers are confronting to the various healthcare difficulties through the latest medicines, progressing digitalization, therapy forms, and continuously changing the management. As per the statistics from the World Health Organization (WHO), the population around the globe is rising by 1.2% per annum, leading to growth in population in the elderly class. The WHO also reveals that the balance of people aged 65 to 80 will increase to 28% in 2030, as compared to 22% in 2000. Moreover, according to a survey report published by Torreya Economical Model 2017, the pharmaceutical industry is 30% larger than its previous estimations till 2017 and contributes to one of the top five sectors increasing global economic value.
Additionally, rising urbanization and a growing number of middle-income people results in drug makers manufacturing reasonable medicines is responsible to drive the growth of the market. These formulations are produced in the market after passing through strict regulatory guidelines for patient safety. These factors are expected to increase biotechnology and biopharmaceutical industries to achieve practical tests which are likely to drive the growth of the market.
In 2018, the diagnostics accounted for the largest market share in the global immunohistochemistry market by the application segment. The advantages of immunohistochemistry have extended the use of technology to diagnose various chronic diseases. The application of the molecular diagnostics has enabled to the treated patient as per their genetic make-up also the diagnosis through immunohistochemistry has increased the use in the precision medicine. Even the cost-effective nature of the immunochemistry is driving significant growth across the globe.
The global immunohistochemistry market is segmented by product, application, and end-user. On the basis of product, the market is segmented into antibodies, equipment, reagents, and kits. On the basis of application, the market is segmented into diagnostics and drug testing. Based on end user, the market is segmented into hospitals and diagnostic laboratories, research institutes, and others.
Some of the important primary and secondary sources included in the report are, Food and Drug Administration, World Health Organization (WHO), Federation of AIDS Organisations (AFAO), Cancer Association of South Africa (CANSA), National Institute of Cancer Prevention and Research (NICPR), National Cancer Institute, Canadian Institutes of Health Research (CIHR), Industrial Biotechnology Leadership Forum (IBlF), and others.
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