(PharmaNewsWire.Com, May 22, 2020 ) Rising geriatric population, growing prevalence of chronic diseases, increasing number of diagnostic centers, and increasing physician awareness & demand for histopathology are expected to fuel the growth of this market in the coming years. However, rapid growth in the developing countries across APAC and Latin America and the increasing demand for personalized medicine offer significant growth opportunities in the immunohistochemistry market.
The immunohistochemistry market is projected to reach USD 2.12 billion by 2021, at a CAGR of 7.3% during the forecast period.
Antibodies segment to dominate the global immunohistochemistry market
Based on products, the market is segmented into antibodies, reagents, kits, and equipment. In 2015, the antibodies segment accounted for the largest share of the global immunohistochemistry market. The rising adoption of high-throughput assays, such as array comparative genomic hybridization, cDNA microarray, next-generation sequencing techniques, and histological tests, have led to the rapid discovery of thousands of potential antibodies.
Diagnostics segment accounted for largest share of immunohistochemistry market
Immunohistochemistry market is categorized into two application segments, namely, diagnostics and drug testing. The global market for diagnostic applications is further segmented into infectious diseases, cancer, cardiovascular diseases, diabetes, autoimmune diseases, and nephrological diseases. In 2015, the diagnostics segment accounted for the largest share of the global market. The large share of this segment is attributed to growing prevalence of cancer, and wide application of immunohistochemistry in the diagnosis of cancers, infectious diseases, cardiovascular diseases, and other diseases.
North America to dominate the immunohistochemistry market during forecast period
North America dominates the global market, and this trend is expected to continue during the forecast period. The large share of North America can be attributed to the fact that the majority of big players operating in the market are located in this region. In addition, the increasing geriatric population and rising incidence of chronic diseases like cancer, infectious diseases, and cardiovascular disease in this region are expected to boost the market for diagnostics.
Key Players
The major players in the immunohistochemistry market are F. Hoffmann-La Roche AG (Switzerland), Danaher Corporation (U.S.), Agilent Technologies, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Merck Millipore (U.S.), Bio-Rad Laboratories, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Abcam plc (U.K.), Cell Signaling Technology, Inc. (U.S.), and Bio SB Inc. (U.S.).
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