Immunohistochemistry Market to Reach $4.5 Bn, Globally, by 2030 at 6.5% CAGR: Allied Market Research

Allied Market Research published a report, titled, “Immunohistochemistry Market by Product (Antibody, Reagents, Kits, Equipment), by Application (Diagnosis, Research Applications, Forensic), by End User (Hospital and Diagnostic Labs, Research Institutes and Academic Institutes, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global immunohistochemistry industry generated $2.4 billion in 2021, and is expected to reach $4.5 billion by 2031, manifesting a CAGR of 6.5% from 2022 to 2031.

Drivers, Restraints, and Opportunities

Rise in prevalence of chronic diseases and surge in research & development activities worldwide drive the growth of the global immunohistochemistry market. However, lack of skilled professionals and trained workforce with cross-functional skills restrain the market growth. On the other hand, increase in collaboration between regulatory outsourcing and pharmaceutical and biotech companies creates new opportunities in the coming years.

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Impact of Covid-19 on Immunohistochemistry Market-

The immunohistochemistry market impacted positively during the Covid-19 pandemic, owing to surge in prevalence of Covid-19 infections and surge in the adoption of immunohistochemistry techniques for detecting Covid-19 infections.
According to a research published in the Laboratory Investigation journal in July 2020, the immunohistochemical (IHC) and in situ hybridization (ISH) assays were utilized for detecting Covid-19 infection.
The demand for immunohistochemistry techniques surged considerably among research organizations, hospitals, and universities to carry out tests and research activities to gather more information about Covid-19 infection and find out treatment options.

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The antibody segment to maintain its leadership status during the forecast period

Based on product, the antibody segment accounted for the highest market share in 2021, contributing to more than two-fifths of the global immunohistochemistry market, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 7.3% from 2022 to 2031. This is due to increase in the use of primary and secondary antibodies in immunohistochemistry tests for the diagnosis of disease. The reagents segment is also projected to register a considerable growth rate throughout the forecast period, owing to rise in demand for advanced immunohistochemistry systems for clinical diagnosis. The research also offers a detailed analysis of segments including kits and equipment.

The diagnosis segment to maintain its lead position during the forecast period

Based on application, the diagnosis segment contributed to the highest market share in 2021, holding nearly half of the global immunohistochemistry market, and is projected to maintain its lead position during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 7.0% from 2022 to 2031. This is due to increase in the prevalence of various chronic diseases such as cancer and diabetes. On the other hand, the research segment is projected to grow at a considerable growth rate throughout the forecast period. This is due to increase in research & development activities by pharmaceutical companies for innovative drugs. The report also analyzes the forensic segment.

The hospital and diagnostic labs segment to maintain its leadership status by 2031

Based on end user, the hospital and diagnostic labs segment held the highest market share in 2021, accounting for nearly half of the global immunohistochemistry market, and is expected to maintain its lead status by 2031. Moreover, this segment is estimated to grow at the highest CAGR of 7.3% from 2022 to 2031. This is due to increase in prevalence of chronic diseases such as cancer, cardiovascular disease, heart disease, asthma, and chronic obstructive pulmonary disease along with rise in the number of patient visits. The research also analyzes the segments including research institutes and academic institutes and others.

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North America to maintain its dominance in terms of revenue by 2031

Based on region, North America contributed the largest market share in 2021, accounting for around two-fifths of the global immunohistochemistry market, and is expected to maintain its dominance in terms of revenue by 2031. This is due to increase in the number of chronic disease cases, the presence of key players, and advancements in healthcare infrastructure in the region. However, Asia-Pacific is projected to manifest the fastest CAGR of 7.5% during the forecast period, owing to increase in medical tourism, implementation of new guidelines in Japan, surge in investments, and reforms to modernize China's healthcare infrastructure, and rapid growth of the healthcare industry in India. The research also analyzes regions including Europe and LAMEA.

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