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The global immunohistochemistry market relies on the detection and identification of biomarkers and antigens in tissue samples to help in the diagnosis and grading of cancers as well as other chronic diseases. Immunohistochemistry staining allows clinicians to visually detect the presence of specific antigens or proteins within cells or tissue sections by utilizing antigen-antibody binding reactions. Some key applications of immunohistochemistry include locating the presence of tumor cells in surgical specimens, understanding how far cancer may have spread, identifying changes in abnormal cells, and determining the appropriate course of targeted treatment for oncology patients.
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 key trends:
One of the key trends spurring growth in the global IHC market is the rising prevalence and incidence of various cancers globally. According to the World Health Organization, cancer is the second leading cause of death worldwide with around 10 million deaths in 2020. Changing lifestyle habits such as rising alcohol consumption, obesity rates, and tobacco usage have all contributed to an increasing global cancer burden. As immunohistochemistry plays a critical role in cancer diagnosis and prognosis, greater cancer cases will directly translate to higher adoption of IHC assays and reagents. Another major trend is the technological advancements occurring in the field of digital pathology and image analysis which is helping improve workflows for pathology laboratories. Development of apps, software, and artificial intelligence algorithms are enabling automated scanning, quantitative analysis, and multiplexing of IHC slides to deliver more accurate and faster diagnostic insights to clinicians.
Porter’s Analysis
Threat of new entrants: The highly technical and capital intensive nature of the market poses a barrier for new entrants. However, opportunities exist for niche players to enter segments with specialized applications.
Bargaining power of buyers: The presence of several technology providers gives buyers sufficient bargaining power. Buyers can negotiate on pricing and select from a wide range of products.
Bargaining power of suppliers: The market has a concentration of technology providers and raw material suppliers. This gives existing suppliers significant influence over pricing.
Threat of new substitutes: No direct substitutes exist for IHC that can provide the same protein expression analysis. However, alternative techniques like polymerase chain reaction offer competition.
Competitive rivalry: The market is dominated by a few large players. Intense competition exists in pricing and new product development.
Key Takeaways
The global Immunohistochemistry market is expected to witness high growth over the forecast period. 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.
North America is expected to dominate the global market owing to rising research activities and the presence of major players in the region. Factors such as the growing cancer cases and increasing R&D investments will drive the North American market. Europe is also expected to hold a significant share in the global IHC market. The presence of a large healthcare sector and government funding for research will support the European market. The Asia Pacific region is anticipated to exhibit growth at the fastest pace during the forecast period due to increasing healthcare expenditure, rising cancer incidence and growing public-private investments.
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 players are focusing on new product launches, expanding their distribution networks and partnerships & collaborations to strengthen their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
