The global immunohistochemistry (IHC) market size was valued at USD 1.5 billion in 2016 and is projected to grow at a CAGR of 8.5 percent from 2017 to 2025, predicts Grand View Research. Rising occurrence of cancer and the rapidly growing elderly population globally are the chief factors contributing to the growth of the IHC market. IHC has become a crucial technique and is widely used in clinical diagnostics and medical research laboratories. Other factors driving the market growth include rapid increase in healthcare spending globally and a changing healthcare infrastructure with better medical practice and care facilities.
In 2016, the cancer segment accounted for the largest share in the diagnostics segment. The WHO's International Agency for Research on Cancer (IARC) predicts that the global burden of cancer is expected to multiply to 22 million in the coming years from an estimated 14 million new cases per year as studied in the year 2012, accounting for a rise of about 70 percent. In addition, the rise in the prevalence of chronic diseases has led to an increased demand for IHC antibodies, reagents, and diagnostic procedures equipment in hospitals and diagnostic laboratories. Furthermore, technological advancements such as automated sample preparation and digital pathology have added considerable value. These factors are considered to be responsible for the largest revenue share of hospitals and diagnostic laboratories in the year 2016.
Asia-Pacific market is expected to be the fastest growing region, owing to the rapid growth of the biotech industry in developed economies coupled with emerging economies. The Indian biotech industry witnessed year-over-year (YOY) growth of 57 percent in the financial year of 2016, compared to the previous year. This growth rate is expected to benefit the growth of the IHC industry. Furthermore, increasing prevalence of chronic diseases is expected to play a major role as IHC methods are of great importance in the diagnosis of chronic diseases.
The key players mapped in the report include Abcam plc, Agilent Technologies, BioSB, Cell Signaling Technology, Danaher, F. Hoffmann-La Roche Ltd., Merck Millipore, PerkinElmer, and Thermo Fisher Scientific. The players are undergoing mergers and acquisitions to address the increasing pace and level of competition. For instance, in March 2016, Thermo Fisher Scientific completed the acquisition of Affymetrix, a provider of cellular and genetic analysis products. This acquisition is expected to expand its antibody portfolio, thereby enhancing the position of the company.