New York, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Immunohistochemistry Market: Key Insights
According to our new research study on "Immunohistochemistry Market to 2028 – Global Analysis and Forecast – by Type, End User, and Geography," the Immunohistochemistry Market Size is projected to reach US$ 3,585.31 million by 2028 from US$ 2,171.61 million in 2021; it is expected to register a CAGR of 7.4% during 2021–2028.
Immunohistochemistry Market: Competition Landscape and Key Developments
F. Hoffmann-LA Roche AG; Merck KGaA; PerkinElmer, Inc.; Thermo Fisher Scientific, Inc.; Abcam Plc; Agilent Technologies; Bio SB; Bio-Rad Laboratories; Cell Signaling Technology, Inc.; and Danaher Corporation are among the key companies operating in the immunohistochemistry market. The leading market players are focusing on new product launches, expansion and diversification, and acquisition strategies, which allows them to tap into prevailing business opportunities.
In April 2020, Bio-Rad launched a blood-based immunoassay kit to detect COVID-19. It is a blood-based immunoassay kit to identify antibodies to the SARS-CoV-2, the virus that causes COVID-19.
In September 2020, Thermo Fisher and Humanigen agreed to scale up the manufacturing of monoclonal antibodies for COVID-19. This business deal is expected to help scale up the manufacturing of California biotech's lenlizumab, a clinical-stage candidate for cytokine storm that the company was testing in severe COVID-19 patients for a possible emergency use approval following 2020.
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In 2020, North America dominated the global immunohistochemistry market. The market growth in the region is attributed to the growing prevalence of cancer and corresponding growth in cancer diagnostic tools, technological advancements in immunohistochemistry techniques, rising geriatric population, and well-established healthcare infrastructure in the region, especially in the US and Canada. For example, in breast cancer, immunohistochemistry quantifies the estrogen receptor, progesterone receptor, human epidermal growth factor receptor-2, Ki-67, and p53. According to the Breast Cancer Organization, around 268,600 new cases of invasive breast cancer were diagnosed in women in the US in 2019, and approximately 62,930 new cases of non-invasive (in situ) breast cancer were diagnosed. Thus, as breast cancer becomes more prevalent, the demand for immunohistochemistry is likely to increase.
Similarly, according to the Canadian Strategy for Cancer Control 2017–2022, two in five Canadians will be diagnosed with cancer. It is estimated that by 2030, the number of new cancer cases in the country will increase by 40%. Therefore, the government is putting efforts to advance the development of preventive measures by improving healthcare systems' effects. The Canadian Partnership Against Cancer was established by the federal government and was funded by Health Canada in 2007; since then, the developments have been significantly enhanced. The immunohistochemistry market is likely to grow exponentially during the forecast period due to the factors mentioned above.
Immunohistochemistry (IHC) refers to an important application of monoclonal and polyclonal antibodies for tissue determination and distribution of antigens of a particular disease. It is majorly used to detect several infectious disorders such as dengue, hepatitis, and AIDS. Immunohistochemistry helps diagnose chronic medical conditions like obesity, cancer, diabetes, heart disease, and stroke.
According to the Joint United Nations Programme on HIV/AIDS (UNAIDS), 37.6 million people across the globe had HIV in 2020. 35.9 million were adults, and 1.7 million were children (<15 years old). An estimated 1.5 million individuals worldwide acquired HIV in 2020. According to the HIV and AIDS organization (AVERT), in 2018, 1.1 million US residents were infected with HIV, whereas APAC registered 5.2 million HIV-infected population. According to the European CDC, ~2 million people in Europe were infected with HIV in 2018.
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Diabetes is prevailing at a high rate in the geriatric population worldwide. The prevalence of diabetes is more in overweight and obese people. As per data published by the Centers for Disease Control and Prevention (CDC) in 2017, ~30.3 million people, representing 94% of the population of the US, were diabetic. Among these, ~23.1 million people were diagnosed with diabetes, while ~7.2 million had not undergone a proper diagnostic procedure.
The obesity rates have been increasing rapidly in developed as well as developing economies across the globe. Factors such as unhealthy lifestyles and sedentary life are significant factors for the rise in the number of obese individuals. As per the data published by National Center for Health Statistics (NCHS), the prevalence of obesity is expected to be around 39.8%, affecting about 93.3 million US adults between the years 2015 to 2016. The incidence of obesity was significantly high among middle-aged adults (42.7%) compared to younger adults (35.7%). The increase in the number of obese people in the US has also led to rising healthcare expenditure.
Cardiovascular diseases (CVDs) include cerebrovascular disease, rheumatic heart disease, coronary heart disease, and other conditions. It is the most significant cause of morbidity and mortality worldwide. According to the European Cardiovascular Disease Statistics 2017, every year, cardiovascular diseases cause 3.9 million deaths and more than 1.8 million deaths in the European Union (EU). CVDs account for 45.0% of all deaths in Europe and 37.0% of deaths in the EU. Furthermore, as per the American Heart Association (AHA) 2019 statistics, 121.5 million adults in the US—which is around half of the US adult population—suffer from cardiovascular diseases.
Furthermore, there has been a rise in cancer incidence and mortality rates worldwide, making cancer the leading cause of death. According to the World Health Organization (WHO), in 2018, cancer was the cause of approximately 9.6 million deaths worldwide.
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Moreover, according to the National Cancer Institute, in 2018, approximately 1,735,350 new cancer cases were diagnosed in the US. Similarly, in China, as per the data revealed by WHO, ~4.3 million new cancer cases were detected, and 2.9 million cancer deaths were recorded in 2018. Such an increase in the incidence of chronic and infectious diseases is expected to create a demand for immunoassay tests worldwide.
Immunohistochemistry Market: Segmental Overview
Based on product, the global immunohistochemistry market is segmented into antibodies, equipment, reagents, and kits. In 2020, the antibodies segment held the largest share of the market. However, the reagents segment is expected to register the highest CAGR in the market during 2021–2028. In immunohistochemistry, antibodies provide extremely high identification precision at the protein level, with better sensitivity and localization at the cellular or even subcellular scale. In the immunohistochemistry market, companies such as Thermo Fisher Scientific, Inc. and Bio-Rad Laboratories, Inc. provide antibodies for better analysis of the assays, which is expected to drive the market during the forecast period.
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