CHICAGO, Aug. 10, 2020 /PRNewswire/ -- According to the new market research report "Immunohistochemistry/IHC Market by Product (Antibodies, Reagents (Chromogenic Substrates), Kits), Application (Diagnostics (Cancer, Infectious), Research, Forensic), End User (Hospitals, Diagnostic Laboratories, Academic) - Global Forecast to 2025", published by MarketsandMarkets™, the Immunohistochemistry Market is projected to reach USD 2.7 billion by 2025 from USD 1.9 billion in 2020, at a CAGR of 6.6% during the forecast period.
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The increasing incidence and prevalence of cancer, technological advancements in IHC, and the availability of reimbursement for IHC tests are the major factors driving the growth of this market.
The cancer segment accounted for the largest share of the diagnostic segment in the IHC Market
Based on diseases, the diagnostic applications is further segmented into infectious diseases, cancer, autoimmune diseases, neurology, nephrological diseases, and other diseases (cardiovascular diseases, ophthalmology, and diabetes). In 2019, the cancer diagnostics segment accounted for the largest share of the Immunohistochemistry Market for diagnostic applications Growing use of IHC tests for cancer diagostics and increasing prevalence & incidence of cancer to fuel market growth.
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Hospitals & diagnostic laboratories accounted for the fastest-growing end user segment of the IHC Market
Based on end user, the Immunohistochemistry Market is segmented into hospitals & diagnostic laboratories, academic & research institutes, and other end users (contract research organizations, pharma & biopharma companies, and forensic laboratories). The hospitals & diagnostic laboratories segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment is majorly attributed to factors such as the rising burden of cancer and the favorable reimbursement scenario for IHC tests.
North America accounted for the largest share of the IHC Market
North America accounted for the largest share of the Immunohistochemistry Market, followed by Europe in 2019. The growth in this regional market can be attributed to the presence of major players operating in the market in the US, rising incidence of cancer and infectious diseases, and the increasing adoption of companion diagnostic assay kits.
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North America to dominate the Immunohistochemistry Market in 2020
The prominent players operating in the IHC Market are F. Hoffmann-La Roche Ltd (Switzerland), Agilent Technologies, Inc. (US), Danaher Corporation (US), PHC Holding Corporation (Japan), Biocare Medical, LLC. (US), and Merck KGaA (Germany).
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