According to the research report titled ‘Global Immunohistochemistry (IHC) Market Size study, By Product (Antibodies, Reagents, Equipment, Kits), By Application (Diagnostic applications, Research applications, Forensic applications), By End User (Hospitals & Diagnostic Laboratories, Academic & research Institutes, Other end users), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global immunohistochemistry (IHC) market was worth USD 2.30 billion in 2021 and is anticipated to register a CAGR of 7.7% over the forecast period to reach USD 3.87 billion by the year 2028.
Report findings suggest that global immunohistochemistry (IHC) market growth is attributed to rising incidences of cancer and other infectious diseases as well as the growing elderly population around the world.
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For the unversed, immunohistochemistry is widely used for immunostaining. It is a method for locating specific antigens in a tissue sample that makes use of antibodies coupled to enzymes that catalyze reactions to produce detectable chemicals. It is also utilized in fundamental research to detect the distribution and localization of biomarkers.
Furthermore, ongoing technical advancements in IHC, sufficient availability of IHC test reimbursements, and rising demand for companion diagnostics and personalized medicine are expected to bolster industry outlook in the coming years. However, dearth of skilled professionals may hamper the market expansion during the forecast period.
Based on product terrain, global immunohistochemistry (IHC) industry is divided into kits, equipment, reagents, and antibodies. In terms of application, the market is branched into forensic applications, research applications, and diagnostic applications. On the basis of end user, the marketplace is segregated into academic & research institutes, hospitals & diagnostic laboratories, and others.
Regionally, North America industry holds a major revenue share currently, owing to increasing adoption of technologically advanced IHC devices, easier accessibility to IHC solutions, and the creation of new IHC solutions in the region.
Whereas Asia Pacific market is poised to grow at a healthy CAGR over the stipulated timeframe, on the back of big patient pool in nations like China and India that offers rising clinical subjects to carry out IHC R&D assays as well as the growing elderly population in the region.
Thermo Fisher Scientific Inc., PHC Holdings Corporation, PerkinElmer Inc., Bio-Techne Corporation, Abcam plc, Bio-Rad Laboratories Inc., Merck KGaA, Agilent Technologies Inc., Takara Bio Inc., and Danaher Corporation are the leading players in global immunohistochemistry (IHC) market.