The immunohistochemistry market studied was projected to grow with a CAGR of nearly 7.3% over the forecast period.
The major factor attributing to the growth of the market is the increase in the incidence of cancer as immunohistochemistry is majorly used to diagnose cancer and other diseases which include antigen-antibody reaction. According to the National Institutes of Health (NIH), in 2018, an estimated 1,735,350 new cases of cancer will be detected in the United States and 609,640 people will die from the disease.
Moreover, increasing geriatric population and the growing number of diagnostic centers is boosting the market growth. Furthermore, the growing investments in research and development programs by the biotechnology companies is also influencing the market growth. However, the limited refund policies is the major drawback of market growth.
Key Market Trends
Diagnostics Segment Accounted for Largest Share of Immunohistochemistry Market.
The large share of this segment is credited to growing predominance of cancer, and wide application of immunohistochemistry in the diagnosis of cancers, infectious diseases, cardiovascular diseases, and other diseases. According to Cancer Research UK, the four most common cancers occurring worldwide are lung, female breast, bowel and prostate cancer. These four accounts for more than four in ten of all cancers diagnosed globally. Worldwide there will be 27.5 million new cases of cancer each year by 2040, and 9.6 million deaths from cancer worldwide in 2018. Furthermore, the increasing geriatric population who are more prone to infectious and other chronic diseases, and an increasing number of diagnostic centers globally are other few factors propelling the market growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to the factors such as the presence of key players, high prevalence of cancer and other chronic diseases in the region, established healthcare infrastructure are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth. In this region the United States has the maximum share due to supportive healthcare policies, high number of patients, and a developed healthcare market. According to American Cancer Society, in 2019, there were an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the United States. As per the statistics, the large number of patient pool boosts the market growth in the segment.