Market Trends of Global Immunohistochemistry Industry
This section covers the major market trends shaping the Immunohistochemistry Market according to our research experts:
The Diagnostics Segment is Expected to Hold a Significant Share in the Immunohistochemistry Market Over the Forecast Period
Major factors contributing to the growth of the diagnostic segment are new product launches by several market players, increasing point-of-care diagnostics, and rapidly evolving technology. Furthermore, viral epidemics and chronic diseases worldwide and the use of diagnostic techniques to develop and subsequently administer personalized medicine are likely to boost market growth. For instance, as per the January 2023 update by CDC, 85.1 thousand cases of monkeypox are diagnosed globally.
The large share of this segment is credited to the growing predominance of various chronic diseases and the wide application of immunohistochemistry in the diagnosis of infectious diseases, cardiovascular diseases, and other diseases. For instance, as per an article published in February 2022 in PubMed, a study indicated that immunostaining of vimentin as a marker for myocardial remodeling and the dynamics of all non-myocardial cell types might be useful for supplementing conventional staining techniques currently used in the diagnosis of ischemic heart disease. Ischemic heart disease and stroke are the predominant causes and are responsible for more than 80% of CVD fatalities.
As per an article published in August 2022 in JACC, the United States National Health and Nutrition Examination Survey found that stroke (33.8% to 15 million) and heart failure (33.4% to 13 million) have the highest projected increases in cardiovascular disease rates, followed by ischemic heart disease (30.7% to 29 million) and heart attack (16.9% to 16 million) for the projected years 2025 to 2060. Hence, applications to diagnose heart disease using immunostaining are expected to increase the demand for IHC products.
In addition, new product launches, strategic activities like collaborations, mergers, and acquisitions by the key players, and an increase in research activities are further expected to add to the segment's growth. For instance, in June 2021, Amoy Diagnostics Co. Ltd, Riken Genesis Co. Ltd, and Precision Medicine Asia Co. Ltd introduced the AmoyDx Pan Lung Cancer PCR Panel in the market. The panel was approved by the Ministry of Health, Labour, and Welfare (MHLW) for marketing and production in Japan. Similarly, in January 2021, Thermo Fisher Scientific acquired Mesa Biotech, a privately held molecular diagnostic company. Mesa Biotech's innovative platform will enable the company to accelerate the availability of reliable and accurate advanced molecular diagnostics at point-of-care.
North America is Anticipated to Hold a Significant Market Share in the Market Over the Forecast Period
North America is expected to hold a notable market share throughout the forecast period due to the factors such as the presence of key players, the high prevalence of cancer and other chronic diseases in the region, and the established healthcare infrastructure. For instance, as stated by the American Heart Association 2021 journal, it is estimated that by the year 2035, more than 130 million adults in the United States will have some type of heart disease. Similarly, as per the Statistics Canada 2022 update, an estimated 233.9 thousand people in Canada are expected to be diagnosed with cancer. The growing demand for effective diagnostic solutions to obtain proper treatment for heart disease and cancer is expected to drive the growth of the market in North America.
In addition, as per Canada's population estimates for 2022, almost one in five Canadians (18.8% of the population; 7,329,910 people) were at least 65 years of age. Hence, the prevalence of chronic diseases coupled with the increasing geriatric population in the country is anticipated to create more opportunities for the development of immunochemistry tools during the forecast period.
Furthermore, an increase in new product launches relating to the market studied boosts the growth of the market. For instance, in December 2021, BioGenex, an automated staining solution provider for cancer diagnostics launched three new primary immunohistochemistry (IHC) antibodies for cancer diagnosis. Furthermore, in March 2021, Roche launched the DISCOVERY Green HRP chromogen detection kit to expand immunohistochemistry multiplexing in cancer research.
