WELLESLEY, Mass., July 25, 2018 (GLOBE NEWSWIRE) -- The growing prevalence of cancer worldwide and the expanding geriatric population are conspiring to drive growth in the immunohistochemistry market, according to a report by BCC Research.
Analysts expect to see a compound annual growth rate (CAGR) of 7.8% through 2022, when the market should reach $2.3 billion, according to the report Immunohistochemistry (IHC): Global Markets to 2022.
Major players in the market include Abbott Laboratories, Agilent Technologies, Bio SB, Candor Bioscience, Danaher, F. Hoffmann-La Roche, ImmunoLogic, LSBio, Merck Millipore, Novodiax, Perpotech, Rockland Immunochemicals, Sakura Finetek, Siemens Healthcare and Thermo Fisher Scientific.
Research Highlights
- Reagents will lead the market in growth, with a CAGR through 2022 of 8.0%, though by size the market will be led by antibodies, with an estimated 2022 value of $1.0 billion. Kits will register a CAGR through the period of 7.9%.
- North America will lead the antibodies market by size, with a 2022 estimated value of $366.8 million, followed by Europe at $273.8 million. The Asia-Pacific region will lead the antibodies market by growth, with a CAGR through 2022 of 8.1%, followed by North America at 7.8%.
- By application, diagnostics will account for 62.8% of the market by 2022, followed by drug testing at 37.2%. Those figures are largely unchanged from levels found in 2016.
“The market for IHC antibodies is driven by the increasing approval of the antibodies which are used for the identification of antigens in an IHC experiment,” said BCC Research analyst and report author Vijay Laxmi. “According to the Animal Cell Technology Industrial Platform, until 2017 a total of 78 monoclonal antibodies were approved in Europe and the U.S. by the EMA and the FDA. The increase in the number of approvals of the antibodies used for diagnosis of various diseases paved a huge growth opportunity for IHC antibodies market.”
Other Market Drivers Include Technological Developments and Increased Healthcare Spending
Two other factors helping to boost growth of the market are rapid technological advancements in the in vitro diagnostic industry and a global increase in healthcare spending. Recent in vitro diagnostic advancements come from Roche, Abbott and Life Technology, which in 2017 launched a new device which offers expanded diagnostic functions such as gene expression analysis. Healthcare spending, meanwhile, is increasing around the globe in response to the aging population and increased demand for quality healthcare. Healthcare expenditures in the Asia-Pacific region, the report notes, are growing at 9.5% annually, while spending in Canada reached 11% of gross domestic product in 2017.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.