July 25, 2018
WELLESLEY, Mass., July 25, 2018–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.
“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.
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Immunohistochemistry (IHC): Global Markets to 2022( BIO161A )
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