Technological advancements in IVD to drive the global immunohistochemistry market

The growing prevalence of cancer worldwide and the expanding geriatric population are conspiring to drive growth in the immunohistochemistry (IHC) market. The global IHC market is expected to reach USD 2.3 billion by 2022, growing at a CAGR of 7.8 percent from 2018 to 2022, projects BCC Research. 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, are growing at 9.5 percent annually, while spending in Canada reached 11 percent of gross domestic product in 2017.

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. According to the Animal Cell Technology Industrial Platform, until 2017 a total of 78 monoclonal antibodies were approved in Europe and the United States of America 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 the IHC antibodies market.

Reagents will lead the market in growth, with a CAGR of 8.0 percent, though by size the market will be led by antibodies, with an estimated 2022 value of USD 1.0 billion. Kits will register a CAGR of 7.9 percent. North America will lead the antibodies market by size, with a 2022 estimated value of USD 366.8 million, followed by Europe at USD 273.8 million. The Asia-Pacific region will lead the antibodies market by growth, with a CAGR through 2022 of 8.1 percent, followed by North America at 7.8 percent. By application, diagnostics will account for 62.8 percent of the market by 2022, followed by drug testing at 37.2 percent. Those figures are largely unchanged from levels found in 2016.