The global immunohistochemistry market is anticipated to grow at a CAGR of 7.93 percent during 2018 to 2026, states MarketsandMarkets. The important drivers increasing growth in the global immunohistochemistry market are increasing elderly population and increasing healthcare spending. The geriatric population is rapidly increasing across the globe. According to World Health Organization, the elderly population is expected to reach nearly 2 billion by 2050. Healthcare spending is increasing as a result of increasing prevalence of diseases, rise in geriatric population, and growing demand for quality healthcare. The rising adoption of high-throughput assays, such as array comparative genomic hybridization, cDNA microarray, next-generation sequencing techniques, and histological tests, has led to the rapid discovery of thousands of potential antibodies.
North America dominates the global market, and this trend is expected to continue during the forecast period. The large share of North America can be attributed to the fact that the majority of big players operating in the market are located in this region. In addition, the increasing geriatric population and rising incidence of chronic diseases like cancer, infectious diseases, and cardiovascular diseases in this region are expected to boost the market for diagnostics.
Currently, the companies which are operating in immunochemistry are entering into mergers and acquisitions with other companies to expand their immunochemistry business. For instance, F. Hoffmann-La Roche Ltd. has acquired BioVeris Corporation to expand its leading ECL immunochemistry business into new market segments. In addition, new product launches are also helping the market to grow. Abbott Laboratories has launched a new instrument to complete the product line of architect immunochemistry analyzers. Globally, increasing focus on drug monitoring, rising prevalence of various diseases, technological advancement, and awareness of new diagnostics tools among medical professionals results in the immunochemistry market increasing.
Some of the key market players in global immunochemistry market are Roche Ltd., Siemens Healthcare, Danaher Corporation, ImmunoChemistry Technologies, LLC, Beckman Coulter Inc., Ortho Clinical Diagnostics, and Thermo Fisher Scientific Inc.