PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304629
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304629
Immunochemistry Market size was valued at USD 2,900.8 Million in 2022, expanding at a CAGR of 10.7% from 2023 to 2030.
Due to its use in the detection of chronic diseases like cancer, infectious diseases, cardiovascular diseases, and autoimmune disorders, immunochemistry has grown in prominence in the field of clinical diagnostics. As a result, it is projected that the rising incidence of chronic diseases will raise the need for immunohistochemistry products, fueling market expansion.
However, more recent technologies, such as multiplexed IHC, that enable multiparametric as well as in-depth analysis from single tissue segment by applying a series of sophisticated mass spectrometric detection techniques. Tagged fluorescence approach based on detection presents technological challenges that are addressed by multiplexed IHC, boosting market income. Both developed and developing countries' rising older populations would positively affect the market. As the global geriatric population increases noticeably, it is anticipated that the prevalence of age-related illnesses will increase greatly. The virus was discovered using RT-PCR, IHC, and an electron microscope, proving that SARS-CoV-2 has effects outside of the lungs.
North America has a significant share of the global market. The presence of major market players, the ease with which the IHC solutions are accessible, the increased usability of technologically advanced IHC equipment, and the introduction of newer IHC solutions are important contributing factors.
For instance, PathAI, an U.S.-based developer of the AI-powered technology for pathological applications, presented a machine learning-based quality control tool at the American society of clinical oncology virtual scientific programme in June 2021. The tool was created for HER2 testing in breast cancer. The projection period is expected to have the fastest CAGR in APAC. The multinational companies and their increased geographical presence in the Asian markets is mostly to blame for this. Additionally, a sizable patient base in nations like China and India provides a high number of clinical subjects for the IHC R&D tests, leading to an increase in revenue.
The Immunochemistry Machines market is fragmented into the product and applications segments. Based on the product, the antibodies segment is estimated to grow at the highest rate CAGR during the forecast period. Based on the application, the diagnostic segment dominates the market during the forecast period.
The Immunochemistry Machines market is very competitive in nature with presence of local & international players. Major players in the industry engage in strategic mergers and acquisitions, partnerships, and the new product launches to remain competent in the market. For example, in In January 2021, ONCORE Pro, a total automated in-vitro diagnostic benchtop system made for In-situ Hybridization (ISH) and IHC applications, it was introduced by Biocare Medical LLC.
In addition, Shuwen Biotech (Shuwen) and Abcam formed a strategic partnership in January 2021 to create and market Companion Diagnostics (CDx). Recombinant rabbit monoclonal antibodies are being given to Shuwen Biotech by Abcam as part of the agreement for additional immunohistochemical verification.
The scope of this report covers the market by its major segments, which include as follows: