PUBLISHER: Grand View Research | PRODUCT CODE: 1433538
PUBLISHER: Grand View Research | PRODUCT CODE: 1433538
The Asia Pacific immunohistochemistry market is anticipated to reach USD 837.57 million by 2030 and is projected to grow at a CAGR of 8.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is driven by the increasing prevalence of chronic diseases, growing geriatric population, and rising healthcare spending. Moreover, technological advancements in disease diagnosis procedures and techniques are further propelling the growth of the overall Asia Pacific market.
The government and key organizations constantly undertake activities intended to curb cancer-related healthcare expenditure by encouraging patients to undergo regular diagnostic examinations. For instance, in February 2023, Japan International Cooperation Agency (JICA) signed an agreement with the Indian government to extend an ODA loan of above USD 66 million for development of a super-specialty cancer and research center in Mizoram, India. Moreover, in May 2023, Fujitsu conducted a research project in association with Takeda Pharmaceutical Company Limited and the National Cancer Center Japan to analyze the process of recognition, diagnosis, and treatment of ovarian cancer patients. Such favorable initiatives undertaken by government bodies and market players are expected to support the Asia Pacific immunohistochemistry industry growth.
Moreover, aging is associated with a greater risk of infections and autoimmune diseases due to a weakened immune system. According to National Council on Aging's 2023 statistics, an estimated 95% of older people suffer from at least one chronic disease, such as cancer, heart disease, diabetes, or infectious diseases, and 80% suffer from at least two. Incidence of cancer increases 11-fold for people above 65 years of age in comparison with people below 65 years, as per European Society for Medical Oncology. Immunohistochemistry plays a vital role in disease diagnosis and treatment planning. Thus, the rise in the geriatric population is expected to increase the need for immunohistochemistry techniques.
However, the high cost associated with automated immunohistochemistry instruments poses a significant challenge in pathology and biomedical research. These instruments, designed to enhance efficiency and reproducibility, come with substantial upfront expenses. Initial acquisition cost includes instrument, software, and necessary accessories, making it a financial barrier for smaller laboratories. For instance, an advanced immunohistochemistry instrument costs around USD 85,000 to USD 90,000, which poses a high burden on hospitals and diagnostic laboratories in developing economies.