The immunochemistry equipment market in Asia Pacific is projected to reach US$ 795.05 million by 2027 from US$ 409.44 million in 2018. The market is anticipated to grow at a CAGR of 7.8% during 2019–2027.
The growth of the immunochemistry equipment market is primarily attributed to rising incidences of chronic and infectious diseases and increase in geriatric population. However, the limitations associated with immunohistochemistry equipment is likely to have a negative impact on its market growth. On the other hand, technological advancements in the region are likely to have a positive impact on the growth of the immunochemistry equipment market in Asia Pacific in the coming years.
Immunohistochemistry (IHC) refers to an important application of monoclonal and polyclonal antibody for tissue determination and distribution of antigens of a particular disease. The techniques are majorly used to detect several infectious diseases, such as dengue, hepatitis, human immunodeficiency virus (HIV). Chronic medical conditions such as obesity, cancer, diabetes, heart disease, and stroke are also considered to be the primary applications of immunohistochemistry equipment. Furthermore, surveillance and operational research on foodborne-diarrheal infections, healthcare-associated infections, respiratory diseases, and viral hepatitis have increased awareness about antibiotic resistant organisms.
According to the National Council on Aging, approximately 80% of adults suffer from at least one chronic disease. Immunohistochemistry techniques help in the quantification and diagnosis of chronic diseases accurately and reliably. The rising R&D expenditure in Asia Pacific is likely to propel the growth of the immunohistochemistry equipment market during the forecast period.
In 2018, the diagnostics segment accounted for the largest market share in the immunohistochemistry equipment market, by application. The growing benefits of immunohistochemistry techniques have prolonged its usage in diagnosing several chronic diseases. The application of the molecular diagnostics has allowed to treat the patients as per their genetic make-up, and also diagnosis through immunohistochemistry helps increase the use in precision medicine. Even the cost-effective nature of the immunochemistry techniques is driving significant growth across the region.
In 2018, the antibodies segment held the largest share of the immunochemistry equipment market, by product; it is also anticipated to dominate the market by 2027. Moreover, the reagent segment is anticipated to register the highest CAGR during the forecast period in the market as it forms an essential component of any reaction. It can be chosen as per the result to be obtained.
In 2018, the hospital & diagnostic laboratories segment held the most significant share of the immunochemistry equipment market, by end user. This segment is also anticipated to dominate the market by 2027. Besides, the segment is expected to grow at the fastest rate during the coming years due to the rise in the prevalence of infectious diseases and autoimmune disorders.
A few major secondary sources for immunochemistry equipment included in the report are Federation of AIDS Organizations (AFAO), American Heart Association (AHA), HIV and AIDS organization (AVERT), Centers for Disease Control and Prevention (CDC), Centers for Diabetes and Endocrinology (CDE), and Food and Drug Administration (FDA).