COVID-19 Impact on Immunohistochemistry Market: Growing Incidence and Prevalence of Cancer
The increasing incidence and prevalence of cancer, technological advancements in IHC, and the availability of reimbursement for IHC tests are the major factors driving the growth of this market. The global immunohistochemistry market is projected to reach USD 2.7 billion by 2025 from USD 1.9 billion in 2020, at a CAGR of 6.6% during the forecast period. COVID-19 impact on IHC market Globally, the COVID-19 outbreak has impacted every aspect of the diagnostic industry, including IHC testing. In the last few months, the number of patient visits to hospitals has reduced significantly, despite emergency OPD and laboratory services being available in hospitals. After commencing cancer surgeries or any other surgeries, surgeons run an IHC test/assay to decide the best treatment for patients. However, due to lockdowns in Q1 & Q2 2020 in many countries, the number of elective surgeries and diagnostic tests has significantly reduced. As a result, the number of IHC tests has...