The Immunology Market is estimated to be valued at US$ 91,850 Million in 2021 and is expected to exhibit a CAGR of 8% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
The Immunology Market pertains to the study and treatment of diseases related to the immune system. The market includes various products such as vaccines, monoclonal antibodies, immunosuppressive drugs, and diagnostic tests. These products find applications in the diagnosis and treatment of conditions such as rheumatoid arthritis, psoriasis, inflammatory bowel disease, and autoimmune disorders. The increasing prevalence of autoimmune diseases and the growing geriatric population are driving the demand for immunology products. Moreover, advancements in technology, such as the development of targeted therapies and personalized medicine, are further fueling market growth.
The Immunology Market is propelled by two primary drivers. Firstly, the expanding scope of applications for immunology products is driving market growth. The increasing prevalence of autoimmune diseases, allergies, and cancer necessitates the use of immunology products for diagnosis and treatment. Secondly, technological advancements in immunology, such as the development of targeted therapies and personalized medicine, are boosting market demand. These advancements offer improved treatment outcomes and fewer side effects, thus driving market growth. Overall, the Immunology Market is expected to witness high growth due to the increasing demand for immunology products and the advent of advanced technologies in the field.
The immunology market can be segmented based on product type, disease indication, and end-user. Based on product type, biologics dominate the market due to their high efficacy and targeted therapeutic approach. Biologics are dominating the market because they are derived from living organisms and can effectively treat various immunological disorders such as rheumatoid arthritis, psoriasis, and Crohn’s disease. These biologics offer superior results compared to traditional treatments like small molecule drugs. Furthermore, their ability to reduce inflammation and regulate the immune system has contributed to their dominance in the market.
Political: Immunology market is influenced by regulations and policies set by governments regarding the approval and pricing of immunological drugs. Governments play a crucial role in ensuring patient safety and regulating the market.
Economic: The economic factors affecting the immunology market include healthcare expenditure, insurance coverage, and reimbursement policies. Economic growth and increasing disposable income in emerging economies are also driving the market growth.
Social: The increasing prevalence of immunological disorders, such as rheumatoid arthritis and asthma, coupled with the growing awareness regarding their treatment options, has positively impacted the immunology market.
Technological: Advancements in technology, such as biologics, personalized medicine, and gene therapies, have revolutionized the treatment options available in the immunology market. These technological advancements have improved patient outcomes and are expected to drive market growth.
The global Immunology Market Share is expected to witness high growth, exhibiting a CAGR of 8% over the forecast period of 2021-2028. This growth can be attributed to the increasing prevalence of immunological disorders, the development of innovative biologics, and advancements in technology.
In terms of regional analysis, North America is the fastest growing and dominating region in the immunology market. This can be attributed to factors such as high healthcare expenditure, well-established healthcare infrastructure, and the presence of key market players in the region.
Key players operating in the immunology market include AbbVie Inc., Janssen Global Services, Johnson & Johnson, F. Hoffmann-La Roche Ltd, Amgen Inc., Pfizer Inc., Novartis, Astellas, Bristol-Myers Squibb Company, Merck Sharp & Dohme Corp., UCB SA, and Allergan plc. These key players contribute significantly to the market growth through product innovations, mergers and acquisitions, and strategic collaborations.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it