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 encompasses the study and treatment of immune system disorders and diseases. The market offers a wide range of products such as immunosuppressants, immunomodulators, monoclonal antibodies, and vaccines, among others. These products find applications in the treatment of autoimmune diseases, inflammatory disorders, and cancer, among others. With the increasing prevalence of chronic diseases and the growing aging population, the demand for immunology products is expected to witness significant growth.
The Immunology Market is primarily driven by the increasing prevalence of chronic diseases worldwide. Additionally, the rising research and development activities in the field of immunology, coupled with the introduction of novel therapeutics, are further fueling market growth. Moreover, advancements in technology, such as biologics and targeted therapies, have revolutionized the treatment options available for immune system disorders. However, high costs associated with immunology products and the stringent regulatory requirements for drug approval are expected to hinder market growth to some extent.
The immunology market can be segmented based on product type, application, end-user, and region. In terms of product type, the dominating segment is the monoclonal antibodies (mAbs) segment. This is primarily due to the high efficacy and specificity of mAbs in targeting specific immune system components. Additionally, the increasing prevalence of chronic autoimmune diseases and the growing adoption of biologics for their treatment are driving the demand for mAbs. Other segments in the immunology market include vaccines, immunosuppressants, and other therapeutics.
Political: Government regulations and policies play a crucial role in the immunology market. The approval process for new immunology drugs and the pricing policies implemented by regulatory authorities significantly impact market growth.
Economic: The economic factors influencing the immunology market include healthcare spending, insurance coverage, and the affordability of immunology treatments. The rising healthcare expenditure and increasing disposable incomes in developing countries contribute to market growth.
Social: The social factors encompass patient awareness, healthcare infrastructure, and demographic trends. The growing prevalence of autoimmune diseases, aging population, and increased access to healthcare facilities are driving the demand for immunology products.
Technological: Technological advancements in diagnostics, drug development, and treatment options have significantly impacted the immunology market. The development of novel biologics, targeted therapies, and personalized medicine approaches are revolutionizing the treatment landscape.
The global Immunology Market Share is expected to witness high growth, exhibiting a CAGR of 8% over the forecast period. This growth can be attributed to the increasing prevalence of autoimmune diseases, advancements in biologics, and the rising geriatric population. The North American region is expected to dominate the market due to the high prevalence of autoimmune disorders, well-established healthcare infrastructure, and strong research and development activities. Key players operating in the immunology market are 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 companies are focusing on strategic collaborations, product launches, and research and development activities to maintain their market position and gain a competitive edge.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it