by Immunology is a branch of biomedical science that covers study of immune systems in all organisms. The global immunology market includes different products and services utilized in diagnosis, treatment, and management of diseases associated with disorders of immune system. Some key products in this market are monoclonal antibodies, immune checkpoint inhibitors, interleukins, interferons and other biologics. These products find widespread applications in treatment of cancers, hematopoiesis related disorders, rheumatoid arthritis, inflammatory bowels disease and other chronic conditions.
The global Immunology Market is estimated to be valued at US$ 107133.84 Mn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
One of the major drivers for the immunology market is rising incidence of chronic diseases globally. Chronic diseases require long term treatment and management solutions provided by immunology market entities. According to WHO, chronic diseases accounted for approximately 60% of the 57 million total global deaths in 2005, and this number is expected to increase further. Growing geriatric population is more susceptible to chronic diseases acting as another major driver.
The opportunity stated in the heading of rising incidence of chronic diseases propels the immunology market. This is because treatment of chronic diseases relies heavily on immunology products like monoclonal antibodies, cytokines and other biologics. As prevalence of chronic conditions like cancers, diabetes, cardiovascular diseases is increasing worldwide; demand for immunology solutions witness a simultaneous rise over the forecast period.
Segment Analysis
The global immunology market is dominated by the therapeutic monoclonal antibodies sub-segment. Monoclonal antibodies are widely used for treating various medical conditions related to immune and inflammatory disorders. These antibodies bind to specific proteins on the surface of certain cells or tissues. This helps in treating conditions such as cancer, rheumatoid arthritis, multiple sclerosis etc. The therapeutic monoclonal antibodies sub-segment holds around 65% share of the overall immunology market due to increasing demand for these antibodies in healthcare.
PEST Analysis
Political: The immunology market is positively impacted by supportive government policies and initiatives for developing novel immunotherapies. For instance, favorable reimbursement policies ensure access to expensive immunology drugs.
Economic: Rising healthcare spending contributes to market growth. However, high costs associated with immunology drugs hampers market penetration in low-income countries.
Social: Growing prevalence of chronic diseases like cancer and autoimmune disorders drives demand for immunology therapies. Awareness programs help patients understand new treatment options.
Technological: Advancements in cell and gene therapy aid development of novel immunotherapy approaches. Digital platforms help monitor patients remotely and improve treatment outcomes.
Key Takeaways
The global immunology market is expected to witness high growth owing to rising geriatric population susceptible to various diseases. The therapeutic monoclonal antibodies sub-segment dominates the market due to increasing application in treating cancer, arthritis and other disorders. The global immunology Market is estimated to be valued at US$ 107133.84 Mn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030.
Regional analysis: North America holds the major share of the global immunology market due to presence of advanced healthcare facilities and significant research activities. However, Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing healthcare spending and patient awareness in countries like China and India.
Key players: Key players operating in the immunology market are Abbott Laboratories, Acon Laboratories, Inc., Bayer AG, F. Hoffman-La Roche Ltd., Johnson & Johnson, Medtronic Plc, Novo Nordisk A/S, Terumo Corporation, Dexcom, Inc., and Becton, Dickinson and Company, among others. These players are focusing on developing novel and affordable therapies to expand their market share.
