February 25, 2024
Immunology Market

The Global Immunology Market Is Driven By Rising Prevalence Of Chronic Diseases

The global immunology market comprises products that help strengthen the body’s natural defense mechanism known as the immune system. These products such as monoclonal antibodies, immune checkpoint inhibitors, interleukins, and interferons help treat chronic diseases by enhancing or suppressing immune responses. Monoclonal antibodies dominate the market due to their high efficacy and specificity to target certain immune cells.

The global immunology market is estimated to be valued at US$ 107133.84 Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The immunology market has witnessed significant growth in recent years owing to the rising prevalence of chronic diseases such as cancer, autoimmune disorders, and infectious diseases worldwide. According to the World Health Organization (WHO), cancer is the second leading cause of death globally and was responsible for nearly 10 million deaths in 2020. Moreover, autoimmune disorders have significantly burdened healthcare systems due to their complexity in diagnosis and high treatment costs. Immunology products are increasingly being used to treat such chronic conditions by modulating the immune system’s response. The advantages associated with immunology drugs over conventional therapies such as surgeries and chemotherapies have further boosted their demand. These include better survival rates, minimum side effects, and improved quality of life for patients.

Market key trends:

The key trends in the global immunology market include rising R&D investments for novel product development and growing adoption of biosimilars. Chronic diseases require life-long treatment, which has prompted vendors to focus on advancing biological therapies. Additionally, patent expiries of blockbuster drugs have created opportunities for biosimilar versions to emerge at more affordable prices. This, coupled with supportive regulatory policies promoting biosimilar adoption, is expected to make biologics more accessible to patients. Furthermore, increasing partnerships between large pharmaceutical companies and academic research institutions will help bolster the pipeline of immunology drugs.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. The development process for immunology drugs is very complex and requires heavy investments, thus posing entry barriers to new players.

Bargaining power of buyers: The bargaining power of buyers is high. Due to the availability of generic alternatives, buyers can negotiate on price points.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of antibodies and reagents have established presence and relationships with major players, providing them with some negotiating power.

Threat of new substitutes: The threat of new substitutes is low as immunology drugs assist in strengthening the body’s immune system in a unique way.

Competitive rivalry: The competitive rivalry is high as major players compete in terms of drug delivery, pricing and innovation.

Key Takeaways

The Global Immunology Market Demand is expected to witness high growth. The market size for 2023 is projected to reach US$ 107133.84 Mn indicating a CAGR of 17% over the forecast period of 2023 to 2030.

Regional analysis: North America is currently the largest and fastest growing regional market for immunology driven by high healthcare expenditure and increasing prevalence of immunological disorders. Europe follows in terms of revenue share and Asia Pacific is poised to witness the highest growth due to rising healthcare standards.

Key players: Key players operating in the Immunology market are Production I.G, Inc., Studio Ghibli, Inc., Pierrot Co., Ltd., Sunrise Inc., Toei Animation Co., Ltd., BONES INC, Kyoto Animation Co.,Ltd., MADHOUSE Inc., Manglobe Inc., and PAWORKS Co., Ltd. Production I.G, Inc. and Studio Ghibli, Inc. hold prominent market shares owing to their product portfolio and global presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it