July 14, 2024

The Global Immunology Market Is Driven By Rising Burden Of Chronic Inflammatory Diseases

Immunology involves the study of immune systems in humans, animals, and plants. Immunology products help in diagnosis, treatment, and management of various diseases by modulating and regulating the immune system. Some key immunology products include monoclonal antibodies, cytokines, coagulation factors, immunoglobulins, and hematopoietic agents. These products treat diseases related to inflammatory responses including cancer, respiratory disorders, gastrointestinal disorders, and cardiovascular diseases. The increasing global prevalence of chronic inflammatory diseases such as rheumatoid arthritis, multiple sclerosis, psoriasis, and inflammatory bowel disease has raised the demand for immunology products across the world. According to WHO estimates, over 1 billion people worldwide suffer from chronic inflammatory diseases and demand effective treatment options, thus driving the immunology market.

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 key trends:
Monoclonal antibodies are synthetically manufactured antibodies that can be designed to act against specific targets such as proteins or cells to modulate immune response. Several big pharmaceutical companies are engaging in R&D initiatives to develop novel monoclonal antibody therapies for hard-to-treat immune diseases. For instance, AbbVie received FDA approval for its monoclonal antibody Venclexta indicated for treatment of chronic lymphocytic leukemia. Such drug approvals are contributing significantly to immunology market growth. Other ongoing trends include stem cell therapies for autoimmune disorders and development of immunomodulators for management of inflammation in cardiovascular diseases.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the immunology market requires substantial R&D investments and clinical trials for new drugs and therapies.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players and availability of generic alternatives.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitute raw materials and commodities.

Threat of new substitutes: The threat of new substitutes is moderate as new treatment options and therapies are regularly introduced.

Competitive rivalry: The competitive rivalry is high owing to the presence of many global and regional players.

Key Takeaways

The global immunology market is expected to witness high growth. 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.

The North America region dominates the global immunology market and is expected to continue its dominance over the forecast period. This is attributed to the rising prevalence of immune disorders, growing geriatric population, and increasing R&D investments by key players in the region.

Key players related content comprises: Key players operating in the immunology market are Abbott Laboratories, Acon Laboratories, Inc., Bayer AG, F. Hoffmann-la Roche Ltd., Johnson and Johnson, Medtronic Plc, Novo Nordisk A/S, Terumo Corporation, Dexcom, Inc., and Becton, Dickinson and Company, among others.

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