June 15, 2024

Immunology Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Chronic And Life Threatening Diseases.

Immunology refers to the scientific study of immune systems of all organisms. This includes physiology of the immune system, immune cells such as white blood cells, antigen and antibodies etc. The immunology market comprises of therapeutic antibodies, monoclonal antibodies, vaccines, diagnostic tools and assay kits which are used in treatment and diagnosis of various chronic diseases like cancer, rheumatoid arthritis, crohn’s disease, ulcerative colitis etc. The rising cases of such life threatening conditions across the globe has propelled demand for immunology drugs, devices and reagents. The Global immunology market is estimated to be valued at US$ 123418.19 Bn in 2024 and is expected to exhibit a CAGR of 17.% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Immunology 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. These companies hold major market share and are focused on new product launches and strategic collaborations to strengthen their market position.

The key opportunities in the immunology market include increasing research funding for development of novel immunotherapies, growing demand for biosimilars and biologics, and expanding application of immunology in non medical sectors like food and agriculture. Moreover, rising healthcare expenditure of emerging nations provides huge growth potential.

Global expansion of the immunology market is attributed to increasing international collaborations between research institutes and pharmaceutical companies. The market is witnessing rapid consolidation through mergers and acquisitions which is shaping competitive landscape. Additionally, growing investments by market players to establish manufacturing and distribution facilities in developing countries of Asia Pacific and Latin America will further drive global footprint over the forecast period.

Market drivers

The major market driver for Immunology Market Demand is increasing prevalence of chronic diseases globally. As per the WHO, chronic diseases accounted for around 60% of the total reported deaths in the world in 2001. Around 80% of all deaths from chronic diseases now occur in low- and middle-income countries. Other drivers include rising geriatric population, technological advancements in immunology tools and growing funding for research. Aging population is more vulnerable to immune related conditions which will propel demand.

PEST Analysis
Political: The immunology market is witnessing several political and regulatory changes that are supporting its growth. Government initiatives and support in the form of funding for research and awareness campaigns are boosting innovation.

Economic: Rising healthcare spending globally and growing economy are major economics factors propelling market growth. The continuous increase in per capita income leads to greater adoption of high-priced immunology products.

Social: Improving access to healthcare, rising disease awareness, growing elderly population susceptible to diseases, and increasing social acceptance of new therapies are some of the key social determinants for the market expansion.

Technological: Developments in recombinant DNA, cellular, and genetic engineering technologies are improving capabilities to develop novel therapeutics. Techniques like bioinformatics are allowing better understanding of disease pathology at molecular level and supporting precision medicine approaches. Advancements are making treatment more targeted and effective.

In terms of value, North America holds the major share of the market currently due to large patient population, high healthcare spending, well-established healthcare system, and presence of key market players. However, Asia Pacific is projected to grow at the fastest rate owing to increasing disposable incomes, expanding healthcare infrastructure, and growing disease burden. Rising medical tourism in countries like India is further boosting regional market growth.

Europe follows North America in terms of market size. Major value contributing countries are Germany, UK, and France. Availability of favorable reimbursement policies and rising demand for affordable biosimilars in Europe are fueling market expansion.

The market in Latin America and Middle East & Africa, though relatively smaller currently, presents lucrative opportunities and is poised for strong growth amid rising healthcare investments and expanding access to diagnostics and therapeutics in these regions over the coming years.

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