Immunology focuses on the study of the immune system, diseases related to it like cancer, autoimmune disorders, transplant rejection, and infectious diseases, and immune-based therapies to treat these diseases. Some of the major products associated with the immunology market are monoclonal antibodies, immune checkpoint inhibitors, interleukins, interferons, cytokines, hematopoietic growth factors, and many other reagents like immune assay kits developed for research and therapeutic purposes.
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.
Market Dynamics:
The rapidly growing prevalence of autoimmune diseases across the globe presents a key driver for the immunology market. As per the American Autoimmune Related Diseases Association, around 50 million Americans suffer from some form of autoimmune disease annually which includes rheumatoid arthritis, multiple sclerosis, ulcerative colitis, and type 1 diabetes. Moreover, rising awareness regarding the role of immunology in developing targeted therapies and diagnostic assays has spurred research activities in this domain. The growing R&D investment by both public and private players to come up with novel immunology-based drugs and diagnostic techniques is expected to propel the market growth over the forecast period. In addition, the expanding applications of monoclonal antibodies and chimeric antigen receptor T-cell therapies have opened new avenues for immunology research with an aim to treat various cancers and other diseases.
Segment Analysis
The global immunology market can be segmented into therapeutics, diagnostics, and research applications. The therapeutics segment currently dominates the market, driven by the widespread prevalence of chronic diseases like cancer and autoimmune disorders. Within therapeutics, monoclonal antibodies are the largest sub-segment, owing to their high efficacy and safety profiles. Monoclonal antibodies mimic natural antibodies in targeting specific antigens on infectious agents and cancer cells.
PEST Analysis
Political: The market is positively influenced by supportive regulations around clinical trials and drug approvals. However, pricing pressures to lower healthcare costs pose challenges.
Economic: Rising incomes, increasing healthcare spends per capita, and growth in medical insurance coverage are driving market expansion.
Social: Growing awareness about immunological conditions and availability of newer treatment options are increasing the patient population and demand.
Technological: Advancements in monoclonal antibody engineering, development of biosimilars, and next-gen immunotherapies are supporting market innovations.
Key Takeaways
The Global Immunology Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. 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.
North America currently dominates due to established medical infrastructure and aggressive R&D in immunotherapeutics. However, Asia Pacific is emerging as the fastest growing regional market with expanding healthcare sectors and rising medical tourism in countries like China, India, and South Korea.
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. Monoclonal antibodies from Production I.G, Inc. hold the largest market share owing to its products targeting autoimmune disorders with high efficacy and affordable pricing. However, new cell and gene therapies from Pierrot Co., Ltd. and MADHOUSE Inc. are expected to drive future innovations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it