Immunology involves the study of immune system and diseases caused due to its malfunction or improper response. Immunology products such as monoclonal antibodies, vaccines, immunosuppressants are used for treatment and management of various chronic diseases including cancer, infectious diseases, and immunodeficiency disorders. Rising cases of chronic diseases worldwide owing to changing lifestyle and environmental factors have boosted the demand for immunology products.
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:
Chronic diseases such as cancer, diabetes, cardiovascular diseases impose a significant impact on public health and account for majority of deaths globally. According to WHO, chronic diseases accounted for approximately 60% of all deaths in the world in 2005. It is estimated that chronic diseases will account for almost three-quarters of all deaths globally by 2020. The rising burden of chronic diseases has boosted the demand for effective therapeutics and management of these diseases, thereby driving the immunology market growth.
SWOT Analysis
Strength: Immunology offers advanced diagnostic and therapeutic solutions for various immune disorders and diseases which drives its growth.
Weakness: High costs associated with R&D of novel immunology drugs and therapies.
Opportunity: Rising prevalence of chronic immune disorders and cancers worldwide presents lucrative opportunities.
Threats: Stringent regulatory approvals and reimbursement policies pose challenges.
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.
Regional analysis: North America dominates the global immunology market currently due to presence of advanced healthcare infrastructure and major players in the region. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rapidly improving healthcare infrastructure and increasing healthcare expenditure in emerging countries of China and India.
Key players: Key players operating in the immunology market are Abbott Laboratories, Novo Nordisk A/S, Terumo Corporation,Dexcom, Inc., and Becton, Dickinson and Company, among others. Abbott Laboratories offers a wide range of immunology products for therapy areas like oncology, respiratory diseases, transplant rejection etc. Novo Nordisk A/S provides biologic drugs for immune disorders like hemophilia.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
