Immunology Market is Estimated To Witness High Growth Owing To Increasing Prevalence of Chronic Diseases
Immunology Market |
The Immunology Market is estimated to be valued at US$ 91,850 Million in 2021 and is expected to exhibit a CAGR of 8% over the forecast period 2021–2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Immunology Market encompasses the study and treatment of immune system
disorders and diseases. The market offers a wide range of products such as
immunosuppressants, immunomodulators, monoclonal antibodies, and vaccines,
among others. These products find applications in the treatment of autoimmune
diseases, inflammatory disorders, and cancer, among others. With the increasing
prevalence of chronic diseases and the growing aging population, the demand for
immunology products is expected to witness significant growth.
Market Dynamics:
The Immunology Market is primarily driven by the increasing prevalence of
chronic diseases worldwide. Additionally, the rising research and development
activities in the field of immunology, coupled with the introduction of novel
therapeutics, are further fueling market growth. Moreover, advancements in
technology, such as biologics and targeted therapies, have revolutionized the
treatment options available for immune system disorders. However, high costs
associated with immunology products and the stringent regulatory requirements
for drug approval are expected to hinder market growth to some extent.
PEST Analysis:
Political: Government regulations and policies play a crucial role in the immunology market. The approval process for new immunology drugs and the pricing policies implemented by regulatory authorities significantly impact market growth.
Economic: The economic factors influencing the immunology market include healthcare spending, insurance coverage, and the affordability of immunology treatments. The rising healthcare expenditure and increasing disposable incomes in developing countries contribute to market growth.
Social: The social factors encompass patient awareness, healthcare infrastructure, and demographic trends. The growing prevalence of autoimmune diseases, aging population, and increased access to healthcare facilities are driving the demand for immunology products.
Technological: Technological advancements in diagnostics, drug development, and treatment options have significantly impacted the immunology market. The development of novel biologics, targeted therapies, and personalized medicine approaches are revolutionizing the treatment landscape.
Key Takeaways:
Immunology Market Size is expected to witness high growth, exhibiting a CAGR of 8% over the forecast period. This growth can be attributed to the increasing prevalence of autoimmune diseases, advancements in biologics, and the rising geriatric population. The North American region is expected to dominate the market due to the high prevalence of autoimmune disorders, well-established healthcare infrastructure, and strong research and development activities. Key players operating in the immunology market are AbbVie Inc., Janssen Global Services, Johnson & Johnson, F. Hoffmann-La Roche Ltd, Amgen Inc., Pfizer Inc., Novartis, Astellas, Bristol-Myers Squibb Company, Merck Sharp & Dohme Corp., UCB SA, and Allergan plc. These companies are focusing on strategic collaborations, product launches, and research and development activities to maintain their market position and gain a competitive edge.
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