Immunology Market Is Anticipated To Witness High Growth Owing To Rising Prevalence Of Chronic And Autoimmune Diseases
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| Immunology Market |
The immunology market comprises of products and services
related to the study, diagnosis, and treatment of diseases related to human
immune systems. The market includes products such as monoclonal antibodies,
immunomodulators, immunosuppressants, and diagnostic devices among others. With
rising prevalence of chronic and autoimmune diseases globally, the need for
immunology products to treat and manage such conditions has increased
substantially. The global burden of diseases such as cancer, diabetes, multiple
sclerosis, among others which require immunology interventions is rising at an
alarming rate. For instance, according to WHO, cancer burden is expected to
grow to 27 million new cases by 2040 from 19.3 million new cases registered in
2020.
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 players are engaged in developing novel immunology products as well
as expanding their existing product portfolios through mergers and
acquisitions.
The growing prevalence of chronic diseases has opened up several opportunities
for players in the immunology market. Areas such as cell therapy, gene therapy,
orphan drugs, biosimilars present high growth potential. Furthermore, rising
healthcare investments and improving access in emerging nations will further
aid market expansion in the coming years.
The immunology market has witnessed significant global expansion over the past
decade with players entering new markets. Regional presence has been expanded
to cater to the growing needs. Manufacturers are also undertaking capacity
expansions to meet rising global demand. Further collaborations with local
players help achieve higher market penetration in international locations.
Market drivers: Rising awareness
about diseases treated by immunology is a key driver. People are more informed
about conditions like cancer and autoimmune diseases leading to early diagnosis
and treatment-seeking. Further, advancements in biologic drugs and cell
therapies have improved treatment outcomes boosting patient uptake of
immunology products.
Market restraints: High costs of
novel biologic drugs and therapies act as a major restraint. Monoclonal
antibodies and cell therapies carry huge price tags making them unaffordable
for most patients. Further, complex manufacturing processes and regulatory
approval procedures add to the overall costs limiting widespread adoption.
Segment
Analysis
The Immunology
Market Analysis comprises many sub-segments such as Diagnostic Devices,
Therapeutic Devices, Consumables and software. Among these the Diagnostic
Devices segment holds the largest share currently and is dominating the market.
Diagnostic devices help detect various immunological disorders such as cancer,
infectious diseases, autoimmune disorders, graft rejection and others.
Continuous developments and innovations in diagnostic devices allowing early
detection of these disorders is driving the growth of this segment.
Global Analysis
Regionally, North America holds the largest share in the current Immunology
market owing to rising prevalence of immunological disorders, growing ageing
population, increasing awareness and presence of developed healthcare
infrastructure. North America is the fastest growing and dominating region.
Asia Pacific region is emerging as the fastest growing region. Factors such as
increasing healthcare expenditure, large population base, growing awareness are
supporting market growth in Asia Pacific.
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