Immunology Market Is Estimated To Witness High Growth Owing To Opportunity For Advancement In Treatm
Author : Raj Dhote | Published On : 16 Jan 2024
Immunology deals with body's immune system which protects body against foreign substances and infectious agents. It focuses on wide range of products such as vaccines, monoclonal antibodies, antibodies, immunomodulators used for prophylaxis, treatment and diagnosis of diseases. Growing demand for monoclonal antibody therapeutics, technological advancements in immunology, rising awareness about diseases, increasing healthcare expenditure are driving growth of this market.
The global Immunology Market is estimated to be valued at US$ 107,133.84 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 Opportunity:
The opportunity for advancement in treatment through development of new immunotherapies and monoclonal antibody drugs is driving significant growth in this market. There is extensive research ongoing for development of new and advanced therapeutics targeting various diseases. Growing incidence of chronic diseases such as cancer, arthritis, multiple sclerosis has increased focus on advancement of immunology through research. Development of effective immunotherapies presents efficient solution to target diseases at genetic level with minimum side effects. Significant R&D investments by industries in development of novel monoclonal antibody drugs is expected to revolutionize treatment and management of various life threatening conditions. This presents lucrative opportunity for immunotherapy drug manufacturers to develop differentiated treatment options for better patient outcomes.
Porter's Analysis
Threat of new entrants: The immunology market requires high R&D investments, stringent regulations and established customer base which makes entry difficult for new players.
Bargaining power of buyers: The buyers have moderate bargaining power due to availability of alternative treatment options. However, specialized immunotherapies limit impact of alternatives.
Bargaining power of suppliers: The suppliers have low to moderate bargaining power due to presence of many global suppliers and common raw materials availability.
Threat of new substitutes: Substitutes from other modalities like small molecules and biologics pose low threat currently due to lack of efficacy for range of diseases treated by immunotherapies.
Competitive rivalry: The market sees strong competition due to presence of major global players and focus on novel drug development and combination therapies.
SWOT Analysis
Strengths: Rising prevalence of cancer and infectious diseases, immunotherapy precision and fewer side effects compared to other therapies.
Weaknesses: High development costs, requirement of specialized infrastructure and skills, long drug development cycles.
Opportunities: Growing geriatric population, partnerships for novel targets, application in other therapeutic areas like autoimmune disorders.
Threats: Patent expiration of blockbuster drugs, biosimilars entry, reimbursement and regulatory hurdles.
Key Takeaways
The global Immunology Market Share is expected to witness high growth over the forecast period owing to rising cancer incidence, increasing focus on new immunotherapies and their applications fields. The global Immunology Market is estimated to be valued at US$ 107,133.84 Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030.
The North America region currently dominates the market attributed to presence of major players, high healthcare spending and regulatory support for drug innovation. United States as the largest market within North America due to supportive regulations, reimbursement schemes and strong biopharma industry. Asia Pacific is expected emerge as the fastest growing region driven by rising healthcare spending, growing disease burden and expanding biologics production capabilities in major countries like China and India.
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. The market players are focused on new biologic development through collaborations and acquisitions to strengthen their product pipeline.
For more insights, read- https://www.newsstatix.com/immunology-market-trends-size-and-share-analysis-2/
For more details on the report, Read- https://www.newsstatix.com/luxury-travel-market-trends-size-and-share-analysis/
