Immunology includes various products and therapies for immunological disorders and diseases. It involves therapeutic proteins, monoclonal antibodies, blood transfusion therapies, immunosuppressant and others. The surge in autoimmune and chronic inflammatory diseases has increased the demand for immunology products globally. Immunology products help in treating various health conditions such as rheumatoid arthritis, asthma, cancer, HIV/AIDS etc. and improving quality of life. The growing awareness and adoption of immunology therapeutics is driving the market 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, as highlighted in a new report published by Coherent Market Insights..

Market Opportunity
In Growing Adoption of Immunology Products

The immunology market is witnessing growth owing to rising adoption of immunology products for treatment of various diseases. Factors such as increasing incidence of chronic diseases, growing geriatric population, new product innovations and rising awareness are promoting higher usage of immunology drugs and therapies. The market offers lucrative opportunity in growing uptake of monoclonal antibody therapeutics and protein drugs due to their efficacy, improved outcomes and innovative pipeline. Numerous pipeline molecules targeting various conditions such as asthma, psoriasis and cancer are expected get regulatory approvals, thereby augmenting market revenues. Growing healthcare expenditures, healthcare reforms across countries and economic developments worldwide are providing impetus to market growth through 2030.

Porter's Analysis
Threat of new entrants: The immunology market has high entry barriers as it requires huge capital investments for R&D and clinical trials.

Bargaining power of buyers: Due to availability of substituting therapies and generic drugs, buyers have moderate bargaining power.

Bargaining power of suppliers: The suppliers comprising of raw material providers and manufacturers have low to moderate bargaining power due to presence of many suppliers.

Threat of new substitutes: Threat from new substitutes remains low due to lack of substitutes for biologics and difficulty of new product development.

Competitive rivalry: The market is highly competitive due to presence of key multinational and generic players offering similar products.

SWOT Analysis
Strengths: High prevalence of chronic diseases, cost-effectiveness of biologics, booming biosimilars market.

Weaknesses: High dependency on critical key players, stringent regulations.

Opportunities: Increasing healthcare spending in emerging nations, fast adoption of mAbs. Threats: Patent expiries, currency fluctuations, increasing pricing pressure.

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.

The North America region currently dominates the global market due to high healthcare expenditure and presence of major players in the region. Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rising healthcare expenditure, increasing disposable income, growing awareness about immunotherapy etc.

Key players related content comprises Key players operating in the immunology market are Abbott Laboratories, Acon Laboratories, Inc., Bayer AG, F. Hoffmann-la Roche Ltd., Johnson and Johnson, Medtronic Plc, Novo Nordisk A/S, Terumo Corporation, Dexcom, Inc., and Becton, Dickinson and Company, among others.

Get more insights on this topic:

https://insightskies12.blogspot.com/2023/12/the-global-immunology-market-growth.html