PUBLISHER: Allied Market Research | PRODUCT CODE: 1566901
PUBLISHER: Allied Market Research | PRODUCT CODE: 1566901
Immunology Market
The immunology market was valued at $110.1 billion in 2023 and is projected to reach $204.0 billion by 2033, growing at a CAGR of 6.3% from 2024 to 2033.
Immunology is a branch of science involved in studying the immune system of an organism. Immune system is the defense mechanism of a living body which fights against infections, foreign substances, and diseases. Immunology finds applications in diverse disciplines of medicine, including oncology, organ transplantation, rheumatology, bacteriology, virology, parasitology, dermatology, and psychiatry.
The immunology market is driven by rise in prevalence of immunological diseases and surge in awareness among individuals regarding the treatment of such diseases. In addition, governments across the globe have increased their expenditure in the field of science and medicine, thereby augmenting the growth of the immunology market. Boost in the trend of biosimilars and personalized medicine is currently presenting new prospects for the market. Moreover, personalized immunotherapy is projected to become mainstream in the future as a patient's immune profile guides the treatment in this approach, hence elevating the effectiveness of the therapy and medications.
However, drug discovery is a lengthy process in immunology, which often requires 10-15 years of research in the laboratory, hence hampering the market growth. In addition, the stringent compliance requirements and the extended approval procedure of new drugs & treatments is a significant restraint for the market. For instance, the U.S. Food and Drug Administration has implemented a long series of regulations which is necessary to follow before releasing any drug in the market. This series involves preclinical testing, submission of investigational new drug application, three phases of clinical trials, submission of new drug application, and lastly post-market surveillance. Drug manufacturers are obliged to follow the sequence to ensure the efficacy and long-term effects of their medications.
Segment Review
The immunology market is segmented into product type, application, end user, and region. On the basis of product type, the market is divided into diagnostic testing equipment, biomarkers, and biopharmaceuticals. By application, it is classified into allergy & hypersensitivity, autoimmune disease, infectious disease, HIV & AIDS, and others. As per end user, it is categorized into hospitals & clinics, pharmaceutical & biotechnology companies, diagnostic laboratories, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of product type, the biopharmaceuticals segment is expected to maintain its dominance during the forecast period.
By application, the autoimmune disease segment is projected to garner a high market share by 2033.
As per end user, the hospitals & clinics segment is anticipated to be the highest shareholder during the forecast period.
Region wise, North America is predicted to maintain its dominance by 2033.
Competition Analysis
The major players operating in the global immunology market include AbbVie Inc., Johnson & Johnson, Pfizer Inc., Novartis AG, Merck & Co., Inc., Bristol-Myers Squibb Company, Amgen Inc., Eli Lilly and Company, Gilead Sciences, Inc., and Sanofi. These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
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