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| Immunology Market |
The global 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 refers to the study and treatment of diseases related to
the immune system. It includes the diagnosis, prevention, and treatment of
autoimmune diseases, allergies, and immunodeficiencies. Immunology products
play a crucial role in improving the quality of life for patients suffering
from various immune-related disorders. These products offer several advantages
such as targeted therapy, reduced side effects, and improved patient outcomes.
With the increasing prevalence of autoimmune diseases, such as rheumatoid
arthritis, inflammatory bowel disease, and multiple sclerosis, the demand for
immunology products is expected to rise significantly.
Market Key Trends:
One of the key trends in the immunology market is the growing adoption of
biologics for the treatment of autoimmune diseases. Biologics are genetically
engineered proteins derived from living cells that target specific components
of the immune system. They offer improved efficacy and reduced side effects
compared to traditional therapies. The increasing number of biologics in the
pipeline and the approval of novel biologics by regulatory authorities are
driving the growth of the immunology market. Furthermore, advancements in
genomic research and personalized medicine are expected to revolutionize the
treatment landscape, leading to the development of targeted therapies for
specific patient populations.
PEST Analysis:
Political: The political factors impacting the immunology market include
government regulations, healthcare policies, and potential changes in
legislation. For example, government initiatives to improve access to
affordable healthcare and increase funding for research and development in the
field of immunology can positively impact the market.
Economic: The economic factors influencing the immunology market entail the
overall economic health of countries, healthcare expenditure, and pricing
pressures. Rising healthcare spending, particularly in emerging economies, and
the increasing prevalence of chronic diseases are expected to drive market
growth. However, cost containment measures implemented by governments and
payers can pose challenges for market players.
Social: Social factors such as an aging population, changing lifestyles, and
increasing awareness about immunological disorders contribute to the growth of
the immunology market. The rising prevalence of autoimmune diseases and
allergies, coupled with a growing demand for advanced treatment options, create
opportunities for market expansion.
Technological: Technological advancements play a crucial role in the immunology
market. Innovations in diagnostic tests, therapeutics, and disease management
tools significantly impact market growth. For instance, the development of
immune checkpoint inhibitors and biologics has revolutionized the treatment of
various immunological disorders, leading to improved patient outcomes.
Key Takeaways:
The global Immunology
Market Share is expected to witness high growth, exhibiting a CAGR of 8% over the forecast period
(2021-2028), primarily driven by increasing healthcare spending and the rising
prevalence of autoimmune diseases.
Regionally, North America is anticipated to be the fastest-growing and
dominating region in the immunology market. Factors such as the presence of a
well-established healthcare infrastructure, high adoption of advanced
immunotherapies, and strong R&D activities contribute to the market's
growth in this region. The presence of key market players and collaborations
between pharmaceutical companies and research institutions further propel the
market in North America.
Key Players:
Key players operating in the immunology market include AbbVie Inc., Janssen
Global Services (a subsidiary of 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
actively involved in research and development activities, strategic
collaborations, and mergers and acquisitions to strengthen their market
position and expand their product portfolios.
Read More,
https://www.newsstatix.com/immunology-market-trends-size-and-share-analysis-2/
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