by 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 consists of diagnostic and therapeutic products used for the management of immunological diseases such as rheumatoid arthritis, autoimmune diseases, allergic conditions, and organ transplant rejection. The increasing prevalence of immunological diseases, coupled with advancements in diagnostics and therapeutics, is driving the demand for immunology products. These products help in accurate diagnosis, monitoring disease activity, and providing targeted therapies, thereby improving patient outcomes.
Market Key Trends:
One of the key trends in the immunology market is the growing adoption of biologic drugs for the treatment of immunological diseases. Biologics offer improved efficacy and specificity in targeting disease-causing molecules compared to traditional small molecule drugs. This has led to the development and commercialization of several biologics in the immunology market. Additionally, the approval of biosimilars for biologic drugs has increased accessibility and affordability, further driving market growth.
Porter’s Analysis
Threat of New Entrants: The immunology market poses a moderate threat of new entrants as high entry barriers such as stringent regulations and substantial capital requirements limit the entry of new players. Established companies benefit from economies of scale and strong brand recognition, making it difficult for new entrants to gain significant market share.
Bargaining Power of Buyers: Buyers in the immunology market have a moderate level of bargaining power. Although there are various treatment options available, the high demand for immunology drugs gives buyers some leverage in negotiating prices and terms of sale. However, the complexity and critical nature of these treatments restrict the buyer’s power to a certain extent.
Bargaining Power of Suppliers: Suppliers in the immunology market hold a relatively high bargaining power. The limited number of suppliers, particularly for advanced biologics and innovative therapies, allows them to exert control over pricing and supply. Suppliers’ specialization and unique expertise also contribute to their bargaining power in negotiations with pharmaceutical companies.
Threat of New Substitutes: The threat of new substitutes in the immunology market is low. The complexity and specific nature of immunology diseases and treatments make it challenging for alternative therapies or substitutes to emerge. Immunology drugs have proven to be highly effective in managing various autoimmune diseases, making it unlikely for substitutes to provide comparable outcomes.
Competitive Rivalry: The immunology market is characterized by intense competitive rivalry. Key players continuously strive to develop innovative therapies and expand their product portfolios. The market is dominated by well-established pharmaceutical companies, such as AbbVie Inc., Janssen Global Services, and Johnson & Johnson, which compete fiercely to maintain or gain market share.
Key Takeaways
The global Immunology Market Share is expected to witness high growth, exhibiting a CAGR of 8% over the forecast period (2021-2028). The increasing prevalence of autoimmune diseases, growing aging population, and advancements in biologics and targeted therapies are driving market growth. The market presents significant opportunities for pharmaceutical companies to develop novel treatments and expand their presence in emerging markets.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the immunology market. The presence of well-established healthcare infrastructure, a high prevalence of autoimmune diseases, and significant investments in research and development activities contribute to the region’s growth. Europe and Asia-Pacific are also expected to witness considerable growth due to an increasing focus on personalized medicine and rising healthcare expenditure.
Key players operating in the immunology market include AbbVie Inc., Janssen Global Services, 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 leverage their strong brand presence, extensive product offerings, and strategic collaborations to gain a competitive edge in the market. Continuous investments in research and development, along with the launch of innovative therapies, are key strategies adopted by these players to maintain their market positions.
Overall, the immunology market presents promising growth prospects driven by the increasing prevalence of autoimmune diseases and advancements in treatment options. Key players are expected to focus on developing personalized and targeted therapies to cater to the specific needs of patients, ultimately contributing to the market’s expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
