IMMUNOLOGY MARKET ANALYSIS

Immunology Market Size and Trends

Global immunology market is estimated to be valued at USD 96.51 Bn in 2024 and is expected to reach USD 216.10 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.

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Global immunology market is expected to witness significant growth over the forecast period due to  factors such as high prevalence of autoimmune and immunology disorders, rising demand for monoclonal antibodies and immunotherapy, and strong pipeline of immunology drugs.  Increasing healthcare expenditures and availability of research funds for immunology research globally Can also drive the market growth.

Rising Prevalence of Autoimmune Diseases

Increasing prevalence of various autoimmune diseases across the globe can drive the immunology market growth. Autoimmune diseases occur when the body's immune system mistakenly attacks and destroys healthy body tissues. Some of the most common autoimmune disorders include rheumatoid arthritis, Type 1 diabetes, multiple sclerosis, inflammatory bowel disease, psoriasis, lupus and others. For instance, in February 2022, according to the data from Canadian Cancer Statistics Report, 233,900 persons were diagnosed with cancer  in 2022. The most common cancers, according to the research, are colon, prostate, and breast cancers. When combined, these represent about 50% of all common instances. Due to high incidence of cancer in nations like Canada, there has been increase in research activities to produce new medications.

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Rising Health Expenditure and Improving Access to Care

Rising health expenditure globally can drive the market growth. Rising disposable incomes, growing focus on healthcare, increasing medical insurance penetration and better access to healthcare facilities have enabled more patients to afford and qualify for expensive procedures such as immunology market. In developed nations, the overall rise in per capita healthcare spending supports ongoing technological advancements and innovations to improve success rates of organ transplantation. Developing markets, which account for the majority of the disease burden, are witnessing increased expenditures on complex transplant surgeries. This is primarily attributed to extensive primary market research over time by governments and private organizations to elevate standards of medical care and make healthcare affordable for greater population. Consequently, more patients worldwide now have access to various stages of immunology market including pre-transplant evaluation, immunosuppressive therapy post transplantation and long-term medical management, thus, boosting demand for related services, devices and drugs. In January 2023, according to the report published by American Cancer Society, there will be over 27.5 million new cancer cases and 16.3 million deaths by 2040 due to population growth and aging. Risk factors like smoking and poor diet are rising, especially in developing nations, and this increases disease burden. Pharmaceutical firms are intensifying R&D for innovative drugs amidst the surge in chronic diseases.