Wilmington, Delaware, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Immunology Market by Product Type (Diagnostic Testing Equipment, Biomarkers and Biopharmaceuticals), Application (Allergy and Hypersensitivity, Autoimmune Disease, Infectious Disease, HIV and AIDS and Others), and End User (Hospitals and Clinics, Pharmaceutical and Biotechnology Companies, Diagnostic Laboratories and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the immunology market was valued at $110.1 billion in 2023, and is estimated to reach $204.0 billion by 2033, growing at a CAGR of 6.3% from 2024 to 2033.
Prime determinants of growth
Increase in prevalence of chronic diseases, rise in awareness and understanding of immune-related diseases, and increase in investment in research and development are the major factors that drive the growth of the immunology market. However, stringent regulatory requirements restricts the market growth. Moreover, advancements in biotechnology and molecular biology offers remunerative opportunities for the expansion of the global immunology market.
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Recent Developments
- In March 2024, Gilead Sciences, Inc. and Xilio Therapeutics, Inc. announced an exclusive license agreement to develop and commercialize Xilio’s Phase 1 tumor-activated IL-12 program, XTX301. Xilio Therapeutics is a clinical-stage biotechnology company discovering and developing tumor-activated immuno-oncology therapies.
- In May 2023, Gilead Sciences, Inc. and Arcus Biosciences, Inc. announced that the companies have expanded the previously announced research collaboration focused on oncology to include therapies for the treatment of inflammatory diseases. The expanded collaboration builds upon Gilead’s growing presence in inflammatory disease and serves as a step towards broadening Arcus’ capabilities and portfolio beyond oncology and into inflammation.
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Segment Highlights
The biopharmaceuticals segment to maintain its leadership status during the forecast period
By product type, biopharmaceuticals segment dominated the market share in 2023. This is attributed to biopharmaceuticals offer targeted and precise mechanisms of action, resulting in enhanced efficacy and safety profiles compared to conventional drugs. The ongoing therapeutic innovations, expanding indications, rise in investment in R&D, coupled with advancements in biotechnology and personalized medicine approaches propel the segment growth.
The autoimmune disease segment to maintain its leadership status during the forecast period
By application, autoimmune disease segment dominated the market share in 2023. The increase in prevalence of autoimmune disorders worldwide is driving significant attention and investment towards research, diagnosis, and treatment options. With growing awareness and improved diagnostic techniques, more cases are being identified, leading to a greater demand for effective therapies.
The hospitals and clinics segment to maintain its leadership status during the forecast period
By end user, hospitals and clinics segment dominated the market share in 2023. Hospitals and clinics serve as primary points of care for patients with immunological disorders, providing comprehensive diagnostic, therapeutic, and follow-up services. In addition, the rise in prevalence of autoimmune and inflammatory conditions necessitates increased patient access to specialized healthcare facilities for timely diagnosis and treatment thereby driving the segment growth. Furthermore, these healthcare settings serve as hubs for clinical research and trials, driving innovation and advancements in immunology treatments which further support the segment growth.
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Regional Outlook
North America to maintain its dominance by 2033
In North America and Europe there is a robust market for immunology due to advanced healthcare systems, rise in prevalence of chronic pain conditions, and greater accessibility to healthcare services. These regions also witness significant research and development activities, leading to the introduction of innovative pain management therapies and medications. In emerging markets such as Asia-Pacific and LAMEA the immunology market is experiencing rapid growth driven by increasing healthcare expenditure, expanding pharmaceutical industries, and rising awareness about pain management.
Key Players
- AbbVie Inc.
- Johnson & Johnson
- Pfizer Inc.
- Novartis AG
- Merck & Co., Inc.
- Bristol-Myers Squibb Company
- Amgen Inc
- Eli Lilly and Company
- Gilead Sciences, Inc.
- Sanofi
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The report provides a detailed analysis of these key players in the global immunology market. These players have adopted different strategies such as agreement, collaboration, partnership, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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