The global Immunology Market size is projected to reach a CAGR of 8.1% from 2023-2030.
Immunology is a discipline of medical and biological research that studies the immune system. The immune system defends us against infection in a variety of ways. Diseases such as autoimmunity, allergies, and cancer can occur when the human immune system is not operating properly. Autoimmune diseases occur when the immune system attacks the body that it’s meant to protect. People suffering from autoimmune diseases have a defect that makes their immune system unable to distinguish 'self' from ‘non-self’ or 'foreign' molecules. Immunology provides a wide variety of laboratory tests for the detection of autoimmune diseases.
The growth of the market can be attributed to various factors such as the Increasing prevalence of autoimmune disorders and increasing product approvals by regulatory agencies. Furthermore, increasing funding from various government and non-government organizations is also an important factor responsible for the growth of the market.
On the other hand, the high costs of immunology drugs, adverse effects associated with these drugs, and lack of awareness are the major factors that can hinder the growth of the global immunology market.
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss, this is owing to the lockdown announced by the government agencies, due to which several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track, and aid in the resumption of industrial activities.
The factor responsible for the growth of the global immunology market is the increased funding from various government and non-government organizations. This funding is crucial in ensuring that the necessary resources are available for research and development, as well as for the production and distribution of immunology drugs. On the other hand, the high costs of immunology drugs can be a major obstacle to the growth of the market. Additionally, the adverse effects associated with these drugs can also limit their usage, especially in patients who have other underlying medical conditions. Furthermore, the lack of awareness about the benefits of immunology drugs can also hinder their uptake and limit market growth. It is therefore essential to continue investing in research and development to improve the safety and efficacy of immunology drugs, as well as to increase public awareness about their potential benefits.
North America to Dominate the Market
