Albany, New York, Oct. 15, 2018 (GLOBE NEWSWIRE) -- According to TMR’s report, the global specialty enzymes market is forecasted to rise an 8.7% CAGR over the forecast period 2017 to 2025. The market was estimated to be worth US$1,782.0 mn in the year 2016, and is anticipated to rise to US$3,726.4 mn by the end of the forecast period.
Rising Demand for Bio-Pharmaceutical Applications to Boost Growth
The process of DNA sequencing and manipulation utilizes specialty enzymes, which has led to an overall cost reduction of the process. Due to improved cost effectiveness of the procedure, the uptake of DNA sequencing is increasingly significantly. This has thus bolstered the demand of specialty enzymes in research, diagnostics, and biotechnology. This is a key factor fuelling the growth of the global specialty enzymes market. Growing interest in green chemistry and developments in advanced enzymes is expected to further bolster the growth of this market.
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Furthermore, the use of biocatalysts in the manufacture of pharmaceuticals is soaring. The use of specialty chemicals results in cost reduction in the manufacture process, and adds value to the procedure. With the growing awareness of the benefits of using specialty enzymes in a catalytic capacity in order to offer cost efficient alternative of production of bio-pharmaceuticals is thus expected to bolster the global market for specialty enzymes over the coming years.
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Growing Research and Investment Activities to Propel Market Opportunity
The pharmaceutical industry is a vast potential application area for the product, and growing investments towards the research and development of novel products is expected to boost the growth avenues for the global specialty enzymes market. Several manufacturers are looking into the production of reliable drugs for treatment of chronic ailments and fatal diseases such as cancer, asthma, hay fever, and cardiovascular diseases. The growing prevalence of these diseases is a key opportunity that vendors are expected to capitalize on.
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There are a few ethical and legal issues, coupled with low awareness among the consumers regarding the advantages of specialty enzymes, which could hamper the development of the specialty enzymes market. The industry is further challenged by technical issues such as difficulty in maintaining pH levels and operational temperature of the specialty enzymes.
However, advanced regions have developed niche markets with high uptake of progressive technology. Rising population and growing disposable incomes across the globe is expected to augment demand for specialty enzymes, alleviating the market challenges to some extent.
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The global specialty enzymes market is expected to demonstrate healthy growth in the years to come, as reported by Transparency Market Research (TMR). The market’s competitive ecosystems comprises of intense competition among the players, possibly due to small vendor pool. The market is currently fragmented in nature, with steep capital requirements. Due to this, entry barrier for new entrants is high, as there is a need for detailed knowledge of the manufacturing process, and longer product lifecycle. The market is witnessing a surge of opportunities on account of emerging technological innovations, novel technologies, and discovery of new applications for specialty enzymes. The vendors in the market are anticipated to thus factor in the significance of research and development activities in the arena, in order to add value to their product portfolio. This includes the recognition and development of enzymes from microbes and fungi that have the potential of being utilized for production of next-gen enzymes, to be used across multitude of industries.
Some of the significant vendors in the global specialty enzymes market are Amano Enzymes Inc., Advanced Enzymes Technologies Ltd., Roche CustomBiotech, Novozymes A/S, and Codexis Inc.
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