Pune, India, May 11, 2021 (GLOBE NEWSWIRE) -- The global enzymes market size is projected to reach USD 13,815.2 million by 2027, exhibiting a CAGR of 6.4% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Enzymes Market, 2020-2027”. As per the report, the value of the market stood at USD 9,008.7 million in 2019.
The increasing demand for polymerases- and nucleases-based pharmaceuticals are stoking the demand in the healthcare industry. Industry leaders are focusing on developing such drugs for various applications. For instance, in August 2019, Creative Enzymes Company introduced industrial and daily such products for numerous applications. The utilization of these products can be seen in fields such as environment protection, diagnostics, research, and others.
Industry Developments:
In December 2019, Seqens introduced 7 SEQENZYM kits that are developed by Protéus, one of the subsidiaries specialized in biotechnology under the company. The new product helps in accelerating the screening of enzymes for molecules synthesis transformations.
In November 2018 – Merck, a leading company headquartered in Darmstadt, introduced its new BioContinuum platform at the 2018 American Association of Pharmaceutical Scientists PharmSci360 conference in Washington, D.C., U.S. The new platform will develop the process of drug manufacturing through improved efficiency, simplified plant operations and greater quality and consistency.
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What Does the Report Offer?
The report provides a detailed analysis of the key market aspects, namely, the dominant companies, end-users, and leading product types. Apart from this, the report contains tangible insights into the current & upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market. The detailed information in this report will help you to make informed business decisions.
Demand for Enzymes to Diminish amid COVID-19
The healthcare industry has been hit hard by the COVID-19 pandemic. Leading players and governments worldwide have been burning the midnight oil assisting the rapidly growing population of COVID-19 patients. On the other hand, major pharmaceuticals have been compelled to develop the vaccine for the virus in the shortest period possible. Several companies have not been able to focus on their core business as they are indulged in developing sanitizers and other products that can prevent the spread of COVID-19. Among different markets, this market has been adversely affected by such incidents. As per our analysis, the market exhibited a decline of 1.0% in 2020. Nevertheless, the demand for these biological catalysts is likely to rise owing to their widespread use in industries such as pharmaceuticals, food and beverages, and biotechnology.
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Presence of Prominent Organizations to Enhance Demand in North America
North America is anticipated to dominate the global enzymes market share during the forecast period. The booming healthcare sector, coupled with industry-leading medical research facilities in the U.S., is projected to accelerate their demand in the region. In addition, the evident presence of prominent organizations developing innovative procedures is estimated to further strengthen the market growth. The market value of North America was USD 3,584.0 million in 2019.
The market in Europe is predicted to showcase significant growth. The region is experiencing rapidly growing investments for research and development of enzyme-related diagnostics from several countries including Germany. Several start-ups are also planning to pave their way in this market. Some of these start-ups are focused on developing novel and efficient solutions to introduce unique biocatalysts. The trend is anticipated to drive the market in the region.
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Rising Prevalence of Chronic Diseases to Bode Well for the Market
The growing prevalence of chronic diseases, such as cancer, diabetes, and various heart-related conditions, is expected to drive the global enzymes market growth. For instance, according to the World Health Organization, non-communicable diseases account for nearly 41 million deaths every year, which is 71% of the total deaths globally. Increasing adoption of these proteins for the development of therapeutic medicines for patients suffering from such diseases is estimated to enhance their demand globally. In addition, surging investments in research for the development of these biocatalysts for their use in several end-use industries are anticipated to further enhance the growth. However, a lack of adequate regulations may hinder the growth of this market.
List of Key Companies Covered in the Global Market:
• BASF SE (Ludwigshafen, Germany)
• DuPont (Delaware, U.S)
• DSM (Heerlen, Netherlands)
• Novozyme (Bagsværd, Denmark)
• Roche Holding (Basel, Switzerland)
• Codeix (California, U.S.)
• Sanofi (Paris, France)
• Advanced Enzymes (Maharashtra, India)
• Other Prominent Players
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