Wilmington, Delaware, United States, Feb. 19, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for horseradish peroxidase is anticipated to attain a valuation of US$ 100 million by 2031. As per TMR’s findings, the industry is expected to demonstrate substantial growth, with an expected CAGR of 7.3%. Horseradish peroxidase, also referred to as HRP enzyme is commonly used in molecular biology and biochemistry experiments due to its ability to catalyze various reactions involving hydrogen peroxide. It is derived from the roots of the horseradish plant.
Horseradish peroxidase is widely used as a reporter enzyme in immunoassay reagents, particularly in Immunohistochemistry (IHC), Western blotting, and Enzyme-Linked Immunosorbent Assays (ELISA). HRP catalyzes the oxidation of various substrates in the presence of hydrogen peroxide (H2O2), resulting in the production of a detectable signal. Peroxidase conjugates contain HRP to carry these detectable signals during diagnosis procedures.
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Native HRP, conjugated HRP, HRP isoenzymes, modified HRP, polyclonal and monoclonal HRP, ultra-pure HRP, and activated HRP are some of the common types of horseradish peroxidase used in the biopharmaceutical sector. The choice of HRP type depends on the specific requirements of experiment, including sensitivity, specificity, stability, and ease of use. Horseradish peroxidase is versatile, efficient, and compatible with biological systems, and plays a vital role in catalyzing diverse enzymatic reactions. Enzymes, including HRP, are considered efficient and environmentally friendly alternatives to traditional chemical catalysts.
Key Takeaways from the Market Study
- By substrate, the demand for TMB (3,3’, 5,5’-tetramethylbenzidine) is expected to soar above all other categories. This is because of its greater degree of sensitivity and rapid oxidization.
- By grade, grade 1 horseradish peroxidase to hold a predominant revenue share. Its high efficiency makes grade 1 HRP the preferred choice for most biopharmaceutical companies.
- Biopharmaceutical companies are the key end users of HRP, given the extensive amount of research and development they undertake.
- As of 2024, the global horseradish peroxidase market is likely to be valued at US$ 61.07 million.
- From 2024 to 2031, the market is forecasted to expand more than 1.6x.
Key Drivers Spearheading the Horseradish Peroxidase Market
- Biopharmaceutical companies are investing in R&D activities to develop targeted therapies and diagnostics to accurately predict patient responses and optimize treatment outcomes. Thus, rise in research and development activities in biopharmaceutical sector is propelling the horseradish peroxidase market statistics.
- Chronic diseases, such as cancer, metabolic diseases, and autoimmune disorders require early diagnosis and appropriate treatment to ensure patient well-being. Biopharmaceutical companies use Horseradish peroxidase to introduce advanced treatments for these conditions.
- According to the World Health Organization, Noncommunicable Diseases (NCDs) register around 41 million fatalities each year, equivalent to 74% of all deaths across the globe.
- Cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million including kidney disease deaths caused by diabetes).
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Regional Outlook of the Horseradish Peroxide Market
- North America dominated the global market in 2022. Well-established healthcare infrastructure and easy funding sources for research and development in biopharmaceutical sector are likely to propel the horseradish peroxidase industry share during the forecast period.
- Moreover, rise in prevalence of chronic diseases in this region is augmenting market progress. According to the Centers for Disease Control and Prevention, around 6 in 10 adults in the U.S. have a chronic disease and 4 in 10 adults in the U.S. live with two or more chronic diseases. Moreover, chronic diseases are considered the leading cause of death and disability in the U.S.
Competitive Landscape
Research and developments in biopharmaceutical sector and investments in healthcare infrastructure are contributing to the business growth. Leading companies in the market are launching new products to meet consumer demands and introduce advanced treatments for various diseases. They are investing in extending their existing product range to enhance their product portfolio.
Some of the players in the industry are Abcam Limited, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Merck KGaA, BBI Solutions, Takara Bio Inc., Promega Corporation, Faizyme Laboratories, F. Hoffmann-La Roche Ltd, TOYOBO Co., Ltd., Oriental Yeast Co., Ltd., and GenScript.
These companies have been profiled in the horseradish peroxidase market report based on various parameters including company overview, business segments, product portfolio, recent developments, business strategies, and financial overview.
Key Developments
- In October 2023, Bio-Rad Laboratories, Inc., a global leader in life science research and clinical diagnostics products, extended its range of recombinant monoclonal anti-idiotypic antibodies with the introduction of six antibodies specific to dupilumab (Dupixent) and the addition of new evolocumab (Repatha), ipilimumab (Yervoy), and secukinumab (Cosentyx) antibodies.
- In January 2023, AlphaThera, a leading company in antibody-drug conjugate generation, launched oYo-Link Horseradish Peroxidase (HRP), a new addition to their range of site-specific antibody labeling reagents. It ensures rapid production of highly uniform primary antibody conjugates in under two hours, and with only 30 seconds of hands-on time.
Key Segments Covered
Substrate
- ABTS (2,2’- Azinobis [3-ethylbenzothiazoline-6-sulfonic acid]-diammonium salt)
- OPD (ophenylenediamine dihydrochloride)
- TMB (3,3’, 5,5’-tetramethylbenzidine)
- Others
Application
- Immunoassays
- ELISA
- Blot Test
- Others
- Biosensors
Grade
- Grade I
- Grade II
- Grade III
End User
- Biopharmaceutical Companies
- Academic & Research Centers
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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