The pharmaceuticals application segment accounted for about half of the overall market share in 2014. The Asia Pacific market would exhibit the highest CAGR of 11.7% during the forecast period (2015-2020).
Specialty enzymes have experienced an upsurge in demand in medical applications including biotechnology research, pharmaceutical, and diagnostics. The rise in prominence of specialty enzymes in therapies of chronic diseases including cancer, cardiovascular diseases, and inflammatory disorders drive the market growth. However, issues related to safety due to vulnerability of enzymes due to contamination restrain the overall growth in the market. On the other hand, rise in awareness regarding enzyme-based therapeutics for the Asia Pacific and LAMEA region would create new opportunities for the market growth.
Specialty enzymes are proteins that act as biocatalysts to accelerate chemical reaction and produce the desired results. Owing to low consumption and high degree of specificity, specialty enzymes are witnessing spurring demand in medical applications such as pharmaceutical, biotechnology research and diagnostics. The growing popularity of specialty enzymes in therapies for chronic diseases such as cancer, cardiovascular diseases, pain and inflammatory disorders among others is the vital force fuelling the market growth. In addition, growing awareness about enzyme-based therapeutics in the Asia Pacific and LAMEA region would further boost the market growth. However, safety concerns due to high vulnerability of enzymes towards contamination, would limit the overall market growth.
Key findings of Specialty Enzymes Market:
- Pharmaceutical application segment is expected to register the fastest CAGR of 9.7% during the forecast period.
- Proteases enzyme would be a lucrative segment in the market by 2020.
- Animal derived enzymes would register the significant growth rate during the forecast period.
- North America and Europe together contributed to nearly two-thirds of the global specialty enzymes market in 2014 and will maintain its leadership status throughout the analysis period.
Rise in ageing population in developed economies such as North America and Europe, leads to an increased demand for therapeutic enzymes. Furthermore, adoption of advanced enzymes such as immobilized enzymes is increasing chiefly due to high healthcare expenditure. This had led to the dominance of North America in global specialty enzymes market closely followed by Europe. However, Asia-Pacific region exhibits the highest growth potential in future, due to the increasing per capita healthcare expenditure, increasing awareness about enzyme therapy and rapidly increasing pharmaceutical manufacturing base.
Market players have adopted acquisition and new product launches as their key strategies for extending the manufacturing capacity, grow their market presence, and acquire additional market share. Key market players analyzed in the report include
- Novozymes
- Roche Holdings AG
- DuPont
- Life technologies
- BASF
- Affymetrix Inc.
- Advance enzyme Technologies Ltd.
- Codexis Inc.
Increase in geriatric population in developed countries of North America and Europe created an increased demand for therapeutic enzymes. Moreover, acceptance of advanced enzymes including immobilized enzymes has been growing owing to rise in healthcare expenditure. This had contributed to the dominance of North America, followed by Europe. However, Asia-Pacific would contribute the highest growth in the future, owing to the rise in per capita healthcare expenditure, surge in awareness regarding enzyme therapy, and ever-expanding pharmaceutical manufacturing base.
Read More: Specialty Enzymes Market will Generate $947.5 Million By 2020
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