The Global Demand for Specialty Enzymes in Healthcare Industry
The global specialty enzymes market is expected to grow at a compound annual growth rate of 9.08% over the forecast period to reach a market size of US$5.144 billion in 2027 up from US$2.280 billion in 2020.
Specialty enzymes are enzymes that have been made artificially and have uses in the healthcare and pharmaceutical industries. Enzymes are proteins that are utilized to accelerate a chemical or biological action in the body. These enzymes are not destroyed throughout the process but are constantly utilized. Enzyme specificity to certain cells or organs aids in pinpointing the site of damage, which aids in an illness diagnosis. Pharmaceutically significant enzymes play a vital role in the pharmaceutical industry. They are prodrugs that focus on a particular biological irreversible or reversible process to cure a specific illness. For instance, Changing Lactate Dehydrogenase (LDH) levels in the blood are a recommended method for diagnosing the start of cardiovascular illnesses.
The global market for specialty enzymes has grown in response to changes in metabolism and an aging population. Furthermore, rising healthcare expenditure has had a favorable impact on market share.
One of the most significant factors driving the growth of this market is the increasing need for specialty enzymes in the medical sector to manufacture drugs to treat catastrophic diseases such as heart diseases, cancer, age-related pain, bronchitis, and lysosomal storage disorders. The rising frequency of such diseases, along with the world’s growing senior population, is predicted to boost the market’s overall growth.
Because they are essential components of human health, pharmaceutical companies and research institutions have shown a strong interest in the study and development of specialty enzymes that can be used in medicines, novel drugs, food, and beverages, or probiotics, which corresponds to the introduction of microorganisms into the bloodstream to support from their properties.
The increasing investments and development of the pharmaceutical industry will surge the market trend in the upcoming years.
Due to the increasing investments and developments made in the healthcare industry, the market for global specialty enzymes is anticipated to witness a surge in the next five years. With the technological developments, the pharma industry is expanding leading the market trend to increase. For instance, Novozymes and Novo Nordisk Pharmatech signed a partnership agreement in November 2021 that brings together the businesses’ combined expertise and objectives in the production of specialized enzymes for use in biopharma manufacturing and regeneration therapies. Additionally, Enzymes used in biopharmaceutical processing now represent a minor percentage of the Danish kr15 billion (US$2.27 billion) specialty enzymes industry, with annual growth rates estimated to be in the high single digits, as per the company reports. Similarly, JITO Angel Network (JAN), an Indian community-based Angel network, announced an undisclosed investment in Kochi-based health tech business Evelabs Technologies (Evelabs) in July 2022, together with a group of individual investors. The funding was used to assist the firm to develop further IoT-based products as well as promote and execute Dripo Orders from different clinics and hospitals. Furthermore, Allozymes and CSM Ingredients formed a strategic alliance in September 2022 to develop a revolutionary enzyme.
The product launches along with the incorporation of specialty enzymes in the healthcare and F&B industry are projected to be beneficial for the market growth
The growing application of specialized enzymes in the food and beverage (F&B) industry is expected to drive growth in the worldwide specialty enzymes market. These enzymes are employed in the production of wine, cheese, bread, vinegar, and other commodities. Moreover, the rising adoption rate of specialized enzymes in the drug development process, as a result of the growing demand for effective pharmaceuticals, as well as research on the future of medical goods, may help accelerate the worldwide market size.
For example, in February 2020, DuPont Nutrition Biosciences ApS, a Danish business specializing in the discovery, manufacture, and distribution of food and beverage components, enzymes, and bio-based products, developed the POWERBake enzyme relying on its emulsification technology. The enzymes provide bakeries and improvement centers with a unique emulsification solution that meets customer demands for clearer labeling while preserving the flavor and quality of white buns and loaves of bread. Similarly, Amano Enzyme, a specialist enzymes provider, announced the launch of Umamizyme Pulse in March 2022, to be utilized in plant protein-based products.
Univar Solutions Inc., a global chemical and component supplier and value-added service, and Novozymes, the world leader in biological solutions, announced plans to broaden their existing partnership into the US and Canadian homecare, industrial cleaning, and beverages markets in March 2021.
Additionally, Advanced Enzyme Technologies Limited acquired a 51 percent controlling share in SciTech Specialties Private Limited in January 2021. SSPL specializes in animal health, medicines, and nutraceuticals. SSPL uses effervescent products technology to make effervescent items.
According to analysts, the Asia-Pacific region is expected to witness positive growth during the forecast period.
Based on geography, the global specialty enzymes market is divided into North America, South America, Europe, and the Asia Pacific. Geographically, the Asia Pacific region is anticipated to grow because of the developments made in the healthcare industry is predicted to lead the market share to expand in addition to generating more demand from the end-user segments. Because of an increase in cardiovascular disease and cancer occurrences, a high prevalence of different malignancies, and an increase in product releases in the region. Cancer has one of the greatest growth rates in India, according to a report by the Indian Health Metrics and Evaluation. More than 1,392,178 people were diagnosed with cancer by 2020. Furthermore, because of rising disposable income and increased urbanization, the market is likely to expand. Many significant market players intend to increase their geographical presence, and these large manufacturing businesses are establishing themselves in the Asia Pacific area, which is predicted to promote the growth of the Asia Pacific enzymes market.
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