Medical Enzyme Technology Market
Number of pages: 100 | Report Format: PDF | Published date: November 04, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 4,272.3 million |
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Revenue forecast in 2030 |
US$ 7,530.23 million |
|
Growth Rate |
CAGR of 6.50% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
by enzyme type, application, and region |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global medical enzyme technology market was pegged at US$ 4,272.3 million in 2021 and is expected to witness a CAGR of 6.50 % during the forecast period.
Market Fundamentals
Enzymes are biological catalyst used to accelerate a certain chemical process in the cell. The enzyme is continuously employed during the process and is not destroyed. Enzyme technology includes altering enzyme's structure or catalytic activity to produce new metabolites or participate in novel reaction pathways. The technology is primarily used to manufacture, separate, purify, and utilize the enzymes either in soluble or immobilized form. The overall goal of enzyme technology is to create distinctive, long-lasting products with a particular use to meet the demands of the expanding population.
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Market Dynamics
Major drivers supporting the market for medical enzyme technology is increasing need for affordable treatment alternatives, high prevalence of cancer, and public awareness for early diagnosis methodologies. The industry is also driven by investments made by both public and commercial biotechnology companies in novel enzyme engineering technologies. Furthermore, enzyme technology is also used in the production of some diagnostic devices such as closed loop artificial pancreas.
Market Ecosystem
The global medical enzyme technology market has been analyzed from three perspectives: by enzyme type, application, and region
Medical Enzyme Technology Market by Enzyme Type
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The global medical enzyme technology market according to enzyme type is grouped into digestive enzyme, hydrolases, endonucleases, and thrombotic enzymes. Hydrolases segment accounted highest market revenue. Hydrolases enzyme frequently act as biochemical catalyst that uses water to break chemical bonds, which typically results in the fragmentation of bigger molecules to smaller ones. These enzyme helps to treat a wide range of diseases due to their excellent stability, catalytic efficiency, commercial availability, and broad substrate specificity in a variety of bio-catalyzed processes. Furthermore, as hydrolases is the most diverse class of enzyme, it can widely be used in many biochemical processes.
Medical Enzyme Technology Market by Application
Based on application, the global market is grouped into diagnostics tools, biomedical research, disease treatment, and others. Disease treatment segment dominated the market in 2021. A wide range of target compounds can be converted by therapies based on the catalytic activity of enzymes to re-establish the proper physiological metabolism. Due to their affinity and specificity qualities, these therapies have significant advantages over traditional therapeutic methods. Advantages offered by this technology such diagnosis of diseases, prediction of its prognosis, and evaluation of treatment is also increasing its demand in research and development field.
Medical Enzyme Technology Market by Region
Regionally, the global medical enzyme technology market has been segmented into North America, Europe, Asia Pacific, and rest of the world. The market for medical enzyme technology was dominated by North America. According to a recent analysis, the region will continue to dominate the market in the coming year. Rise in prevalence of chronic diseases, increased regional player spending in R&D, and rising demand for enzyme replacement therapies are all contributing factors to the regional growth. In the following years, the Asia Pacific medical enzyme technology market is expected to rise significantly. Some of the major factors driving this market include rising public awareness, significant advances in biotechnology research, growing acceptance of more technologically sophisticated solutions, and improvements in medical technology. Additionally, rising pharmaceutical production from local pharmaceutical producers is also encouraging expansion in the Asia Pacific market for medical enzyme technology.
Competitive Landscape
Some of the prominent players operating in the Medical Enzyme Technology market are
Major drivers supporting the market for medical enzyme technology is increasing need for affordable treatment alternatives, high prevalence of cancer, and public awareness for early diagnosis methodologies. The industry is also driven by investments made by both public and commercial biotechnology companies in novel enzyme engineering technologies.
Some of the prominent players operating in the medical enzyme technology market are Thermo Fisher Scientific Inc., Merck KGaA, Agilent Technologies Inc., Takeda Pharmaceuticals Company Limited, Promega Corporation, Sun Pharmaceuticals Industries Ltd., Amano Enzyme Inc., Novozyme A/S, F. Hoffman-La Roche Ltd., and CPC Biotech SRL among others.
Presence of alternative can restrain the market to some extent
Medical enzyme technology is primarily used in manufacture, separation, purification, and utilization of enzymes, either in soluble or immobilized form. Overall goal of enzyme technology is to create distinctive, long-lasting products with a particular use to meet the demands of the expanding population.
The global medical enzyme technology market was pegged at US$ 4,272.3 million in 2021 and is expected to witness a CAGR of 6.50% during the forecast period
*Insights on financial performance is subject to availability of information in public domain