Specialty Enzymes Market to Record Revenue of USD 5 Billion by 2027.
The Market Driven by an Increasing Number of Pharma Companies
According to the latest research report, the specialty enzymes market will grow at a CAGR of 7.5% from 2021-2027. The use of chemical content is high in the pharmaceutical industry. Most companies dispose of their chemical waste after product manufacturing. However, a few chemical wastes flow with water waste. Thus, companies focus on increasing specialty enzymes as a substitute for chemical catalysts in their manufacturing processes. Thus, the demand for specialty enzymes is high, driving the market growth during the forecast period.
China’s biotechnology industry is one of the largest biotechnology industries globally. Japan, India, and South Korea are large players in the global biotechnology industry. Thus, the demand for specialty enzymes used in the biotechnology industry is on the rise. An increase in the population drives the demand for specialty enzymes in the diagnostics industry. The agriculture sector in APAC experienced rapid growth post-COVID-19 pandemic due to the increased demand for food and beverages. The use of sustainable agrochemicals is high in the agriculture sector due to changes in climatic conditions. Thus, the demand for agrochemicals is high in APAC, driving the need for specialty enzymes in APAC.
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Pharmaceutical Industry to Boost the Market Demand
The pharmaceutical industry’s revenue is high due to increased drug demand. There is growth in the Chinese pharmaceutical industry. Reducing regulatory barriers for new drugs in the US causes an increased demand for pharmaceutical products globally. There is also demand for new drugs in the global pharmaceutical market. The consumption of pharmaceutical products is high due to increased age-related issues and changes in clinical practices. Specialty enzymes manufacture antibiotics for treating diseases such as COVID-19. Therefore, the demand for specialty enzymes from the global pharmaceutical industry will drive the growth of the global specialty enzymes market.
The demand for polymerases and nucleases is rising in developing countries due to increased demand for diagnostic tests in biotechnology-based research. Thus, pharmaceutical companies in developing countries, such as India, Brazil, and China, use polymerases and nucleases. In 2020, the global pharmaceutical industry was valued at $1,077,856 million, per the EFPIA. Thus, the demand for specialty enzymes in the pharmaceutical industry is expected to increase in the coming years.
Local vendors find it difficult to compete with international vendors due to a lack of technology and facilities. The competition is expected to increase due to product extension and technological innovation in the future. The complex structure of specialty enzymes and technological changes are the main restraints of specialty enzymes in the market. Thus, there is a huge opportunity for new players to enter the global specialty enzymes market. Large companies acquire leading players in the global specialty enzymes market to expand their business portfolio and geographical reach. Leading players are likely to expand their business in the developing countries of APAC during the forecast period. The manufacture of new enzymes requires large investments. Thus, there is tough competition in the market for new enzyme manufacturing.
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Key Vendors Profiled in the Report
- BASF SE
- F. Hoffmann-La Roche Ltd
- Amano Enzyme Inc.
- Amayra Biotech AG
- Antozyme Biotech Pvt Ltd
- Aumgene Biosciences
- BBI Solutions
- Hansen Holding A/S
- Dyadic International Inc.
- Merck KGaA
- Nature Bioscience Pvt. Ltd.
- Specialty Enzymes & Probiotics
- Zymtronix Inc.
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