Allied Market Research published a new report, titled, “Specialty Enzymes Market – Global Opportunity Analysis and Industry Forecast, 2014–2020.” The research states that the global specialty enzymes market would reach $947.5 million by 2020, growing at a CAGR of 9.4% during the forecast period, 2015–2020. The pharmaceuticals application segment contributed to nearly half of the total market share in 2014. The Asia Pacific is expected to grow at the fastest rate with a CAGR of 11.7% during the forecast period.
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.
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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
- Roche Holdings AG
- Life technologies
- Affymetrix Inc.
- Advance enzyme Technologies Ltd.
- Codexis Inc.
They have implemented different strategies such as collaborations, partnerships, agreements, and others to gain the strong position in the industry.
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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.
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.
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