The global enzymes market size is projected to reach USD 13,815.2 million by 2027 owing to the increasing applications of the latest technologies for enzyme development, states Fortune Business Insights™ in its report, titled “Enzymes Market, 2020-2027”. The report further states that the global market value was USD 9,008.7 million in 2019 and the market is expected to register a CAGR of 6.4% from 2020 to 2027.
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List of Key Players Profiled in the Global Market:
- BASF SE
- Roche Holding
- Advanced Enzymes
- Other Prominent Players
Increasing Applications of Latest Technologies to Drive Growth
The advent of the latest technologies is estimated to help manufacturers find unique and effective applications of these biocatalysts in numerous end-user industries. Their extensive utilization is projected to drive the global enzymes market growth during the forecast period. Leading Enterprises operating in the market are aiming at expanding their businesses in order to meet the exceeding demand from end users. In October 2017, BASF SE, a prominent multinational chemical company based in Germany, opened a new production unit in Nanjing Chemical Industrial Park, Nanjing, China. The new plant is aimed to develop biocatalyzed acrylamide for the company.
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Booming Healthcare Sector in the U.S. to Propel Demand in North America
North America is anticipated to lead the global enzymes market share during the forecast period. In 2019, the market value stood at USD 3,584.0 million in this region. Key factors propelling the demand in the region are the booming healthcare sector coupled with industry-leading medical research facilities in the U.S. In addition, the evident presence of prominent organizations developing innovative procedures is estimated to further strengthen the market growth.
The market in Europe is predicted to showcase significant growth. Growing investments for research and development of enzyme-related diagnostics from several countries including Germany are expected to drive the market in the region.
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