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Medical Enzyme Technology Market s projected to expand at a compound annual growth rate (CAGR) of 7.0% from 2018 to 2032, reaching a value of USD 7.7 billion
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Market Trends and Drivers
Rising demand for low cost and affordable, yet effective medical treatments, as well as rising prevalence of cancer, is estimated to fuel growth within the global medical enzyme technology market in coming years. Furthermore, rising focus of market players on research and development, as well as growing public awareness regarding benefits of these advanced treatment solutions is positively impacting growth within the global medical enzyme technology market.
Market Restraints and Challenges
The key restraints and challenges in Medical Enzyme Technology market are as follows:
Enzymes present some challenges, such as short in vivo half-life, lack of targeted action and, in particular, patient immune system reaction against the enzyme. For this reason, it is important to monitor serum immune response during treatment.
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Major Players in the Global Medical Enzyme Technology Market
The key players in the market are Merck KGaA, Thermo Fisher Scientific Inc., Novozymes, Takeda Pharmaceutical Company Limited, Agilent Technologies, Inc., Genzyme Corporation, Asahi Kasei Corporation, Promega Corporation, Cytiva, and Amano Enzyme Inc ., among others.
COVID-19 Impact:
The current pandemic outbreak of COVID-19 across the globe is further set to result in an exponential growth rate of this segment from 2020 to 2027. For instance, an Indian biotechnology company namely, Richcore Lifesciences is set to introduce 2pivotalenzyme components, applied largely across theCOVID-19 diagnostic kits based on Reverse Transcription Polymerase Chain Reaction (RT-PCR).
Also, a U.S. based manufacturer - Creative Enzymes has expanded the portfolio of healthcare specialty enzymes, acknowledging the present use of Nucleic Acid Test (NAT) and serological tests for COVID-19 diagnosis.
Recent Developments:
In December 2022, Ginkgo Bioworks announced the launch of Ginkgo Enzyme Services. Ginkgo Enzyme Services is powered by ultra-high throughput screening and machine learning-guided protein design, as well as optimized proprietary bacterial and fungal host strains.
In January 2020, Curative Enzymes, a product and service provider, launched the enzyme engineering and modification service to help major clients.
In April 2019, DuPont Nutrition & Biosciences has launched OPTIMASE, a new portfolio of biobased enzymes for medical instrument cleaning applications. The new range has been designed to deliver optimal cleaning performance in medical instrument cleaning applications while helping customers optimise formulation costs.
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