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Diagnostic Enzyme Market Size, Deep Analysis, Growth Statistics, Share, Trends And Forecast To 2033
Diagnostic Enzyme Market Size
According to The Business Research Company's, The diagnostic enzyme market size has grown strongly in recent years. It will grow from $4.02 billion in 2023 to $4.25 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to rising prevalence of chronic diseases, increasing geriatric population, rising healthcare spending, government initiatives, increased awareness of preventive healthcare.
The diagnostic enzyme market size is expected to see strongly grown in the next few years. It will grow to $5.49 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rising demand for point-of-care testing, growing focus on personalized medicine, rising demand for companion diagnostics, increasing demand for molecular diagnostics, rising demand for in vitro diagnostics, strong growth in the biotechnology industry. Major trends in the forecast period include customized enzyme solutions, automation and robotics, biomarker discovery, digital health integration, sustainability and green enzymes.
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Market Drivers and Trends:
The rise in geriatric population is expected to propel the growth of the diagnostic enzymes market going forward. Geriatric population referred to as the elderly or senior population of individuals aged with 65 years and older. Diagnostic enzymes are required for geriatric population for diagnosing and monitoring age-related diseases and they are more susceptible to chronic diseases which require diagnostic enzyme testing. For instance, in October 2022, according to the World Health Organization, a US-based specialized health agency, 1 in 6 people globally will be 60 or older by 2030, and there will be a double number of individuals in this age group (2.1 billion) by 2050. Therefore, the rise in geriatric population is driving the growth of the diagnostic enzymes market.
The use of machine learning and artificial intelligence is gradually gaining popularity in the enzyme diagnostic market. Artificial intelligence (AI) is the simulation of human intelligence in machines and is programmed to display their natural intelligence. Machine learning is a part of AI. Machine learning and AI help companies in the enzyme diagnostic market to conduct a detailed analysis of all relevant data, provide insights into the function of enzymes, and allow physicians to understand the key determinants of the relationship between protein structure, function, and evolution, in terms of the catalysis of the reaction steps of an enzyme. For instance, companies such as BioMarker have invested in AI and machine learning for enzyme diagnostics.
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Major Key Players of the Market:
Sanofi S.A.; Advanced Enzymes Technologies; Aldevron LLC; Amano Enzymes Inc.; Codexis Inc.; EKF Diagnostic; Kaneka Eurogentec; Roche Holding AG; Sekisui Diagnostics LLC; Thermo Fisher Scientific Inc.; Charles River Laboratories; EKF Diagnostic; Biocatalysts; Merck & Co. Inc.; Chr. Hansen; Kerry Group; Dyadic International; Creative Enzymes; Pfizer Inc.; Eli Lilly and Company; Bristol-Myers Squibb Company; GlaxoSmithKline plc; Johnson & Johnson; AbbVie Inc.; Amgen Inc.; Biogen Inc.; Gilead Sciences Inc.; Regeneron Pharmaceuticals Inc.
Diagnostic Enzyme Market 2024 Key Insights:
• The diagnostic enzyme market size will grow to $5.49 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Rise In Geriatric Population For Diagnostic Enzymes Market
• Use Of AI (Artificial Intelligence) And Machine Learning In Diagnostic Enzymes Market
• North America was the largest region in the enzymes market in 2023
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