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Enzymes Global Market 2024 - Top Companies, Industry Analysis, Growth Statistics And Outlook By 2033
Enzymes Global Market
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According to The Business Research Company's, The enzymes market size has grown rapidly in recent years. It will grow from $11.78 billion in 2023 to $13.52 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to globalization and market expansion, research and development investments, consumer awareness and demand, bioprocessing technology improvements, waste reduction and recycling.
The enzymes market size is expected to see rapid growth in the next few years. It will grow to $22.86 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to market demand dynamics, focus on sustainable practices, health and nutrition trends, biofuel and renewable energy, emerging applications. Major trends in the forecast period include biotechnology advancements, sustainability demands, food and beverage industry demand, industrial applications expansion, consumer preference for natural products.
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Market Drivers and Trends:
The rise in prevalence of digestive disorders is expected to propel the growth of the enzyme market going forward. Digestive disorders are a group of health conditions that affect the digestive system. Some common digestive disorders include gastroesophageal reflux disease (GERD), cancer, irritable bowel syndrome (IBS), lactose intolerance, hiatal hernia, and gallstones. Digestive enzymes help break down food into smaller molecules that can be absorbed by the body. For instance, in October 2022, according to the National Center for Biotechnology Information (NCBI), a US-based resource for the scientific research community, the prevalence of irritable bowel syndrome (IBS) ranges between 10% and 15% in the United States and nearly 12% of patients seek medical care in primary care practices for IBS-related complaints. Thus, the rise in prevalence of digestive disorders is driving the growth of the enzyme market.
The development of new approaches to treat cancer using enzymes is a key trend gaining popularity in the enzymes market. Major universities and companies are investing in research focusing on evolving new solutions in enzyme therapies for cancer treatment. For instance, in May 2023, Chiesi Global Rare Diseases, a US-based pharmaceutical manufacturing company received FDA approval for ELFABRIO (pegunigalsidase alfa-iwxj) to treat Fabry disease, a rare genetic disorder caused by deficient activity of the lysosomal a-galactosidase-A enzyme, which leads to progressive buildup of globotriaosylceramide (Gb3) in blood vessel walls throughout the body. ELFABRIO (pegunigalsidase alfa-iwxj) is a PEGylated enzyme replacement therapy (ERT).
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Major Key Players of the Market:
Ramboll Group A/S, Jacobs Engineering Group Inc., AECOM Technical Services Inc., ERM Group Limited, WSP Global Inc., SNC-Lavalin Group Inc., Wood PLC, Stantec Inc., Black & Veatch Corporation, Tetra Tech Inc., Arcadis NV, Mott MacDonald Group Ltd., GHD Group Limited, TRC Companies Inc., Form Technologies Inc., Golder Associates Ltd., Cardno Limited, CH2M HILL Engineers Inc., SLR Consulting Ltd., Weston Solutions Inc., IndustrySafe Inc., ECS Limited, Geosyntec Consultants LLC, Apex Companies Inc., GZA GeoEnvironmental Technologies Inc., Haley & Aldrich Inc., Intelex Corporation, iAuditor Inc., Metrix Software Solutions Inc., Lighthouse Systems Inc., SafetyTek Inc., Strategix Application Solutions LLC, Effivity Technologies LLC, SiteDocs Inc., SafetySync LLC, Qooling Systems Inc.
Enzymes Market 2024 Key Insights:
• The enzymes market size is expected to see rapid growth in the next few years. It will grow to $22.86 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%.
• Enzyme Market Surges With The Growing Prevalence Of Digestive Disorders
• Enzyme Therapies For Cancer And Rare Genetic Disorders
• North America was the largest region in the enzymes market in 2023
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