The Global Speciality Enzymes Market - Growth, COVID-19 impact and Forecast (2021-2025)
The Specialty Enzymes market is segmented by Product type (Polymerases and Nucleases, Carbohydrases, Proteases, Lipases and Others); Application (Pharmaceutical, Research and Biotechnology, Diagnostics and Biocatalyst); Geography (North America, Europe, APAC and ROW).
Introduction
Macromolecular biological catalysts are popularly known as enzymes. Enzyme helps in various metabolic activities which sustain life.
Specialty enzymes are proteins that function as biocatalysts to promote processes and produce the desired effects in drug and diagnostic reactions. Specialty enzymes play a significant role in drug development and drug delivery in the pharmaceutical industry
The growth of the specialty enzymes market will be driven by increasing aging population, vigorous developments within the biotech field.
Despite the current pandemic situation, the end-users of this market is recovering to operate in full capacities from 2021 beginning. Along with this, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global specialty enzymes market is expected to grow to $ 6,136.30 million by 2025.
Growth momentum is expected to accelerate during the forecast period with 6.91% CAGR.
Multifunctional benefits of specialty enzymes and technological innovations are contributing to the growth of the specialty enzyme market.
North America is a prominent regional market for specialty enzymes owing to the presence of niche consumer markets and advanced technologies
Key Trends
Increasing focus on developing accurate diagnostic tools is expected to boost the growth of the market
High demand for an alternative to synthetic chemicals along with technological innovations and wide industry scope are expected to drive the market during forecast period
Launching enzymes with long shelf life is expected to drive the future market
Key Market Players
Some of the key players in the market are BASF, DSM, Codexis, Roche Holding, Novozymes, Sanofi.
The key players are dominating the market by adopting modern and environmentally safe technologies to customize the product, enhance its properties, and differentiate the final product from its competitors.
Companies are also adopting collaborative business strategy to provide highly regarded products to consumers, and to expand their regional presences.
Growth Drivers and Challenges
Development of global pharmaceutical industry, growing number of biotechnology R&D and development in green chemistry and enzyme engineering are anticipated to drive the global specialty enzymes market
Rise in demand for non-harmful biological catalysts in pharmaceuticals and diagnostics is driving the market.
Advancement in the biotechnology, especially in the field of protein engineering has brought in new industrial enzymes products in the market. This is driving industrial enzymes market
The high sensitivity of enzymes to temperature and pH and product handling security problems are challenging the industrial enzyme market
High raw material costs and high maintenance costs of specialty enzymes product are limiting the usage of enzymes.
Ethical and legal issues coupled with lack of knowledge among customers regarding the advantages of specialty enzymes mainly in developing countries is also anticipated to pose intimidation to the market growth.