The global specialty enzymes market size was valued at $1.2 billion in 2021, and is projected to reach $2.2 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031. Enzyme is a substance that acts as a catalyst in living organisms, regulating the rate at which chemical reactions proceed without itself being altered in the process. Biological processes that occur within all living organisms are chemical reactions, and most are regulated by enzymes. Without enzymes, many of these reactions would not take place at a perceptible rate. Enzymes catalyze all aspects of cell metabolism.
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The COVID-19 outbreak is anticipated to have a negative impact on the growth of the specialty enzymes market due to the implementation of lockdown in many countries. The COVID-19 pandemic creates difficulty for pharmaceutical industry to focus on R&D activities including biosimilar development. These measures had a significant impact on the global economy, affecting a variety of industries. In addition, there is delay in product approval and product launch due to pandemic situations which further restricts the expansion of biosimilar market. Furthermore, most of the clinical trials are postponed to avoid spread of infections which slows down the drug development process.
The specialty enzymes market size is expected to witness moderate growth during the forecast period, owing to increase in prevalence of chronic diseases such as cancer and rheumatoid arthritis. Furthermore, expansion of food industries drives the demand of specialty enzymes. The enzymes such as lipases, amylases, proteases, rennet, pectinases, invertases, cellulases, and glucose oxidase plays an important role in food processing industry. However, the complexities in biosimilars development may hinder the growth of market.
The specialty enzymes market share is segmented on the basis of application, source, type and region. Based on application market is classified into pharmaceuticals, biotechnology research & development and diagnostics. On the basis of source, the market is bifurcated into microorganisms, plants and animals. By type market is divided into carbohydrases, proteases, lipases, polymerases & nucleases and other enzymes. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the specialty enzymes industry, and the current trends and future estimations to elucidate imminent investment pockets.
- It presents a quantitative analysis of the market from 2022 to 2031 to enable stakeholders to capitalize on the prevailing specialty enzymes market opportunity.
- Extensive analysis of the specialty enzymes industry based on procedures and services assists to understand the trends in the industry.
- Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.
Key Market Segments
- By Application
- Pharmaceuticals
- Biotechnology research and development
- Diagnostics
- By Source
- Microorganisms
- Plants
- Animal
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