Global Diagnostic Enzyme Market To Reach Value Of About $3.75 Billion In 2023
The global diagnostic enzymes market is expected to decline from $3.30 billion in 2019 to $3.14 billion in 2020 at a compound annual growth rate (CAGR) of -4.87%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $3.75 billion in 2023 at a CAGR of 6.02%. The rise in the geriatric population that increases the patient pool for the diagnosis of chronic diseases contributed to the growth of the diagnostic enzymes market. However, the high sensitivity of enzymes to temperature & pH levels is expected to limit the market.
Enzymes are extensively used in the diagnosis of various diseases as they have remarkable biocatalytic properties. Only goods and services traded between entities or sold to end consumers are included.
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The global diagnostic enzyme market is further segmented based on type and geography.
By Product Type: Carbohydrases, Polymerases and Nucleases, Protease, Others
By Source: Animals, Microorganisms, Plants
By Geography: The global diagnostic enzyme market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Trends In The Diagnostic Enzyme 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 about the function of enzymes and allow physicians to understand the key determinants of the relationship between protein structure, function and evolution in terms of catalysis of reaction steps of an enzyme.
Diagnostic Enzyme Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides diagnostic enzyme market overviews, analyzes and forecasts diagnostic enzyme market size and growth for the global diagnostic enzyme market, diagnostic enzyme market share, diagnostic enzyme market players, diagnostic enzyme market size, diagnostic enzyme market segments and geographies, diagnostic enzyme market trends, diagnostic enzyme market drivers and diagnostic enzyme market restraints, diagnostic enzyme market’s leading competitors’ revenues, profiles and market shares. The diagnostic enzyme market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.