Global Enzymes Market Forecast To 2023
The global enzymes market is expected to decline from $7.98 billion in 2019 to $7.81 billion in 2020 at a compound annual growth rate (CAGR) of -2.20%. 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 $11.92 billion in 2023 at a CAGR of 15.15%. The growing prevalence of cancer and the need for drug-metabolizing enzymes (DMEs) for chemotherapy are expected to drive the growth of the enzymes market in the coming years.
The enzymes market consists of sales of enzymes to treat diseases. An enzyme is a protein or RNA formed by living cells that are extremely specific to its substrates and highly catalytic. Enzymes constitute a very significant class of biological macromolecular catalysts. Enzymes that are used in medical applications in their isolated or conjugated form with other drugs or therapies are known as therapeutic enzymes. Therapeutic enzymes are used in the treatment of various diseases including cancer, inflammatory disorders, cardiovascular diseases, and pain management.
Request For A Sample For The Global Enzymes Market Report:
The global enzymes market is further segmented based on type and geography.
By Product Type: Asparaginase, Lipase, Protease, Nattokinase, Chitinase, Serratiopeptidase, Collagenase, Ligase, Others
By Application: Leukemia, Stomach Disorders, Antitumor, Skin Ulcers, Gaucher Disease, Fabry Disease, Others.
By Geography: The global enzymes market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American enzymes market accounts for the largest share in the global enzymes market.
Read More On The Report For The Global Enzymes Market At:
Trends In The Enzymes Market
The development of new approaches to treat cancer using enzymes is a key trend gaining popularity in the enzymes market.
Enzymes Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides enzymes market overviews, analyzes and forecasts enzymes market size and growth for the global enzymes market, enzymes market share, enzymes market players, enzymes market size, enzymes market segments and geographies, enzymes market trends, enzymes market drivers and enzymes market restraints, enzymes market’s leading competitors’ revenues, profiles and market shares. The enzymes market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.