Specialty Enzymes Market Expected to Reach $2.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Specialty Enzymes Market," The specialty enzymes market size was valued at $1.2 billion in 2021, and is estimated to reach $2.2 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031. 

Specialty enzymes are proteins that act as biocatalysts to accelerate the reaction and produce desired results in pharmaceuticals and diagnostics reactions. The demand for specialty enzyme has increased, owing to application of enzymes in various industries such as food, pharmaceuticals, and diagnostics.

Increase in prevalence of chronic diseases such as cancer and arthritis drives growth of the market. Alkaline phosphatase, carboxypeptidases, beta-glucosidases, and beta-lactamases are utilized in making anti-cancer drugs. For instance, according to the Globocan 2020, a report published by the WHO, lung cancer ranked second, in terms of patient count in Europe with estimated 477,534 newly diagnosed patients. Proteolytic enzyme bromelain was effective at reducing symptoms of pain, swelling, and joint stiffness in people with osteoarthritis. Thus, increase in prevalence of chronic diseases contributes toward growth of the market.

Furthermore, rise in number of geriatric populations drives growth of the specialty enzymes market. This population is more prone to chronic diseases. Thus, geriatric population signifies increase in patients of chronic diseases. For instance, according to the WHO, by 2050, the population of people aged 60 years and older will reach to 2.1 billion.

Furthermore, factors that drive growth of the specialty enzymes market share include increase in R&D for development of enzyme therapy, increase in clinical trials, new product launches, and rise in number of hospitals. For instance, in May 2020, MediWound Ltd., a fully-integrated biopharmaceutical company expanded the distribution of NexoBrid (Bromelain-based enzymatic debridement) in Europe for treatment of burns. Furthermore, rise in awareness and increase in acceptability of enzyme-based treatment by medical practitioners contributes toward growth of the specialty enzymes market.

The specialty enzymes market trends is segmented on the basis of application, source, type, and region. By application, the market is classified into pharmaceuticals, biotechnology research & development, and diagnostics. On the basis of source, it is divided into microorganisms, plants, and animals. By type, it is divided into carbohydrase, proteases, lipases, polymerases & nucleases, and other enzymes. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA

On the basis of type, the market is divided into carbohydrase, proteases, lipases, polymerases & nucleases and other enzymes. The carbohydrases segment dominated the market in 2021, and this trend is expected to continue during the forecast period, as carbohydrase have widely used as ingredients and processing aids in distinct industries such as foods & beverages and pharmaceuticals. Thus, increase in consumption of processed foods & beverages drives growth of the market.

Depending on application, the market is classified into pharmaceuticals, biotechnology, and diagnostics. The pharmaceuticals segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to rise in demand for specialty enzymes in drug synthesis and increase in R&D activities for development of novel specialty enzymes contribute toward growth of the market. In addition, increase in prevalence of digestive diseases and cancer further drives growth of the market.

On the basis of source, the market is bifurcated into microorganisms, plants, and animals. The microorganisms segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to rise in use of amylases in biotechnology and pharmaceutical industries is expected to drive the microorganism-derived specialty enzymes market.

North America accounted for a majority of the global specialty enzymes market growth in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of cancer and presence of key players in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in prevalence of chronic diseases and high population base.

According to Onkar Sumant, Manager, Healthcare at Allied Market Research, “The gradual increase in the need of specialty enzymes in various industries such as pharmaceuticals and diagnostics sector fuels the growth of specialty enzymes market.”

Some of the key players operating in the global specialty enzymes industry include Alphazyme LLC, Amano Enzyme, Antozyme Biotech, Enzyme Development Corporation, BBI Solution, Biocatalyst, Novoenzymes, Specialty Enzymes and Probiotics, International Flavors and Fragrances Inc and Enzyme Supplies Ltd.

KEY FINDINGS OF THE STUDY

• By type, the carbohydrases segment was the highest contributor to the specialty enzymes industry in 2021.
• By application, the pharmaceuticals segment was the highest contributor to the market in 2021.
• By source, the microorganism’s segment is projected to grow at a significant CAGR of 6.3% from 2022 to 2031.
• By region, North America garnered largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 8.8% during the review period.