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New TMR research reports on the enzymes market
ALBANY, New York—Transparency Market Research (TMR) announced today the publication of a new report called “Diagnostic Specialty Enzymes Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026.” According to the report, the global diagnostic specialty enzymes market was valued at US $686.2M in 2017 and is projected to expand at a CAGR of 7.5% from 2018 to 2026. An increase in biotech and diagnostic applications, and the rise in prevalence of chronic, infectious and lifestyle diseases is anticipated to fuel the growth of the global market from 2018 to 2026.
The global diagnostic specialty enzymes market is driven by surge in investments, early and instant diagnosis, and increase in geriatric population in the developed countries. However, a lack of customer education and adoption, and their technically complex and niche nature are reportedly the major restraints of the global diagnostic specialty enzymes market thus far. North America and Europe are projected to dominate the global diagnostic specialty enzymes market in the next few years, owing to an increase in manufacturer focus for business expansion in these regions.
Players are continuously developing advanced products for diagnostic specialty enzymes and entering into distribution agreements to strengthen presence in North America and Europe. Rapidly growing biotechnology industry, increased disease prevalence and rising adoption of several strategies focusing on niche areas are some factors increasing demand for diagnostic specialty enzymes products; this is likely to drive the Asia Pacific diagnostic specialty enzymes market. The diagnostic specialty enzymes market in the Asia Pacific region is expected to expand at a CAGR of 9% from 2018 to 2026.
TMR’s report offers detailed segmentation of the global diagnostic specialty enzymes market based on product and application. In terms of product, the market has been segmented into carbohydrates, oxidases, polymerases and nucleases, protease, lipase and others. The polymerases and nucleases segment is poised to account for the leading share of the global market during the forecast period. Higher share of the segment is attributed to increased usage of polymerase and nuclease enzymes in advanced biotech applications such as DNA sequencing and DNA amplification. The polymerase and nuclease segment is likely to expand at a higher growth rate in terms of revenue during the forecast period, owing to continuous product innovation by major players.
In terms of application,TMR projects that the clinical chemistry segment will account for a major share of the global diagnostic specialty enzymes market during the forecast period. The segment is likely to expand at a moderate CAGR from 2018 to 2026, with continuous new product launches and rise in patient base in developed as well as developing countries likely driving the expansion. Dominance of the segment is attributed to continuous innovations in diagnostic specialty enzymes and wide product portfolio of major as well as local manufacturers. For instance, in December 2016, BBI Solutions announced the launch of Porcine Liver Esterase, a new enzyme for urinalysis. The immunoassay segment is projected to expand at a CAGR of 8.5% during the forecast period. The immunoassay and others segments accounted for 40% share of the global diagnostic specialty enzymes market in terms of revenue in 2017.
In terms of revenue, North America dominated the global diagnostic specialty enzymes market in 2017. Increased demand for preventive health care and adoption of advanced diagnostic tools such as molecular diagnostics and point-of-care testing are likely to boost market growth. Supportive reimbursement policies in the US contributed to the leading share of the US, and is also one of the factors contributing for major share of the North America market. However, technical and niche nature and lack of customer education and process adoption are likely to hamper the market. Health care spending in emerging markets such as China and India is rising. This fuels the growth of the diagnostic specialty enzymes market in Asia Pacific. Development of health care infrastructure, increase in population, growth of the biotechnology industry, and surge in burden of diseases necessitating diagnostics are also likely to boost the growth of the market in Latin America from 2018 to 2026.
The report also includes profiles of leading players in the global diagnostic specialty enzymes market — F. Hoffmann-La Roche Ltd., Codexis, Inc., Amano Enzymes Inc., Biocatalysts Ltd., and Advanced Enzymes Technologies Ltd. The expansion of diagnostic specialty enzymes product portfolios through partnerships to improve efficacy and quality is a rising trend in the market. For instance, in January 2016, Thermo Fisher Scientific announced the acquisition of Affymetrix. Other prominent players in the global diagnostic specialty enzymes market include Amicogen, Inc., Amano Enzymes, Inc., and American Laboratories, Inc.