Major players in the enzymes market are Sanofi, AbbVie Inc. , Alexion Pharmaceuticals Inc, Horizon Pharma, Allergan plc, Pfizer Inc. , Vivus, Digestive Care, Leadiant Biosciences, and Roche Holdings AG.
New York, June 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Enzymes Global Market Report 2021: COVID 19 Growth And Change to 2030" - https://www.reportlinker.com/p06090632/?utm_source=GNW
The global enzymes market is expected to grow from $7.81 billion in 2020 to $8.9 billion in 2021 at a compound annual growth rate (CAGR) of 14%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $15.25 billion in 2025 at a CAGR of 14%.
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.
The enzymes market covered in this report is segmented by product type into asparginase; lipase; protease; nattokinase; chitinase; serratiopeptidase; collagenase; ligase; others and by application into leukemia; stomach disorders; antitumor; skin ulcers; gaucher disease; fabry disease; others.
The COVID-19 outbreak hindered the growth of the enzymes market.During the COVID-19 pandemic, most companies involved in the manufacture of enzymes are currently focusing on manufacturing sanitizers to counter COVID-19.
This led to a significant decline in global enzyme consumption, globally.For instance, in April 2020, BASF, the largest manufacturer of enzymes, started manufacturing hand sanitizers in New York and New Jersey to help the battle against COVID-19.
Therefore, the COVID-19 outbreak limits the growth of the enzymes market.
The development of new approaches to treat cancer using enzymes is a key trend gaining popularity in the enzymes market.Major universities and companies are investing in researches focusing on evolving new solutions in enzyme therapies for cancer treatment.
For example, in August 2018, Kyn Therapeutics, a US-based company that focuses on improving outcomes for cancer patients along with Cancer Prevention and Research Institute of Texas and the American Cancer Society funded the research, introducing a new approach to cancer care using enzyme therapy to boost the immune system and fight back.The enzyme, PEG-KYNase, does not destroy cancer cells specifically but rather enables the immune system itself to remove unwanted cells.
PEG-KYNase is designed to degrade metabolite produced by numerous tumors known as kynurenine, which suppresses the immune system.
In May 2020, AbbVie Inc., an America based biopharmaceutical company acquired Allergan plc for $63 billion. This acquisition significantly expands and diversifies AbbVie’s revenue base and complements existing leadership positions in Immunology, with Humira and recently launched Skyrizi and Rinvoq, and Hematologic Oncology, with Imbruvica and Venclexta. Allergan plc, an Ireland-based pharmaceutical company engaged in the research, development, and manufacture of pharmaceutical and enzymes-based therapeutic products.
The growing prevalence of cancer requiring drug-metabolising enzymes (DMEs) for chemotherapy is expected to drive the growth of the enzymes market in the coming years.The activation of enzymes in a human body help destroy the cancer cells and breaks down the tumor.
The expression and function of drug-metabolizing enzymes (DMEs) in cancer patients’ tumor tissues and metabolic organs is therefore essential and help patients for whom reaction anticancer drugs and response to chemotherapy is low. According to the World Health Organization (WHO), 9.6 million deaths occurred in 2018 due to cancer and about 70% of deaths from cancer occur in low- and middle-income countries. Therefore, the increasing prevalence of cancer that can be cured using therapeutic enzymes is predicted to drive the growth of the enzymes market.
Read the full report: https://www.reportlinker.com/p06090632/?utm_source=GNW
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