PUBLISHER: The Business Research Company | PRODUCT CODE: 1426195
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426195
Diagnostic enzymes are vital enzymes utilized directly or as components within assay systems to detect the presence or absence of various compounds. They play a crucial role in identifying, diagnosing, or predicting the onset of various disease conditions. These enzymes are favored in diagnostics due to their substrate selectivity and quantifiable activity even in the presence of other proteins.
Within the diagnostic enzymes market, key product categories include carbohydrates, polymerases, nucleases, proteases, and other enzyme variants. Carbohydrases, such as amylases, are a subset of enzymes that facilitate carbohydrate breakdown or synthesis, including disaccharides. These enzymes are sourced from animals, microorganisms, and plants, finding applications in biocatalysts, diagnostics, pharmaceuticals, research, and biotechnology. Their versatile nature allows their utilization across various industries and scientific fields.
The diagnostic enzymes market research report is one of a series of new reports from The Business Research Company that provides diagnostic enzymes market statistics, including global market size, regional shares, competitors with a diagnostic enzymes market share, detailed diagnostic enzymes market segments, market trends and opportunities, and any further data you may need to thrive in the diagnostic enzymes industry. The diagnostic enzymes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The diagnostic enzyme market size has grown strongly in recent years. It will grow from $4.02 billion in 2023 to $4.25 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth observed in the historical period within the diagnostic enzymes market can be primarily attributed to several key factors. These include the growing prevalence of chronic diseases, a rise in the geriatric population necessitating heightened healthcare services, an increase in healthcare spending facilitating diagnostic advancements, supportive government initiatives in healthcare, and a heightened awareness surrounding preventive healthcare measures. These elements collectively contributed to the growth and development of the diagnostic enzymes market during that time.
The diagnostic enzyme market size is expected to see strongly grown in the next few years. It will grow to $5.49 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period within the diagnostic enzymes market is expected to be driven by several significant factors. These include the increasing demand for point-of-care testing, a growing emphasis on personalized medicine, rising demand for companion diagnostics, a surge in demand for molecular diagnostics, an increased demand for in vitro diagnostics, and robust growth in the biotechnology industry.
The diagnostic enzymes market is poised for growth, fueled by the burgeoning geriatric population. As the elderly, aged 65 and above, rise in number globally, the demand for diagnostic enzymes for age-related diseases escalates. Projections by the World Health Organization in October 2022, estimating a doubling of individuals aged 60 or older by 2050 to 2.1 billion, signify the pivotal role of this demographic in propelling the diagnostic enzymes market.
The upsurge in chronic diseases augments the demand for diagnostic enzymes. Chronic ailments, persisting for three months or more, necessitate continuous monitoring and diagnosis, where diagnostic enzymes play a pivotal role. As highlighted by the National Library of Medicine in January 2023, the substantial increase in chronic conditions among individuals aged 50 and above in the US, reaching 142.66 million by 2050, underlines the critical link between chronic disease prevalence and the demand for diagnostic enzymes.
The adoption of machine learning and artificial intelligence is becoming increasingly prevalent in the diagnostic enzyme market. AI and machine learning aid companies in conducting intricate data analysis, offering insights into enzyme functionality. They enable physicians to comprehend crucial relationships between protein structure, function, and evolution, essential for understanding enzyme catalysis. Companies like BioMarker have embraced this technology for enzyme diagnostics, signifying its rising significance in the sector.
Innovation remains a key strategy for major companies in the diagnostic enzyme market. Ginkgo Bioworks' introduction of Ginkgo Enzyme Services in December 2022 stands as a prime example. This suite of services leverages ultra-high-throughput screening and machine learning for enzyme discovery, optimization, and production. With its technology-driven approach, Ginkgo Enzyme Services elevates diagnostic enzyme applications, revolutionizing the healthcare industry.
In May 2022, QIAGEN, a leading US-based provider of molecular testing solutions, acquired a majority stake in BLIRT S.A, a Poland-based manufacturer specializing in enzymes for molecular diagnostics, for an undisclosed sum. This strategic acquisition aligns with QIAGEN's objectives to broaden its sample technologies business, diversify its sales channels, and bolster growth prospects within the life science and molecular diagnostic markets. Through this move, QIAGEN aims to leverage BLIRT S.A's expertise in enzyme production to strengthen its position and offerings in the field of molecular diagnostics.
Major companies operating in the diagnostic enzyme market include Sanofi S.A., Advanced Enzymes Technologies, Aldevron LLC, Amano Enzymes Inc., Codexis Inc., EKF Diagnostic, Kaneka Eurogentec, Roche Holding AG, Sekisui Diagnostics LLC, Thermo Fisher Scientific Inc., Charles River Laboratories, EKF Diagnostic, Biocatalysts, Merck & Co. Inc., Chr. Hansen, Kerry Group, Dyadic International, Creative Enzymes, Pfizer Inc., Eli Lilly and Company, Bristol-Myers Squibb Company, GlaxoSmithKline PLC, Johnson & Johnson, AbbVie Inc., Amgen Inc., Biogen Inc., Gilead Sciences Inc., Regeneron Pharmaceuticals Inc.
North America was the largest region in the enzymes market in 2023. Middle East is expected to be the fastest-growing region in the diagnostic enzyme market report during the forecast period. The regions covered in the diagnostic enzyme market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the diagnostic enzyme market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The diagnostic enzymes market consists of sales of acid phosphatase, alanine aminotransferase, cholinesterase, and aspartate aminotransferase. Values in this market are 'factory gate values,' that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in the diagnostic enzymes market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Diagnostic Enzyme Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on diagnostic enzyme market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for diagnostic enzyme? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The diagnostic enzyme market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.