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, Dec. 18, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Enzymes Global Market Report 2020-30: COVID-19 Growth and Change" - https://www.reportlinker.com/p05998717/?utm_source=GNW
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 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.
North America was the largest region in the enzymes market in 2019.
In May 2020, AbbVie Inc., a US-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 is an Ireland-based pharmaceutical company engaged in the research, development, and manufacture of pharmaceutical and enzymes-based therapeutic products.
The enzymes market covered in this report is segmented by product type into asparaginase; lipase; protease; nattokinase; chitinase; serratiopeptidase; collagenase; ligase; others and by application into leukemia; stomach disorders; antitumor; skin ulcers; gaucher disease; fabry disease; others.
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 the 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 the metabolite produced by numerous tumors known as kynurenine, which suppresses the immune system.
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 activation of enzymes in a human body help destroy the cancer cells and breaks down the tumor. The expression and function of DMEs in cancer patients’ tumor tissues and metabolic organs is therefore essential and help patients for whom reaction to 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, which can be cured using therapeutic enzymes, is predicted to drive the growth of the enzymes market.
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