The global drug discovery enzymes market is on a strong growth trajectory, with projections indicating a market value of USD 1,751.3 million by 2033. This represents a significant increase from the estimated USD 932.4 million in 2023. The market is expected to expand at a compound annual growth rate (CAGR) of 6.5% throughout the forecast period.
This anticipated growth follows a previous CAGR of 4.2% observed between 2018 and 2022. The upward trend in the drug discovery enzymes market is driven by ongoing advancements in biotechnology and an increasing focus on accelerating the drug discovery process. Enzymes play a crucial role in facilitating the development of new drugs, contributing to more efficient and effective research and development.
As the biotechnology sector continues to innovate and expand, the demand for drug discovery enzymes is expected to rise, supporting the market’s robust growth and further advancements in pharmaceutical research.
By 2033, the global market is forecasted to be valued at US$ 1,751.3 million, growing from US$ 932.4 million in 2023. An encouraging CAGR of 6.5% throughout the predicted period highlights the growing global demand for drug research enzymes worldwide. Currently, drug discovery enzymes have an overwhelming amount of market potential in the Asia Pacific countries.
The increasing demand for biopharmaceuticals, which include medications based on enzymes, has led to large expenditures in the manufacture and development of drug discovery enzymes. In the coming days, new treatment approaches are desperately needed since chronic illnesses, including cancer, heart problems, and neurological disorders, are becoming more and more common.
To remain competitive in the global market, participants can provide customized enzyme solutions as drug discovery activities are getting increasingly specialized and individualized. Also, creating innovative drug discovery enzymes with improved performance and specificity might result from investing in state-of-the-art technology and research, ultimately boosting the market competition.
Key Takeaways:
- North America, with an astounding 42.7% global market share in 2022, dominated the overall market for drug discovery enzymes. The United States alone contributed almost 38.1% of the global market share that year, remaining the dominant country in this market.
- European countries together generated 22.2% of the global demand for drug discovery drugs in 2022.
- The demand for drug discovery enzymes in China is anticipated to surge at a year-on-year growth rate of 7.8% during the forecast years. Likewise, the growth in demand in India, with emerging biopharmaceutical industries, is expected to follow China at a promising 6.4% CAGR during this period.
Competitive Landscape for the Drug Discovery Enzymes Market Players
Sigma-Aldrich, Kaneka Corporation, Actelion Pharmaceuticals, Genesis Biotechnology, Suven Life Sciences, Enzo Life Sciences, and Merck KGaA are some top players in this market. Leading market players are continuously expanding the range of products they offer to meet the unique needs of drug discovery procedures in different therapeutic domains. Moreover, leading market players adhere to strict regulatory standards and quality assurance to acquire more customers and gain a competitive edge over their rivals.
Given the critical role that drug discovery enzymes play in the present time, maintaining a competitive advantage requires safeguarding intellectual property rights and unique enzyme formulations. Going forward, market leadership is also anticipated to depend on maintaining the caliber of the products and the assistance provided to end-use sectors.
Key Companies:
- Sigma-Aldrich Co. LLC.
- Kaneka Corporation
- Actelion Pharmaceuticals Ltd
- Genesis Biotechnology Group
- Suven Life Sciences Limited
- Enzo Life Sciences, Inc.
- Merck KGaA
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Key Segments
By Product Type:
- Active Kinases
- Ubiquitin
- Epigenetic
- Methyltransferases
- Deacetylases
- Phosphodiesterases
- Other Product Types
By End User:
- Pharmaceutical and Biotechnology Company
- Research Institutes
- Other End User
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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