The net worth of all drug discovery enzymes market used in 2018 was US$ 721.2 million, according to the FMI survey report. Subsequently, between 2018 and 2022, the drug discovery enzymes market experienced remarkable annual growth of 4.2% on a global scale.
The rapid progress in biotechnology and pharmaceutical research during pandemic times spurred medication development and discovery efforts. Drug discovery enzymes became essential to these processes and encouraged a wide acceptance and a huge market for them in 2020 and 2021. By the end of 2022, the global demand for drug discovery enzymes, in terms of value, reached around US$ 886.6 million.
Get a Sample Copy of the Report:https://www.futuremarketinsights.com/reports/sample/rep-gb-4340
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
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
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
