Diagnostic Specialty Enzymes Market is Anticipated to Expand at a CAGR of 7.5% from 2018 to 2026

Diagnostic Specialty Enzymes Market – Snapshot

Enzymes are natural biocatalysts, produced and harvested from living organisms such as plants, animals, bacteria, and fungi. Diagnostic specialty enzymes are used in low volume and high value-added applications. Applications of diagnostic specialty enzymes include clinical chemistry, molecular diagnostics, and immunoassay. Based on product, the global diagnostic specialty enzymes market has been segmented into protease, carbohydrases, polymerases & nucleases, lipase, and others. The global diagnostic specialty enzymes market was valued at US$ 686.2 Mn in 2017 and is anticipated to expand at a CAGR of 7.5% from 2018 to 2026 to reach US$ 1401.7 Mn by 2026.

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Rapid growth of the global diagnostic specialty enzymes market is attributed to increase in the use of enzymes in biotech & diagnostic applications, surge in investment, rise in prevalence of chronic, infectious, and lifestyle diseases, and early and instant diagnosis of life threatening diseases. The number of patients inflicted with infectious diseases and other lifestyle diseases are increasing. For instance, the data compiled from the CDC, the WHO, The American Heart Association, the International Diabetes Federation, and Partnership for a Healthier America indicated that 33.5% of people in the U.S. suffer from high cholesterol and 387 million adults have diabetes due to which there are about 17.3 million deaths per year.

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Specialty enzymes are employed in various diagnostic applications such as DNA manipulation and sequencing. Decline in cost of DNA manipulation and sequencing is projected to drive demand and increase usage of enzymes in research and biotechnology and diagnostic applications. Increase in geriatric population in the developed countries is also anticipated to propel demand for diagnostic enzymes. Diagnostic and research & biotechnology enzymes will witness the fastest growth, as advances in diagnostic tests due to decline in DNA sequencing costs are likely to lead to increase in testing in agricultural, food, and medical applications. Moreover, large pharmaceutical companies continue to boost research and development spending on biologics to expand their new drug pipelines.

The global diagnostic specialty enzymes market is in the growth stage. Major players such as Codexis, Inc., Amano Enzymes, Inc., Biocatalysts Ltd., and Advanced Enzymes Technologies Ltd. have strong presence in the global diagnostic specialty enzymes market. In the past few years, the global diagnostic specialty enzymes market has witnessed high investments by various multinational enzyme manufacturers such as F. Hoffmann-La Roche Ltd., Novozymes, Codexis, and Biocatalysts. The global market is driven by continued investment in biotechnology and genetics, as pharmaceutical companies rely on biotechnology to overcome difficulties in bringing successful new small molecule drugs to the market. For example, in 2017, Codexis, Inc. spent US$ 29.6 Mn on research and development (25% higher than that in 2016). The company primarily invests in research and development for the development of diagnostic enzymes. Additionally, rapid medical devices provide instant results and preferred by majority of people for early diagnosis of diseases. Early diagnosis enables people to avail better treatment options. The Clinical Infectious Disease division of Oxford Journals stated that every year thousands of adults and adolescents die or are hospitalized due to diseases that could have been prevented by vaccination.

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