The vendor landscape of the global specialty enzymes market features a high degree of competition owing to its fragmented nature, featuring the presence of a large number of companies, observes Transparency Market Research in a recent report. While entry barriers for small scale companies are low, the market demands high capital investments, specialized knowledge of manufacturing process, and the time required for commercialization and discovery of new products is high. Thus, despite featuring a large number of companies, the global specialty enzymes market is dominated by a handful of large companies.
Some of the leading companies in the market are Codexis Inc., Novozymes A/S, Affymetrix Inc., Advanced Enzymes Technologies Ltd., Amano Enzymes Inc., Biocatalysts Ltd., BBI Solutions, Roche CustomBiotech, and Amicogen Inc.According to the report, the global specialty enzymes market is likely to expand at a promising CAGR of 8.7% from 2017 to 2025, rising from a valuation of US$1,782.0 mn in 2016 to US$3,726.4 mn by 2025.
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North America to Remain Leading Regional Market
Of the key applications of specialty enzymes, including their use across diagnostics, research and biotechnology, and other specialty applications such as pharmaceutical and nutraceuticals, the research and biotechnology segment accounted for over 41% of the overall market in 2016. The segment is also expected expand at a steady pace over the forecast period and retain its dominance.
Geographically, the market in North America, which acquired over 45% of the global market in 2016, is likely to lead the global market over the report’s forecast period as well, thanks to the significant contribution from the well-established biotechnology and pharmaceutical industries in the U.S. The markets in Asia Pacific and Europe are projected to witness steady growth in the next few years.
Increased Demand across Biotechnology and Diagnostic Applications to Spell Growth for Market
One of the key factors likely to work in favor of the global specialty enzymes market is their increased usage as biocatalysts in the fields of pharmaceutical and chemical industries. The demand for biocatalysts is expected to surge in the next few years as chemical and drug manufacturers continue their search for economical and effective biocatalysts that can bring down the cost of manufacturing in these industries to overcome the stiff competition. The significant use of specialty enzymes in a number of biotechnology and diagnostic applications such as DNA sequencing and manipulation, which are witnessing a massive rise in the set of applications as their costs dwindle, is also likely to emerge as a key driver for the global specialty enzymes market.
Moreover, the swift growth of the pharmaceutical industry across the globe, promising developments in the fields of enzyme and green chemistry, and increasing investments in the biotech sector are also estimated to help the global specialty enzymes pick pace over the report’s forecast period. In addition, the significant development in the clinical in vitro diagnostics industry and expansion of application base are projected to generate potential growth opportunities for companies operating in the market.