Biotechnological enzymes are manufactured by the use of industrial microbiology and used in a variety of applications from food processing to chemical manufacture. They are mostly used for increasing the rate of chemical reactions and to improve the productivity of the process by reducing the input of energy and materials.
Biotechnological Enzymes Market: Drivers and Restraints
The rising advances and base of the biotech industry is the prime driver of the biotechnological enzymes market. According to the India Brand Equity Foundation, the Indian biotech sector secured a year on year growth of 57.1% in 2016 and was valued at approximately US$ 11 billion. The Indian biotech sector is projected to expand to US$ 11.6 billion by 2017. The Indian biotech industry accounts for a mere 2 percent share of the global biotech industry comprising about 800 companies. Thus a growing and sustainable market are easily comprehensible. The triggers of growth for the biotech industry such as strong demand, growing R&D intensively and attractive government support and initiatives are other drivers of the growth of the biotechnological enzymes market.
Strong government support and incentives are other drivers of the growth of the market. For example, the Government of India and China have made the biotech sector a strategic one owing to its positive externalities on other sectors and rich foreign exchange earning potential. For example, in India, the Department of Biotechnology (DBT) along with other government-funded institutions such as the National Biotechnology Board (NBTB) are collaborating to project India as a global hub for biotech research. The Indian Union Budget 2017-18, allocated US$ 333.31 million aimed at implementing the national biotech strategy with a target to increase the turnover of the biotech sector to $100 billion by 2025 from approximately $7 billion in 2016.
However, the constraints such as high cost of biotech products, scarcity of trained manpower and the high capital intensity of the sector are hampering the biotechnological enzymes market.
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Biotechnological Enzymes Market: Segmentation
To gain a comprehensive and a better understanding of the future market equity, the biotechnological enzymes report is segmented based on drug class, and application.
Based on drug class, the global biotechnological enzymes market is segmented into:
- Enzyme class
- Hydrolases
- Lyases
- Isomerases
- Ligases
- Others
Based on applications, the global biotechnological enzymes market is segmented into:
- Industrial Catalysts
- Therapeutic Agents
- Analytic Reagents
- Manipulative Tools
Based on end users, the global biotechnological enzymes market is segmented into:
- Industries
- Diagnostic and Forensic Laboratories
- Academia and Research
Biotechnological Enzymes Market: Overview
Based on regions, the global biotechnological enzymes market is classified into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East & Africa, and Asia Pacific biotechnological enzymes market excluding Japan. North America led by the U.S. is expected to account for the largest share of the global biotechnological enzymes market owing to excellent healthcare infrastructure, large demand, developed economy, and faster adoption of new technology.
The Europe biotechnological enzymes markets are expected to be led by Germany, France, Italy, Spain, Portugal, and the UK. Germany has a large biotech industry, which is a prime driver of the European biotechnological enzymes market. Latin America and the Middle East and Africa biotechnological enzymes market is constrained due to the low healthcare expenditure and poor economic conditions. The Middle East and Africa Biotechnological Enzymes market are projected to be dominated by the Gulf economies of UAE, Saudi Arabia, and Kuwait owing to their large wealth relative to the African nations.
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The Asia Pacific biotechnological enzymes market is expected to expand at a furious pace owing to growing research and development expenditure and the support of the governments to the technology sector. The growing economy of China and India is expected to drive the growth of biotechnological enzymes market.
Some of the major players in the global Biotechnological Enzymes market are Novozymes, North Carolina Biotechnology Center, Lumis Biotech, Zytex, AB Enzymes, EPYGEN LABS LLC., Fermenta Biotech Limited, CPC Biotech, nfinita Biotech Private Limited, MetGen, SYNKROMAX BIOTECH PVT LTD., Biocatalysts Ltd. (BRAIN AG), Henkel AG & Co. KGaA and others.
The biotechnological enzymes report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.