Yahoo Finance Asparaginase Market Size to Hit $1.57Bn, Globally, by 2028 Growing at 16.1% CAGR | Exclusive Report by The Insight Partners
Asparaginase market is projected to grow from US$ 0.56 billion in 2021 to US$ 1.57 billion by 2028. It is estimated to rise at a CAGR of 16.1% from 2022 to 2028.
New York, Aug. 24, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Asparaginase Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Escherichia coli, Erwinia chrysanthemi, Pegylated, and Others), Application (Therapeutic, Food Processing, and Others), End-Use Industry (Healthcare and Food Manufacturing), and Geography”. Asparaginase market is forecasted to grow due to the driving factors such as rising incidences of leukemia among people across the world, increasing innovations in the biopharmaceutical industry, and others. The market is likely to experience growth opportunities in the emerging regions due to growing biopharmaceutical industry.
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Asparaginase Market Report Scope & Strategic Insights:
Report Coverage | Details |
Market Size Value in | US$ 0.56 billion in 2021 |
Market Size Value by | US$ 1.57 billion by 2028 |
Growth rate | CAGR of 16.1% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
No. of Pages | 176 |
No. Tables | 112 |
No. of Charts & Figures | 79 |
Historical data available | Yes |
Segments covered | Type, Application, End-Use Industry, and Geography |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Asparaginase Market: Competitive Landscape and Key Developments
Jazz Pharmaceuticals, Inc., Servier Pharmaceuticals LLC, and Medac GmBH have implemented various inorganic strategies, such as partnerships and collaborations. Many companies are also adopting organic strategies such as product launches and expansions. These strategies help them expand their business and enhance their geographic presence. Additionally, acquisitions and partnerships help market players strengthen their customer base and expand their product portfolio.
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In May 2021, Jazz Pharmaceuticals acquired GW pharmaceutical company to enhance its R&D capabilities.
In April 2021, Servier Pharamceuticals LLC completed the acquisition of Agios Pharmaceuticals' for US$ 2 billion plus royalties, including commercial, clinical, and research-stage oncology portfolio. This acquisition strengthens Servier's commercial presence in the US malignant hematology market and provides the potential for long-term growth in the solid tumor space.
In June 2021, Rylaze, product by Jazz Pharmaceuticals, which is a multi-agent chemotherapeutic regimen for the treatment of patients with ALL or LBL in pediatric and adult patients one month and older who have developed hypersensitivity to E. coli-derived asparaginase was approved by FDA.
In April 2021, Porton Biopharma, manufactured and licensed Erwinase in the UK and it is available for UK orders through Clinigen
In July 2021, Jazz Pharmaceuticals launched Rylaze, a multi-agent chemotherapeutic regimen for the treatment of patients with ALL or LBL in pediatric and adult patients one month and older was launched in the United States
In August 2018, Medac GmBH, in partnership with FarmaMondo SA, will exclusively distribute Spectrila via a Managed Access Program for targeted Healthcare Providers in Russia, Georgia, Azerbaijan, Kyrgyzstan, Uzbekistan, and Moldova. FarmaMondo will manage access to Spectrila for patients with acute lymphoblastic leukemia.
Significant Growth of Pharmaceutical and Food Industry
Over the period of time, the pharmaceutical and food industry has developed at a significant rate and observed various developments to ensure the high quality of food and pharmaceutical products. According to the European Federation of pharmaceutical industries and associations, North America accounts for 49% of global pharmaceutical sales in 2021, and 63.7% of sales generated from newly launched medicines from 2015 to 2020. Moreover, the pharmaceutical industry is developing at a significant rate, supported by the surge in R&D activities, and an increase in investment in the pharmaceutical industry by market players is further driving the market. North America is one of the developed regions, including major pharmaceutical manufacturers, and the number of chemical entities and biological entities is increasing with time.
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The food industry is constantly expanding with never-ending increase in the food demand. There is also a continuous rise in novel food products. Nowadays, manufacturers focus on the nutritional quantity of food. The consumption of fried and baked food all around the world has increased substantially and the inclination toward such food items has also surged. Asparaginase is the main amino acid responsible for the reduction of sugar in fried and baked foods, which are condensed with carbonyl sources.
Moreover, the increase in population around the world has further contributed to the growth of the pharmaceutical industry and the food industry. The rising population is driving the demand for food products and pharmaceuticals. As per the world bank data, the total population was estimated to be 7.84 billion globally in 2021, growing at the rate of 1.05% per year. Thus, an increasing population is contributing to the expansion in the food and pharmaceutical industries, which is driving the asparaginase market.
Asparaginase Market: Key Insights – Impact of COVID-19 Pandemic
The COVID-19 pandemic offered lucrative opportunities to players operating in the global asparaginase market. The US is one of the most affected countries in North America. The infection severely affected the country's geriatric population, leading to various health complications among them, followed by the death of a large population.
The US is one of the major developed countries, which is severely affected by the pandemic. The country experienced the maximum number of cases and deaths during the peak period of pandemic waves, affecting the overall economy. The region possesses developed and advanced healthcare facilities & infrastructure, which was severely affected by the pandemic and burdened healthcare professionals. According to the Worldometer, the US reported 94,348,507 COVID-19 cases and 1,060,755 COVID-19 deaths till August 11, 2022.
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Moreover, stringent safety measures taken by North America government affected the overall production of asparaginase due to the closure of production units and its reduced demand in the food industry. The pandemic affected the R&D activities in the region, which further delayed the development of new production methods and the launch of new products. The closure of the food processing industry in the region further reduced the demand for asparaginase. Additionally, blood cancer patients seeking treatment had no such major impact. Thus, the overall impact of COVID-19 on the North America market was slightly negative, which witnessed a quick recovery after the relaxation of preventive measures and the launch of vaccines in the region.
Global Asparaginase Market: Segmental Overview
Based on type, the global asparaginase market is segmented into Escherichia coli, Erwinia chrysanthemi, Pegylated, and others. In 2021, the Escherichia coli segment held a larger market share. It is expected to register a higher CAGR of 16.5% from 2022 to 2028. The increasing demand for Escherichia coli-derived asparaginase in the cancer treatment and food processing industry for the reduction of acrylamide are the key factors contributing to the growth of the market for the Escherichia coli segment.
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