Yahoo Finance The global asparaginase market is expected to grow from US$ 564.01 million in 2021 to US$ 1,575.62 million by 2028
It is expected to grow with a CAGR of 16. 1% from 2022 to 2028. The rising incidence of leukemia and the significant growth in the pharmaceutical and food industry are the major factors boosting the market.
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asparaginase Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Application, End-Use Industry, and Geography" - https://www.reportlinker.com/p06321015/?utm_source=GNW
Asparaginase is a naturally occurring substance that is present in mammals, birds, yeast, plants, and different types of bacteria but Enterobacteriaceae family microorganisms are one of the primary sources of L-asparaginase production.Additionally, there is various research going on for the expansion of its application area in different industries, such as nanomedicine, biomedical engineering, and many more, which is contributing to the market growth.
Furthermore, increasing allergic reactions from E. coli, derived L-asparaginase has increased the use of E. chrysanthemi derived L-Asparaginase. Furthermore, the rising demand for better stability in the pharmaceutical industry to ensure efficient storage and transportation of drugs has further increased the R&D activities in the industry. There has been a rising inclination toward lyophilized drugs due to various advantages associated with lyophilized drugs. Thus, all the factors mentioned above are expected to drive the asparaginase market growth in the near future.
Moreover, the increase in population worldwide has further contributed to the growth of the pharmaceutical and food industries.The rising population is fueling 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, driving the global asparaginase market.
Global 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 emerged as one of the most affected countries in North America due to the COVID-19 pandemic.
The infection severely affected the country’s geriatric population, leading to various health complications among them, followed by the death of a large population.
During COVID-19 has Spain, Italy, UK, France, and Germany were the worst affected European countries.According to Spanish Ministry of Health’s report, 2020, about 1,773,000 cases and 48,000 deaths of COVID-19 were reported in Spain.
About 20% of cases were registered in the Community of Madrid, accounting for 11,000 deaths and makes it severely affected areas in Europe.Cancer patients are at high risk of contracting COVID-19 and severe complications.
Due to sudden lockdown and movement restriction, only emergency procedures were allowed.Asia Pacific was the first region to face an outbreak, the region has quickly changed how they manage trials, and most are able to deliver the clinical trial services their clients need.
Biotech companies are currently initiating more clinical trials in the region. For Instance: since the initial outbreak, the situation in Asia Pacific has improved. As of May 2020, 97% of the sites re-opened for patient visits and 83% of the sites are open for on-site CRA visits. While in MEA and SCAM region COVID-19 pandemic had slight negative impact on the asparaginase market growth.
Type Insights
Based on the type, the global asparaginase market is segmented into Escherichia coli (E. coli), Erwina Chrysanthemi, Pegylated, and others. The E. coli segment held the largest market share in 2021. It is anticipated to register the highest CAGR during the forecast period. The increasing demand for E. coli asparaginase in the cancer treatment and food processing industry promotes the growth of the global asparaginase market. Asparaginase-derived E. coli is used for the treatment of acute lymphoblastic leukemias. Asparaginase E. coli is an enzyme that catalyzes L-asparagine into L-aspartic acid and ammonia. It helps in the production of oxaloacetate needed for cellular metabolism. Asparaginase from E. coli has an antitumor property that is used for the treatment of leukemias.
Application Insights
Based on application, the global asparaginase market is bifurcated into therapeutic, food processing, and others.The therapeutic segment held a larger market share in 2021.
Furthermore, the same segment is expected to record a faster CAGR from 2022 to 2028.The increasing use of asparaginase enzyme in treating lymphoproliferative disorders and lymphomas is expected to drive the growth of this segment during the forecasted period.
The asparaginase enzyme is also used as an antimicrobial agent to treat infectious and autoimmune diseases, among others. It is administrated by injection into a vein, muscle, or under the skin.
The demand for asparaginase enzyme is growing in the food processing industry as it reduces the acrylamide formation in the food under specific cooking conditions.Continuous innovations and increased demand for processed food are driving the growth of the global asparaginase market.
According to the European Food Safety Authority (EFSA 2015), use of L-asparaginase presents a high potential to reduce the acrylamide content in thermally treated food without compromising their sensorial or nutritional aspects.
End-use Industry Insights
Based on end-use industry, the global asparaginase market is segmented into healthcare and food manufacturing.In 2021, the healthcare segment held the largest share in the market.
Furthermore, the same segment is expected to register the highest CAGR from 2022 to 2028. The growth of the healthcare segment is attributed to factors such as growing acute lymphocytic leukemia, lymphoblastic lymphoma, and growing research activities.
The rapidly growing healthcare industry is expected to increase the demand for asparaginase during the forecast period.Due to the increasing demand for asparaginase, there is a rising investment by the market players in R&D and the production of asparaginase.
For instance, In 2019, researchers at the University of Illinois, Chicago, secured about US$ 1 million in funding for developing a less toxic version of chemotherapy using asparaginase to treat acute lymphoblastic leukemia. Thus, the rise in research activities is anticipated to boost the growth of the global asparaginase market during the forecast period.
Read the full report: https://www.reportlinker.com/p06321015/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001
