Dublin, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The "Asparaginase Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Application, End-Use Industry, and Geography" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
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.
Market Dynamics
Market Drivers
- Rising Incidences of Leukemia and Increasing Usage Application
- Significant Growth of Pharmaceutical and Food Industry
Market Restraints
- Side Effects Associated With Use of Asparaginase
Market Opportunities
- New Product Launches and Approvals
Future Trends
- Increase in R&D Activities and Investment by Market Players
Key Topics Covered:
1. Introduction
2. Asparaginase Market - Key Takeaways
3. Research Methodology
4. Asparaginase Market - Market Landscape
5. Asparaginase Market - Key Market Dynamics
6. Asparaginase Market- Global Analysis
7. Asparaginase Market Analysis And Forecasts To 2028 - Type
8. Asparaginase Market Analysis And Forecasts To 2028 - Application
9. Asparaginase Market Analysis And Forecasts To 2028 - End-use Industry
10. Global Asparaginase Market - Geographic Analysis
11. Impact of COVID-19 Pandemic on Global Asparaginase Market
12. Asparaginase Market-Industry Landscape
13. Company Profiles
14. Appendix
Companies Mentioned
- Servier Pharmaceuticals LLC
- Jazz Pharmaceuticals plc
- BioVendor R&D
- Creative Enzymes
- medac GmbH
- Changzhou Qianhong Bio-pharma Co Ltd
- United Biotech
- Porton Biopharma
- Taj Pharmaceuticals Limited
For more information about this report visit https://www.researchandmarkets.com/r/g57is1
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