Asparaginase Market for Escherichia Coli Segment to Grow Significantly During 2022-2028

According to the latest study, titled "Asparaginase Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Application, and End-Use Industry," the market is expected to grow from US$ 564.01 million in 2021 to US$ 1,575.62 million by 2028. It is estimated to grow at a CAGR of 16.1% from 2022 to 2028. The report highlights trends prevailing in the market and factors governing the market's growth. Rising incidences of leukemia, increasing usage applications, and significant growth in the pharmaceutical and food industries are expected to drive the global asparaginase market during the forecast period. However, the side effects associated with the use of asparaginase are expected to hinder the market's growth over the next few years.

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.

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.

Type-Based Insights

Based on type, the global asparaginase market has been categorized into Escherichia Coli, Erwinia Chrysanthemi, Pegylated, and Others. The Escherichia Coli segment held the largest share of the market in 2021 and is anticipated to register the highest CAGR in the asparaginase market during 2022-2028.

Application-Based Insights

Based on application, the global asparaginase market is segmented into therapeutic, food processing, and others. The therapeutic segment held the largest share of the asparaginase market in 2021 and is anticipated to register the highest CAGR in the asparaginase market during 2022-2028.

End-use Industry-Based Insights

Based on the end-use industry, the global asparaginase market is segmented into healthcare and food manufacturing. In 2021, the healthcare segment held the largest share of the market and is expected to register the highest CAGR in the asparaginase market from 2022 to 2028.

Servier Pharmaceuticals LLC, BioVendor R&D, Creative Enzymes, medac GmbH, Changzhou Qianhong Bio-pharma Co Ltd, United Biotech, Porton Biopharma, Taj Pharmaceuticals Limited, and Jazz Pharmaceuticals plc are the leading companies operating in global asparaginase market.

Based on type, the global asparaginase market is categorized into Escherichia Coli, Erwinia Chrysanthemi, Pegylated, and others. By application, the market is segmented into therapeutic, food processing, and others. Based on the end-use industry, the market is segmented into healthcare and food manufacturing. Based on geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, the UK, France, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and South & Central America (Brazil, Argentina, and the Rest of SCAM).

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