Report : Asia-Pacific Asparaginase Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Escherichia coli, Erwinia chrysanthemi, Pegylated, and Others), Application (Therapeutic, Food Processing, and Others), and End-use Industry (Healthcare and Food Manufacturing)
At 17.1% CAGR, the APAC Asparaginase Market is speculated to be worth US$ 341.39 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC asparaginase market was valued at US$ 132.43 million in 2022 and is expected to reach US$ 341.39 million by 2028, registering an annual growth rate of 17.1% from 2022 to 2028. New product launches and approvals and increase in R&D activities and investment by market players are the critical factors attributed to the market expansion.
The pharmaceutical and food industries are constantly developing at a significant rate due to the rising demand from a large population has increased new product development, product launches, and approvals on a regional level. Additionally, major market players are involved in research and development activities to ensure the innovation and development of efficient products. In recent years there have been various developments, such as product launches and approvals taking place in the market, which are likely to create ample opportunities in the market. For instance, In July 2021, Ligand Pharmaceuticals Incorporated partnered with Jazz Pharmaceuticals Plc to launch Rylaze (asparaginase Erwinia Chrysanthemi (recombinant)-rywn), also known as JZP458. Rylaze is a recombinant erwinia asparaginase used as a component of a multi-agent chemotherapeutic regimen for treating acute lymphoblastic leukemia (ALL) or lymphoblastic lymphoma (LBL) in adult and pediatric patients 1 month or older who have developed hypersensitivity to E. coli-derived asparaginase. Similarly, in August 2020, Lonza expanded microbial capacity and extended long-term partnership with Servier Pharmaceuticals, Inc. for l-asparaginase API manufacturing. The new facility will provide mid-scale commercial manufacturing to multiple customers and serve the growing needs of Servier, an independent international pharmaceutical company and long-term Lonza partner. Thus, the increase in new product development, launches, and other strategic collaborations among market players are likely to create ample opportunities and drive market growth in the coming years.
On the contrary, side effects associated with use of asparaginase hurdles the growth of APAC asparaginase market.
- Based on type, the APAC asparaginase market is segmented into escherichia coli, erwinia chrysanthemi, pegylated, and others. The escherichia coli segment held 50.0% market share in 2022, amassing US$ 66.26 million. It is projected to garner US$ 175.05 million by 2028 to expand at 17.6% CAGR during 2022–2028.
- Based on application, the APAC asparaginase market is segmented into therapeutic, food processing, and others. The therapeutic segment held 61.2% market share in 2022, amassing US$ 81.01 million. It is projected to garner US$ 212.88 million by 2028 to expand at 17.5% CAGR during 2022–2028. The therapeutic segment is further classified into acute lymphoblastic leukemia, lymphoblastic lymphoma, and others.
- Based on end-use industry, the APAC asparaginase market is bifurcated into healthcare and food manufacturing. The healthcare segment held 61.5% market share in 2022, amassing US$ 81.41 million. It is projected to garner US$ 211.60 million by 2028 to expand at 17.3% CAGR during 2022–2028.
- Based on country, the APAC asparaginase market has been categorized into China, India, Japan, South Korea, Australia, and rest of APAC. Our regional analysis states that China captured 28.8% market share in 2022. It was assessed at US$ 38.18 million in 2022 and is likely to hit US$ 102.16 million by 2028, exhibiting a CAGR of 17.8% during the forecast period.
Key players dominating the APAC asparaginase market are Biovendor, LLC; Changzhou Qianhong Biopharma Co Ltd; Creative Enzymes; Jazz Pharmaceuticals, Inc.; medac GMBH; Servier Pharmaceuticals LLC; Taj Pharmaceuticals Limited; and United Biotech (P) Limited among others.
- In May 2021, Jazz Pharmaceuticals acquired GW pharmaceutical company to enhance the R&D capabilities.
- In July 2020, Creative Enzymes launched new services. These newborn services include enzyme stabilization service and enzyme formulation service offering professional services and high-quality products for academic use and pharmaceutical industries able to offer the remarkable enzymes related services for researchers.
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