Report : Middle East & Africa 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 13.5% CAGR, the MEA Asparaginase Market is speculated to be worth US$ 48.37 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA asparaginase market was valued at US$ 22.60 million in 2022 and is expected to reach US$ 48.37 million by 2028, registering an annual growth rate of 13.5% from 2022 to 2028. Increase in R&D activities and investment by market players and new product launches and approvals are the critical factors attributed to the market expansion.
The pharmaceutical industry is developing at a significant rate, and developed countries are investing heavily in the development of novel treatments for various diseases. Moreover, supporting government research funding in the pharmaceutical industry is also expected to promote the growth of the asparaginase market. Additionally, the surge in incompatibility with the human system and increased side effects from bacteria-derived asparaginase have increased the R&D activities for developing asparaginase with high compatibility and reduced side effects. There are various organizations and market players, which are conducting research studies on leukemia and lymphoma to develop efficient drugs with minimum side effects. In Addition, market players are collaborating on the production of asparaginase, which is going to be used as an active pharmaceutical ingredient in the food and pharmaceutical industry. Government bodies and asparaginase producers are investing heavily at their level, which is further expected to contribute to the market growth in the long term. 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 soon.
On the contrary, side effects associated with use of asparaginase hurdles the growth of MEA asparaginase market.
- Based on type, the MEA asparaginase market is segmented into escherichia coli, erwinia chrysanthemi, pegylated, and others. The escherichia coli segment held 50.9% market share in 2022, amassing US$ 11.51 million. It is projected to garner US$ 25.19 million by 2028 to expand at 14.0% CAGR during 2022–2028.
- Based on application, the MEA asparaginase market is segmented into therapeutic, food processing, and others. The therapeutic segment held 63.4% market share in 2022, amassing US$ 14.33 million. It is projected to garner US$ 31.02 million by 2028 to expand at 13.7% CAGR during 2022–2028. The therapeutic segment is further classified into acute lymphoblastic leukemia, lymphoblastic lymphoma, and others.
- Based on end-use industry, the MEA asparaginase market is bifurcated into healthcare and food manufacturing. The healthcare segment held 62.1% market share in 2022, amassing US$ 14.04 million. It is projected to garner US$ 30.29 million by 2028 to expand at 13.7% CAGR during 2022–2028.
- Based on country, the MEA asparaginase market has been categorized into the UAE, Saudi Arabia, South Africa, and rest of MEA. Our regional analysis states that Saudi Arabia captured 35.9% market share in 2022. It was assessed at US$ 8.11 million in 2022 and is likely to hit US$ 17.97 million by 2028, exhibiting a CAGR of 14.2% during the forecast period.
Key players dominating the MEA asparaginase market are Biovendor, LLC; 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.
Contact Us
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: sam@businessmarketinsights.com