Hydrolases Segment has the Largest Share of Enzyme Type in the South and Central America Medical Enzyme Technology Market during 2021–2028

According to a new market research study on “South and Central America Medical Enzyme Technology Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Enzyme Type, and Application” is expected to reach US$ 412.1 million by 2028 from US$ 279.3 million in 2021. The market is estimated to grow at a CAGR of 5.7% from 2021 to 2028. The report provides trends prevailing in the South and Central America Medical enzyme technology market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the growing applications of enzymes for disease treatment and as diagnostic tools, significant increase in research and development activities to boost the awareness about radiation therapy are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the handling and safety issues related to enzymes.

COVID-19 cases are increasing in South and Central America. With the outbreak of the second wave of COVID-19, the number of cases in Latin American countries has increased. Now, the nation is increasingly expanding its clinical services to combat the novel corona virus. Despite this impact, the region's biotechnology industry is doing little to fight the virus, and the lack of projects has exposed the sector's vulnerability. There are a few unrelated and autonomous projects going on, but they are happening independently of one another, meaning that there is no strong biotech network. Just a smattering of the hundreds of COVID-19 vaccine or drug projects ongoing worldwide are in a region of over 652 million inhabitants and a slew of middle-income countries. Just six independent biotech projects in Latin America are currently addressing COVID-19, either in search of a vaccine or a cure for the novel coronavirus. None of them are about to undergo clinical trials.

The market for medical enzyme technology market is segmented into enzyme type, and application. Based on enzyme type, the medical enzyme technology market is segmented into digestive enzymes, thrombolytic enzymes, hydrolases, and endonucleases. The hydrolases segment is expected to emerge as the leading segment over the projected period. The large share of this segment can be attributed to the growing applications of enzymes for disease treatment and as diagnostic tools. In addition, the rising prevalence of cancer, increasing demand for cost effective treatment modes, and growing awareness among the population concerning the early diagnosis of disease. However, the thrombolytic enzymes segment is estimated the register the fastest CAGR during the forecast period.

Merck Kgaa, Thermo Fisher Scientific Inc., Novozymes, Takeda Pharmaceutical Company Limited, Agilent Technologies, Inc., Genzyme Corporation, Asahi Kasei Corporation, Promega Corporation, Cytiva, and Amano Enzyme Inc. are among the leading companies in the South and Central America medical enzyme technology market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in March 2021, Amano Enzyme has introduced Umamizyme Pulse, a non-GMO enzyme engineered for use in a variety of plant protein products to produce a good, savoury (umami) flavour similar to that produced by monosodium glutamate (MSG), as well as a sensation of richness and complexity (kokumi). 

The market for medical enzyme technology market is segmented into enzyme type, and application. Based on enzyme type, the medical enzyme technology market is segmented into digestive enzymes, thrombolytic enzymes, hydrolases, and endonucleases. Based on application, the medical enzyme technology market is segmented into disease treatment, diagnostic tools, biomedical research, and others. Geographically, the medical enzyme technology market is segmented into South and Central America (Brazil, Argentina, Rest of South and Central America).