Galactosidase Market Potential Growth, Worldwide Industry Analysis
The global galactosidase market size is expected to expand owing to the increasing demand in the medical industry, shares Fortune Business Insights™, in its report titled, “Galactosidase Market 2021-2028.”
Due to the incapability of one’s body to produce the galactosidase enzyme, the person suffers from a condition named Fabry disease. Various innovations by key companies to be made regarding this condition is anticipated to make notable progress during the forecast period.
Based on type, the market is further divided into alpha-galactosidase and beta-galactosidase. Alpha-galactosidase is used for catalyzing hydrolysis and contains residues that include glycoprotein and glycosphingolipids. However, beta-galactosidase hydrolyzes the lactose into glucose and galactose, which further helps to extract lactose from dairy products.
Geographically, the market is spread across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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The report offers an in-depth market evaluation based on rigorous research. It sheds light on the current market trends and future opportunities for business owners and investors. It also describes the competitive scenario in the market. A holistic study of the regional dynamics and how it shapes the market is provided in the report. Key players and their prominent strategies to maintain their leading position in the market are offered in the report.
Market Drivers & Restraints
Multipurpose Functioning Properties to Boost Market Growth
Due to the various uses of galactosidase enzymes in the pharmaceutical industry and the food and beverages industry, the surging demand for alpha-galactosidase and beta-galactosidase would spur the market growth in the foreseeable future.
For example, companies are using the above-mentioned enzyme to prepare lactose-free milk, cheese, and other dairy products for lactose intolerant consumers.
On the other hand, the demand for the enzyme would surge due to its usage in capsules and tablets to help people with enzyme-producing incapabilities. But there is low availability in proportion to its demand. Hence, this would disrupt the demand-supply chain cycle. This may result in the hampered market growth.
North America to Dominate the Market Backed by Rising Usage in Pharmaceutical Industry
North America is set to hold the largest galactosidase market share due to the high demand for alpha-galactosidase in the pharmaceutical industry.
Europe is expected to witness an imperishable growth in the market considering the increasing demand for the enzyme in the food application process.
Asia Pacific and the Middle East and Africa would showcase significant growth owing to the rapid adoption of the enzyme in milk-based products. This is anticipated to fuel the market growth.
Product Amplification by Key Players to Bolster Market Inventions
Prominent players in the market are maintaining their leading positions by drawing several strategies to bolster growth. One such strategy is to launch products. Another major strategy is to partner up with other key players in the market and boost the market for monetary gains.
February 2017: A company named Sanofi Genzyme developed a drug, Fabrazyme, and is the first treatment specifically developed for Fabry disease. In the European Union (EU) Fabrazyme is used for the treatment of Fabry disease and is authorized by the European Medicines Agency. Chaperone therapy is a newly developed molecular therapy and is the only approved therapy to treat Fabry disease even though it is speculated to be non-treatable.
List of Key Players Covered in the Galactosidase Market Report
- Prospec-Tany Technogene Ltd.
- Megazyme Ltd.
- JINAN BESTZYME BIOENGINEERING CO. LTD.
- Amano Enzyme, Inc.
- Advanced Enzymes
- ISU ABXIS
- Pharming Group
- Protalix Biotherapeutics
- Aumgene Biosciences
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