Market Trends of Global Diagnostics Enzyme
This section covers the major market trends shaping the Diagnostics Enzyme Market according to our research experts:
Nuclease Enzymes are Expected to Dominate the Diagnostic Enzyme Market During the Forecast Period
The nuclease enzymes are two of the most necessary and crucial enzymes with a wide array of applications in pharmaceuticals and R&D in biotechnology, clinical diagnostics, and others. Therefore, these enzymes are essential for all pharmaceutical and biotechnology companies and molecular biology research institutes.
The use of nuclease enzymes is expected to increase manifolds during the forecast period due to new ongoing research in DNA sequencing and DNA amplification, RNA sequencing and RNA amplification, and the development of nucleases-based diagnostic kits for the detection of infectious diseases and some other applications. For example, in May 2020, Co-Diagnostics successfully tests a nuclease-based testing kit to identify COVID-19 in cancer cells known as Logix Smart. Similarly, in August 2020, Sherlock Biosciences entered a collaboration with Dartmouth-Hitchcock Health (D-HH) to launch a clinical study of the Sherlock CRISPR nuclease-based SARS-CoV-2 kit for the detection of the SARS-CoV-2 virus that causes COVID-19. Additionally, the rising demand and acceptance of personal and precision medicine for various chronic and genetic diseases is expected to increase the demand for nuclease enzymes in the forecast period.
North America is Expected to Dominate the Market of Diagnostics Enzyme During the Forecast Period
The North American region includes the United States, Canada, and Mexico. Due to huge funding in the R&D by the government as well as private players and the presence of key market players in North America, there is expected to be significant growth in North America in the market studied and occupy a major share in the diagnostics enzyme market during the forecast period.
In North America, the major growth is expected to be observed in the United States, as it is more technologically advanced than the rest of the world and R&D spending of the United States is very high. According to the National Center for Science and Engineering Statistics, in 2018, the total R&D cost of the United States was about USD 606.1 billion. Moreover, based on performance reports, it was estimated that in 2019 the total capital investment in R&D will be around USD 656 billion. The other reason for the major share of the United States is the presence of key market players who are innovating and launching new products, world-class research institutes run by some of the most prominent scientists (Nobel laureates too), technologically advanced biotechnology companies, and awareness among the public. For instance, in January 2021, Thermo Fisher Scientific announced the acquisition of a molecular diagnostics company known as Mesa Biotech Inc. based in San Diego.
After the United States, Canada may occupy the second-largest share in the diagnostics enzyme market in North America, followed by Mexico. Canada is following the path of the United States and investing heavily in R&D in the pharmaceutical and biotechnology sector, apart from improving its health infrastructure and awareness among the public.
