Growth of pharmaceutical and food industries is one of the major factors driving market revenue growth.
Growth of pharmaceutical and food industries is one of the major factors driving market revenue growth
The global asparaginase market size is expected to reach USD 2,619.3 Million in 2030 and register a revenue CAGR of 16.7%, according to latest report by Reports and Data. Significant growth of pharmaceutical and food industries is one of the important factors expected to drive asparaginase market revenue growth over the forecast period. In addition, market players are investing in research & development and production of asparaginase to meet regulatory specifications with increasing demand. Some macroeconomic factors expected to have a positive impact on the global asparaginase market include increasing population, rapid urbanization, and growing income in several countries across the world.
L-asparaginase is an essential component of the first-line treatment for acute lymphoblastic leukemia (ALL), a type of aggressive blood cancer that is expected to affect over 6,150 people in the U.S. in 2022. Recently, L-asparaginase has been found to have the potential to prevent metastasis from solid tumors as well. Recent advancements in manufacturing and formulation processes have a significant impact on product quality profile, such as contamination, aggregation, and enzymatic activity. Nanomedicine, including technologies such as encapsulation and immobilization, aims at improving asparaginase pharmacokinetics.
Emerging economies, such as China, India, South Korea, Brazil, and Mexico, can offer significant growth opportunities to major market players, due to low regulatory barriers, improvement in healthcare infrastructure, increasing patient population, and rising healthcare expenditure. Regulatory policies in Asia-Pacific are more adaptive and business-friendly than those in developed countries, and moreover, there is increasing competition in mature markets, which has encouraged key players in the target market to focus on emerging countries.
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Some Key Highlights from the Report:
- Based on source, the Erwinia chrysanthemi segment is expected register the fastest revenue growth rate over the forecast period. Asparaginase derived from Escherichia coli (E. coli) can cause allergic reactions in patients, which in turn, is increasing demand for asparaginase obtained from Erwinia chrysanthemi. Asparaginase erwinia chrysanthemi was first approved by the Food and Drug Administration (FDA) in November 2011, to treat patients with acute lymphoblastic leukemia who are allergic to E. coli-derived asparaginase, and it has been used as part of multi-agent chemotherapy. Furthermore, in June 2021, the recombinant form of asparaginase erwinia chrysanthemi was approved by the FDA as a component of a chemotherapy regimen, to treat acute lymphoblastic leukemia and lymphoblastic lymphoma in adult and pediatric patients who are allergic to the E. coli-derived asparaginase.
- Based on route of administration, the intramuscularly segment is expected to register a significantly faster growth rate over the forecast period. The intramuscular route of administration is a technique to deliver medications deep into the muscles. Muscles are rich in blood vessels, and hence, absorption of drugs is faster in intramuscular administration. Moreover, intramuscular injections are less invasive, can be done in less time, and have a large injection site (a muscle) compared to intravenous injections.
- Based on age group, the adult segment is expected to register a slower revenue growth rate as compared to the pediatric segment, as acute lymphoblastic leukemia is less common in adults. According to the American Cancer Society, about 4 out of every 10 cases of ALL are in adults. Thus, the adult segment is expected to register a slower growth rate over the forecast period.
- Based on distribution channel, the hospital pharmacy segment is expected account for largest revenue share during the forecast period. Increasing prescription of medications at hospitals due to more frequent diagnoses at these institutes is driving revenue growth of this segment.
- Asia-Pacific market is expected to register a robust revenue CAGR throughout the forecast period. In developing countries, such as India, China, Malaysia, and Indonesia, there is increasing prevalence of acute lymphoblastic leukemia and lymphoblastic lymphoma, which is expected to drive revenue growth of this market. Furthermore, increasing research & development activities in the region are expected to boost market revenue growth over the forecast period. In March 2021, the Indian Institute of Technology, (IIT) Indore, India developed a new asparaginase drug by using the protein engineering approach, to treat acute lymphoblastic leukemia with fewer side effects.
- Some major companies profiled in the market report are Jazz Pharmaceuticals (Ireland), Medac GmbH (Germany), Taj Pharmaceuticals Ltd. (India), LGM Pharma (U.S.), Actiza Pharmaceutical Pvt. Ltd. (India), Gennova Biopharmaceuticals (Emcure Pharma) (India), Kyowa Hakko Kirin Co., Ltd. (Japan), Merck (Germany), Servier Pharmaceuticals LLC (France), and Novus Biologicals LLC (U.S.).
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For this report, Reports and Data has segmented the global asparaginase market based on source, application, route of administration, age group, distribution channel, and region:
Source Outlook (Revenue, USD Million, 2019 - 2030)
- Erwinia Chrysanthemi
- Escherichia Coli
Application Outlook (Revenue, USD Million, 2019 - 2030)
- Acute Lymphoblastic Leukemia (ALL)
- Lymphoblastic Lymphoma (LBL)
Route of Administration Outlook (Revenue, USD Million, 2019 - 2030)
- Intramuscularly
- Intravenously
Age Group Outlook (Revenue, USD Million, 2019 - 2030)
- Pediatric
- Adult
Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)
- Hospital Pharmacy
- Online Pharmacy
- Retail Pharmacy
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Regional Outlook (Revenue, USD Million, 2019 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2019–2020) and forecast (2021–2030) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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