The digestive enzymes market is expected to register a CAGR of 7.2%, over the forecast period. Factors, such as the rising geriatric population, the rising prevalence of gastrointestinal disorders, increasing awareness about GI health, and focus on preventive health management, are contributing to the market growth.
The global population is aging rapidly, owing to reduced birth rates and increasing life expectancy. The demographic trend toward an aging population represents a growing need for the management of disorders, such as GI tract obstructions. According to the report "World Ageing Population, 2019", the older population of age 65 and above accounted for approximately 702.9 million all around the world, and it is expected to reach around 1,548.9 million.
The secretion of digestive enzymes usually decreases with age, which contributes to high levels of gastric discomfort, lower digestion rates, reduced food consumption, and/or a variety of other GI disorders. Therefore, with the increasing geriatric population, the market for digestive enzymes is expected to increase, over the forecast period.
Key Market Trends
Animal Origin Sub-segment Captured the Largest Market Share
The animal origin sub-segment holds the largest market share in the origin segment and is expected to follow the same trend, over the forecast period.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America emerged as the largest regional market, in terms of revenue. The increasing prevalence of chronic gastrointestinal diseases, rapidly aging population, growing demand for preventive medicine, and the presence of major market players are primary factors contributing to the large market size.
Competitive Landscape
There is the presence of major market players, such as Zeus Biotech Limited, Klaire Labs, Amway Corporation, AbbVie Inc., and Biotics Research Corporation. The increasing innovation and rise in investment for various public and private organizations are expected to intensify the industry rivalry across the world.
Reasons to Purchase this report:
The global population is aging rapidly, owing to reduced birth rates and increasing life expectancy. The demographic trend toward an aging population represents a growing need for the management of disorders, such as GI tract obstructions. According to the report "World Ageing Population, 2019", the older population of age 65 and above accounted for approximately 702.9 million all around the world, and it is expected to reach around 1,548.9 million.
The secretion of digestive enzymes usually decreases with age, which contributes to high levels of gastric discomfort, lower digestion rates, reduced food consumption, and/or a variety of other GI disorders. Therefore, with the increasing geriatric population, the market for digestive enzymes is expected to increase, over the forecast period.
Key Market Trends
Animal Origin Sub-segment Captured the Largest Market Share
The animal origin sub-segment holds the largest market share in the origin segment and is expected to follow the same trend, over the forecast period.
- The major factors responsible for the growth of this segment include the efficiency of these animal-derived enzymes in various diseases or conditions, such as pancreatitis, exocrine pancreatic insufficiency, and pancreatic cancer. Hence, the rising prevalence of these diseases may influence market growth.
- According to the Cancer Research UK, new cases for pancreatic cancer accounted for almost 10, 257 in the United Kingdom, for 2015-2017. The animal-based enzyme is currently preferred as standard care of treatment for these diseases. The reason behind it may be similar pathophysiology of humans and animals. For instance, the pancreatic pathophysiology of hogs is very much alike to that of humans. However, ethical issues associated with animal origin products in some consumers are expected to hamper the segment's growth.
- The microbial enzyme, on the other hand, is expected to witness the fastest growth rate over the forecast period. This growth rate of the microbial origin products can be attributed to factors, such as low production cost and high enzymatic activity.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America emerged as the largest regional market, in terms of revenue. The increasing prevalence of chronic gastrointestinal diseases, rapidly aging population, growing demand for preventive medicine, and the presence of major market players are primary factors contributing to the large market size.
- According to the US Census Bureau, in 2018, the geriatric population in the United States was recorded with approximately 52 million. Furthermore, in 2018, around 14.8 million people were diagnosed with ulcers in the United States, according to the Centres for Disease Control and Prevention.
- Apart from the high prevalence of GI disorders, the changing lifestyle, unhealthy eating habits, and high disposable income are contributing to the high growth rates. On the other hand, Asia-Pacific is expected to exhibit the fastest growth rate over the forecast period.
Competitive Landscape
There is the presence of major market players, such as Zeus Biotech Limited, Klaire Labs, Amway Corporation, AbbVie Inc., and Biotics Research Corporation. The increasing innovation and rise in investment for various public and private organizations are expected to intensify the industry rivalry across the world.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- AbbVie Inc.
- Zeus Biotech Limited
- Amway Corporation
- Biotics Research Corporation
- Country Life LLC
- Garden of Life Inc.
- AST Enzyme
- Enzymes Inc.
- Klaire Labs
Methodology
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