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, i.e., aged 65 and above accounted for approximately 702.9 million all around the world and it is expected to reach around 1548.9 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 Segment Captured the Largest Market Share in Origin
- 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 that are responsible for the growth of the segment include the efficiency of these animal-derived enzymes in various diseases or conditions, such as pancreatitis, exocrine pancreatic insufficiency, and pancreatic cancer. Hence, rising prevalence of these diseases would influence the 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. Animal-based enzyme are currently preferred standard care of treatment for these diseases. The reason behing it could be the similar pathophysiology of humans and animals. For instance, 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 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 U.S. 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 Centre 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.
There is the presence of major market players, such as Allergan PLC, Klaire Labs, Amway Corporation, AbbVie Inc., and Biotics Research Corporation, among others. The increasing innovation and rise in investment for various public and private organizations are expected to intensify the industry rivalry across the globe.
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