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Biocatalyst Market size attained a valuation of over USD 500 million in 2022 and is estimated to exhibit above 6% CAGR from 2023 to 2032 owing to the increasing demand for biocatalysts from the biopharmaceutical industry in manufacturing active pharmaceutical ingredients (API).
The pharmaceutical sector has crossed leaps and bounds in recent years, given the escalating drug development projects and the growing prevalence of chronic and infectious diseases in people of all age groups.
Based on the Indian Economic Survey 2021, the pharmaceutical market in India stood at US$ 42 billion in 2021 and is predicted to register a three-fold growth by 2030, reaching US$ 120-130 billion by 2030. Since bio catalysis is extensively utilized across the pharmaceutical industry to catalyze chemical transformations to suffice the increasing requirements for a growing number of reactions during drug development.
Report Attribute | Details |
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Base Year: | 2022 |
Biocatalyst Market Size in 2022: | USD 520 Million |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 6.4 % |
2032 Value Projection: | USD 950 Million |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 172 |
Tables, Charts & Figures: | 257 |
Segments covered: | Source, Application, Type, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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However, the lack of adequate regulations pertaining to the use of other competing technologies and applications may hamper market performance. In addition, limited consumer awareness about biocatalysts may challenge industry progression. In contrast, rising environmental concerns and the increasing penetration of biocatalysts across several industry verticals will favor market progress.