Market Trends of Proteinase K Industry
This section covers the major market trends shaping the Proteinase K Market according to our research experts:
The Infectious Diseases Segment Expected to Register Significant Growth in the Market Over the Forecast Period
The infectious disease segment is expected to witness significant growth in the proteinase K market over the forecast period owing to the factors such as the rising burden of infectious diseases and the increasing wide applicability of proteinase K in the diagnosis of various infectious diseases.
The increasing incidences of infectious diseases such as pneumonia, hepatitis, COVID-19, and others are expected to increase the adoption of proteinase K in extracting RNA from the virus that helps in developing vaccines and drugs. This is anticipated to fuel the segment's growth. For instance, as per the data published by the WHO, in June 2022, about 1.5 million new cases of the hepatitis C virus were reported each year, with an estimated 58 million people worldwide having the infection, and as per the estimates, 3.2 million children and adolescents worldwide have chronic hepatitis C infection.
Also, as per the November 2022 update of the CDC, in the United States, about 11,269 patients were admitted to hospitals with influenza. As per the same source, in the current season, about 6.2 million cases and 53,000 hospitalizations were reported in the United States due to influenza. Similarly, as per the WHO Coronavirus (COVID-19) Dashboard, in the last week of November 2022, more than 2.9 million cases of new COVID-19 were reported globally, with the highest number of cases from the Western-Pacific region followed by Europe and the Americas.
Furthermore, various companies are offering proteinase K products that help in protein digestion during DNA and RNA extraction. Such an offering is expected to increase the availability of proteinase K products in the market, thereby boosting segment growth. For instance, QIAGEN offers QIAGEN Proteinase K and QIAGEN proteinase, broad substrate specificity with high activity, and is commonly used in most DNA and RNA isolation procedures for a wide range of reaction conditions.
Therefore, owing to the aforementioned factors, such as the high burden of infectious diseases and the rising availability of proteinase K products and kits, the studied segment is expected to grow over the forecast period.
North America Expected to Register Significant Growth in the Proteinase K Market Over the Forecast Period
North America is expected to witness significant growth in the proteinase K market over the forecast period. The factors attributing to the market growth are the increasing number of cancer and infectious diseases and growing next-generation sequencing and polymerase chain reaction applications. In addition, the presence of well-established healthcare infrastructure along with high healthcare expenditure as well as rising R&D expenditure in the region.
The rising prevalence of chronic diseases, such as cardiovascular diseases and cancer, and infectious diseases are the main factors driving the demand for proteinase K for extracting DNA and RNA, which is anticipated to fuel the market growth in the region over the forecast period. For instance, as per a research study published by Giuseppe Lippi et al. in July 2021, it was observed that about 6-12 million people in the United States are expected to suffer from atrial fibrillation by 2050 and 17.9 million people by 2060. Also, as per the statistics published by AHA, an estimated more than 130 million adults in the United States are expected to have some type of heart disease by 2035. As per WHO, as of December 2022, 71,69,653 confirmed cases of coronavirus were reported in Mexico.
Additionally, according to the Cancer Facts and Figures 2022 report by the American Cancer Society, an estimated 1.9 million new cancer cases were estimated to be diagnosed in the United States in 2022. Also, diabetes is one of the chronic illnesses which affects the population of all ages. For instance, as per the 2022 statistics published by IDF, about 2.9 million and 14.1 million people living in Canada and Mexico in 2021, and this number is projected to reach 3.4 million and 21.8 million, respectively, by 2045. Thus, the high burden of cancer and diabetes is anticipated to fuel the market growth over the forecast period.
Furthermore, the rising R&D spending in the region increases the company's focus on developing proteinase K kits and solutions, which in turn is anticipated to fuel the market growth in the region. For instance, as per the data published by the OECD, in August 2022, Canada spent USD 27,670 million on its R&D activities in 2021.
Therefore, due to the aforementioned factors, such as the rising burden of heart disease, diabetes, and cancer among the population and growing R&D activities, the studied market is expected to grow over the forecast period.
