At 15.6% CAGR, the Europe Asparaginase Market is projected to be worth US$ 451.68 million by 2028, says Business Market Insights          

According to Business Market Insights’ research, the Europe asparaginase market was valued at US$ 189.17 million in 2022 and is expected to reach US$ 451.68 million by 2028, registering an annual growth rate of 15.6% from 2022 to 2028. Significant growth of pharmaceutical and food industry and rising incidences of leukemia and increasing usage application are the critical factors attributed to the market expansion.              

Over the period, the pharmaceutical and food industry has developed at a significant rate and observed various developments to ensure the high quality of food and pharmaceutical products. Moreover, the pharmaceutical industry is developing at a significant rate, supported by the surge in R&D activities, and an increase in investment in the pharmaceutical industry by market players is further driving the market. The food industry is constantly expanding with never-ending increase in the food demand. There is also a continuous rise in novel food products. Nowadays, manufacturers focus on the nutritional quantity of food. The consumption of fried and baked food all around the region has increased substantially and the inclination toward such food items has also surged. Asparaginase is the main amino acid responsible for the reduction of sugar in fried and baked foods, which are condensed with carbonyl sources. Moreover, the increase in population around the region has further contributed to the growth of the pharmaceutical industry and the food industry. The rising population is driving the demand for food products and pharmaceuticals. Thus, an increasing population is contributing to the expansion in the food and pharmaceutical industries, which is driving the asparaginase market.

On the contrary, side effects associated with use of asparaginase hurdles the growth of Europe asparaginase market. 

• Based on type, the Europe asparaginase market is segmented into escherichia coli, erwinia chrysanthemi, pegylated, and others. The escherichia coli segment held 51.0% market share in 2022, amassing US$ 96.46 million. It is projected to garner US$ 236.12 million by 2028 to expand at 16.1% CAGR during 2022–2028.   
• Based on application, the Europe asparaginase market is segmented into therapeutic, food processing, and others. The therapeutic segment held 60.2% market share in 2022, amassing US$ 113.84 million. It is projected to garner US$ 276.76 million by 2028 to expand at 16.0% CAGR during 2022–2028. The therapeutic segment is further classified into acute lymphoblastic leukemia, lymphoblastic lymphoma, and others.  
• Based on end-use industry, the Europe asparaginase market is bifurcated into healthcare and food manufacturing. The healthcare segment held 60.4% market share in 2022, amassing US$ 114.26 million. It is projected to garner US$ 274.81 million by 2028 to expand at 15.7% CAGR during 2022–2028.   
• Based on country, the Europe asparaginase market has been categorized into the UK, Germany, France, Italy, Spain, and rest of Europe. Our regional analysis states that Germany captured 24.8% market share in 2022. It was assessed at US$ 46.83 million in 2022 and is likely to hit US$ 118.19 million by 2028, exhibiting a CAGR of 16.7% during the forecast period.          

Key players dominating the Europe asparaginase market are Biovendor, LLC; Changzhou Qianhong Biopharma Co Ltd; Creative Enzymes; Jazz Pharmaceuticals, Inc.; medac GMBH; Porton Biopharma; Servier Pharmaceuticals LLC; Taj Pharmaceuticals Limited; and United Biotech (P) Limited among others.         

• In May 2021, Jazz Pharmaceuticals acquired GW pharmaceutical company to enhance the R&D capabilities.
• In Dec 2020, Servier announced the opening of a worldwide Artificial Intelligence (AI) Hub in Montreal in partnership with Centech. This hub will allow different teams in Servier to speed up the discovery, development, and deployment of new therapeutic solutions.

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