Horseradish Peroxidase Market: Introduction
According to the report, the global horseradish peroxidase market was valued at ~US$ 49 Mn in 2019 and is projected to expand at a CAGR of ~7% from 2024 to 2030. Horseradish peroxidase (HRP) is a well-known and commercially available enzyme. Its substrates are used in immunostaining and immunodetection of specific proteins and antigens. HRP is a widely used label, often conjugated to secondary antibodies in immunochemical applications such as immunohistochemistry, western blotting, and ELISA. North America dominated the global horseradish peroxidase market in 2019. The trend is anticipated to continue during the forecast period. Rise in research & development activities in the healthcare industry increases the demand for horseradish peroxidase. This is expected to drive the market in the region.
Surge in Usage of Enzymes as Biocatalysts to Drive Horseradish Peroxidase Market
Horseradish peroxidase (HRP) has the ability to catalyze the transfer of two electrons from a substrate to hydrogen peroxide to generate water and an oxidized substrate. Furthermore, HRP-catalyzed reactions of biocatalytical interest include oxidative dehydrogenation, sulfoxidation, and nitrogen oxidation. Hence, biocatalysts such as horseradish peroxidase are utilized in the production of pharmaceuticals and other fine chemicals, which, in turn, fuel the demand for horseradish peroxidase.
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TMB (3,3′, 5,5”-tetramethylbenzidine) Segment to Dominate Global Market
In terms of substrate, the global horseradish peroxidase market has been classified into ABTS (2,2′-Azinobis [3- ethylbenzothiazoline-6-sulfonic acid]-diammonium salt), OPD (ophenylenediamine dihydrochloride), TMB (3,3′,5,5′-tetramethylbenzidine), and others. TMB (3,3′, 5,5”-tetramethylbenzidine) is highly sensitive and is often produced to detect signal quickly in ELISA, which helps to identify components such as proteins in the sample quickly. Moreover, it oxidizes rapidly compared to other substrates, resulting in faster color development. This drives the demand for the substrate.
Grade I to be Highly Attractive
Based on grade, the global horseradish peroxidase market has been categorized into grade I, grade II, and grade III. The grade I segment held a major share of the global market in 2019, as biopharmaceutical companies prefer to use high efficiency and good stability grade to conduct research.
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Biopharmaceutical Companies to be Highly Lucrative
In terms of end user, the global horseradish peroxidase market has been divided into biopharmaceutical companies, academic & research institutes, and others. Research with horseradish peroxidase is increasing in the biopharmaceutical industry. In combination with a plant hormone, HRP can be utilized in specific enzyme-prodrug therapies. Moreover, rise in research & development activities of biopharmaceutical companies is likely to drive the demand for horseradish peroxidase in the biopharmaceutical companies segment.
North America to Dominate Horseradish Peroxidase Market
In terms of region, the global horseradish peroxidase market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global horseradish peroxidase market in 2019, followed by Europe. North America accounted for a major share of the global horseradish peroxidase market in 2019, primarily due to significant ongoing research & development activities of biopharmaceutical companies, increase in clinical R&D budget to develop new diagnostic tests, and expansion of laboratory test portfolio can be attributed to the region’s dominance.
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Competition Landscape of Horseradish Peroxidase Market
The global horseradish peroxidase market is fragmented in terms of number of players. Key players in the global horseradish peroxidase market include Abcam plc, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Merck KGaA, BBI Solutions, Takara Bio Company, Promega Corporation, Faizyme Laboratories, F. Hoffmann-La Roche Ltd., TOYOBO Co., Ltd., Oriental Yeast Co., Ltd., and GenScript.
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