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Companies In The Global Diagnostic Enzymes Market Are Investing In Artificial Intelligence And Machine Learning

Diagnostic Enzyme Market Report 2020-30: Covid 19 Growth And Change

Diagnostic Enzyme Market Global Report 2020-30: Covid 19 Growth And Change

The Business Research Company’s Global Diagnostic Enzyme Market Report 2020-30: Covid 19 Growth And Change

LONDON, GREATER LONDON, UK, October 6, 2020 / -- The use of machine learning and artificial intelligence is gradually gaining popularity in the enzyme diagnostic market. Artificial intelligence (AI) is the simulation of human intelligence in machines and is programmed to display their natural intelligence. Machine learning is a part of AI. Machine learning and AI help companies in the enzyme diagnostic market to conduct a detailed analysis of all relevant data, provide insights about the function of enzymes and allow physicians to understand the key determinants of the relationship between protein structure, function and evolution, in terms of catalysis of reaction steps of an enzyme. For instance, companies such as BioMarker have invested in AI and machine learning for enzyme diagnostics.

The global diagnostic enzymes market is expected to decline from $3.30 billion in 2019 to $3.14 billion in 2020 at a compound annual growth rate (CAGR) of -4.87%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The global diagnostic enzymes market is then expected to recover and reach $3.75 billion in 2023 at a CAGR of 6.02%.

The rise in the geriatric population that increases the patient pool for the diagnosis of chronic diseases contributed to the growth of the diagnostic enzymes market. The proportion of people above the age of 65 years increased globally and age-related chronic ailments also increased.

For example, the percentage of seniors is expected to grow from 28% in 2019 to 38% by 2050 in Japan. The increase in the aging population has increased the patient pool of many chronic diseases such as rheumatoid arthritis, hypertension, diabetes and cancer. People suffering from these diseases are expected to be more vulnerable to chronic diseases, thus significantly influencing market growth during this period.

According to a 2018 study by the National Council on Aging, around 80% of the older adults have at least one chronic disease, and 77% have at least two. Thus, the rise in the geriatric population increases patients for the diagnosis of chronic diseases and this, in turn, drives the diagnostic enzymes market.

The diagnostic enzymes market consists of the sales of diagnostic enzymes and related services by entities (organizations, sole traders, and partnerships) that manufacture diagnostic enzymes. Enzymes are extensively used in the diagnosis of various diseases as they have remarkable biocatalytic properties.
The global diagnostic enzyme market is segmented by product type into carbohydrases, polymerases and nucleases, protease, and others. By source, the market is segmented into animals, microorganisms, and plants.

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