In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
March 16, 2022: Thermo Fisher Scientific introduced a new large-volume electroporation system for cell therapy developers to facilitate commercial manufacturing of clinical therapy systems.
December 12, 2021: AB Enzymes to form a joint membership with Europa Bio, to promote the benefits of the biotech industry, and work towards a sustainable environment.
The global pancreatic elastase testing market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Pancreatic elastase test, also known as, fecal elastase, is used to test the amount of elastase produced in the body. Elastase is an enzyme secreted by the pancreas to break down fats, proteins, and carbohydrates. The growth of the market can be attributed to the increasing prevalence of pancreatic insufficiency, chronic pancreatitis, and others. According to a report published by National Center for Biotechnology Information and StatPearls Publishing, chronic pancreatitis occurs in 42 to 73 individuals per 100,000 of the population in the United States, while the prevalence in Japan, China, and India is around 36 to 125 per 100,000 individuals, as of 2021. Moreover, improvement in the diagnostic technologies, penetration of AI in medical diagnostics, and rising awareness amongst people regarding tests and diagnosis are anticipated to boost the market growth. Furthermore, the increasing healthcare expenditure across the globe, is forecasted to encourage the growth of the market.
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The market is segmented by application into cystic fibrosis, diabetes mellitus, chronic pancreatitis, pancreatic insufficiency, and others out of which, the chronic pancreatitis segment is anticipated to hold a substantial share in the global pancreatic elastase testing market over the forecast period. The growth of the segment can be accredited to the high prevalence of chronic pancreatitis across the globe, along with the rising cases of pancreatic cancer. Pancreatitis, if left untreated, can lead to cancer in the pancreas. The growth in the average alcohol consumption, as a part of the changing modern lifestyle, is also estimated to encourage the segment growth, as alcohol consumption is a major cause for chronic pancreatitis.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global pancreatic elastase testing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of improving healthcare infrastructure in the developing countries, along with the growing prevalence of pancreatic cancer in the region.
The market in the North America region is anticipated to gain a significant market share throughout the forecast period owing to the growing prevalence of chronic pancreatitis in the region. According to the data by the National Pancreas Foundation, the prevalence of chronic pancreatitis is 50 per 100,000 individuals in the United States, and is more common in men than women.
On the other hand, the market in Europe occupied the largest market share in 2021, owing to the presence of the advanced healthcare facilities, favorable health insurance and reimbursement policies, and high healthcare expenditure in the developed countries, such as, Germany, Switzerland, France, Sweden, Norway, and Denmark.
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The global pancreatic elastase testing market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global pancreatic elastase testing market includes the following segments:
Ans: The increasing prevalence of chronic pancreatitis is estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
Ans: The lack of researchers and practitioners in pathological science is estimated to hamper the market growth.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing prevalence of chronic pancreatitis in the region.
Ans: The major players in the market are Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Hologic, Inc., BIOMERIEUX PLC, Bioserv Diagnostics Gmbh, Novozymes A/S, AB Enzymes GmbH, and Buhlmann Diagnostics Corp.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by application, end-user, and by region.
Ans: The chronic pancreatitis segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.