Horseradish Peroxidase Market Analysis

Horseradish Peroxidase Market Analysis

Based on substrate, the market is segmented into chromogenic, chemiluminescent, fluorogenic, luminescent, and electrochemical. The chromogenic segment is further segmented into TMB (3,3’,5,5’-tetramethylbenzidine), ABTS (2,2'-azinobis [3- ethylbenzothiazoline-6-sulfonic acid]-diammonium salt), and OPD (ophenylenediamine dihydrochloride). The chromogenic segment held the majority of market share in 2023 of about 41.2%.
 

• The dominating share of chromogenic segment can be attributed to wide applications of TMB, ABTS, and OPD in enzyme linked immunosorbent assay (ELISA), immunohistochemistry, and other routine laboratory assays owing to their cost-effectiveness, ease of visual detection, and high specificity.
   
• Moreover, the increasing adoption of chromogenic substrates in laboratory research where sophisticated instruments are limited is also a key factor driving revenue growth in this segment. Chromogenic substrates do not require advanced instrumentation and can produce a color change that can be easily observed and quantified using basic laboratory equipment, such as spectrophotometers.
   

Based on grade, the horseradish peroxidase market is classified into grade I, grade II, and grade III. The grade I segment dominated the market with a revenue of about USD 29.2 million in 2023.
 

• Leading share of grade I segment can be attributed to significant use of high purity grade (grade I) horseradish peroxidase across highly sensitive applications such as clinical diagnostics, pharmaceutical manufacturing, and high-precision research. Accuracy and reliability are paramount across these applications, which necessitates the use of high-purity grade horseradish peroxidase.
   
• Grade I horseradish peroxidase-based assays used in clinical diagnostics help to ensure compliance with regulatory guidelines and maintain accreditation owing to their documented quality and traceability. As a result, increasing number of diagnostic centers are preferring the use of grade I horseradish peroxidase-based assays, thereby fueling the growth of grade I segment.
   

Based on application, the horseradish peroxidase market is classified into immunoassays and biosensors. The immunoassays segment dominated the market with a share of about 65.7% in 2023.
 

• Leading share of immunoassays segment can be attributed to increasing use of horseradish peroxidase-based antibody assays across diagnostic testing requiring high sensitivity.  The ability of horseradish peroxidase-based antibody assays to catalyze the conversion of substrates into detectable signals with high sensitivity and specificity makes it an ideal choice for various immunoassays, such as ELISA, immunohistochemistry, and western blotting.
   
• Additionally, advanced horseradish peroxidase-based immunoassays are increasingly gaining approval from regulatory authorities such as U.S. FDA and EU, which has helped to ease their availability and surge their adoption, thereby contributing to the revenue growth in the market. For instance, in January 2021, U.S. FDA approved the emergency use of a SARS-CoV-2 IgG ELISA that utilizes horseradish peroxidase-conjugated antibodies for detection.
   

Based on end-user, the horseradish peroxidase market is classified into diagnostic centers, biopharmaceutical companies, academic and research centers, and other end-users. The diagnostic centers segment dominated the market with a revenue of about USD 24.6 million in 2023.
 

• Growing demand for disease diagnostic testing owing to increasing prevalence of chronic and infectious diseases is contributing to the dominant share of diagnostic centers. For instance, according to The National Health Services (UK), the demand for diagnostic tests increased rapidly during 2003-2023 and is expected to further increase in the near future. Thus, an increasing demand for diagnostic tests is further expected to boost the revenue growth in diagnostic centers segment during the forecast period.
   
• Moreover, horseradish peroxidase-based immunoassays are integral to many point-of-care testing devices, as they offer ease of use and quick results with high sensitivity. Growing demand for point-of-care testing post-COVID-19 has fueled significant revenue growth in the diagnostic centers segment.
   

North America horseradish peroxidase market accounted for 40.6% of market share in global market in 2023 and is predicted to reach USD 47.8 million by 2032.
 

• Leading share of North America can be attributed to increasing demand of horseradish peroxidase-based assays for diagnostic testing. The region's robust healthcare system and presence of sophisticated diagnostic laboratories drives substantial demand for diagnostic testing, including immunoassays such as ELISA and western blotting using horseradish peroxidase.
   
• Moreover, North America is home to many established biopharmaceutical companies that utilize horseradish peroxidase extensively in biopharmaceutical research, quality control, and production processes, contributing to the growth of market in the region.
   

The U.S. horseradish peroxidase market was valued at USD 22.5 million in 2023 and is anticipated to grow at a CAGR of 7.2% over the forecast period.
 

• Growing incidence of chronic and infectious diseases in the country is driving the demand for diagnostic disease testing, contributing to the demand for horseradish peroxidase-based immunoassays. For instance, according to the Albany College of Pharmacy and Health Sciences, each year about 14 billion clinical and diagnostic tests are performed across more than 20,000 clinical laboratories in the U.S.
   
• Furthermore, increasing investment for biopharmaceutical research is also driving the revenue growth in North America. Local state governments are promoting research and development in biopharmaceutical sector through offering tax benefits. For instance, according to the 2023 report from Council of State Bioscience Association, state governments have implemented tax credit policies to alleviate the substantial financial risks linked to research and development in the Biosciences sector.
   

Germany horseradish peroxidase market is expected to show significant growth opportunities during the forecast period.
 

• Increasing growth in biopharmaceutical research activities in Germany is driving the demand for horseradish peroxidase across academic and research centers. According to the Biopharma Cluster South Germany, approximately 50% of all biopharmaceuticals active ingredients certified for use in the European Union are developed and manufactured in the Germany by Biopharma Cluster South Germany.
   
• Additionally, presence of substantial number of research institutes such as FH Aachen, Fraunhofer Institute for Interfacial Engineering and Biotechnology IGB, and Munich Institute of Biomedical Engineering, focused on the development of biosensor technology such as implantable, non-invasive, single-use biosensors, and paper-based diagnostics is also driving the use of horseradish peroxidase in Germany.
   

India horseradish peroxidase market is anticipated to grow remarkably over the coming years.
 

• Increasing burden of chronic disease together with increasing availability of worldclass diagnostic centers for performing horseradish peroxidase-based diagnostic test is driving the revenue growth in the market in India. For instance, according to the 2023 report from Healthcare Federation of India, total number of NABL accredited labs increased from 347 in 2012 to over 2,500 as of May 2024.
   
• Moreover, growing government support to promote manufacturing of biopharmaceutical products locally is also driving the revenue growth in the market in the country. For instance, Government of India allows for 100% foreign direct investment for greenfield pharma. As a result, the total number of biotechnology startups that includes biopharmaceutical manufacturers are expected to grow from over 6000 as of May 2024 to over 10,000 biotechnology startups in 2025.