Horseradish peroxidase (HRP) is a metalloenzyme found in the roots of horseradish. It is used as an indicator enzyme in immunoassays and other biochemical research. Horseradish peroxidase catalyzes the conversion of chemiluminescent substrates for the detection of proteins, carbohydrates, and nucleic acids in chemical assays. Conjugates of horseradish peroxidase are commonly used in indirect assays, wherein the enzyme binds to an antibody which has been bound to a target molecule. The presence of horseradish peroxidase is made visible with the help of a substrate which is oxidized by HRP using oxidizing agent (hydrogen peroxide), after which HRP yields a characteristic color detectable by various spectrophotometers.

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Significant amplification of HRP conjugates, cost-effectiveness of HRP kits, and increase in R&D in the biochemistry sector are projected to be the key drivers of the global horseradish peroxidase market during the forecast period. However, rise in preference for alkaline phosphatase enzymes over horseradish peroxidase owing to stable and long-lasting signals generated by the latter is expected to restrain the global horseradish peroxidase market during the forecast period.

The global horseradish peroxidase market can be segmented based on substrate type, application, and end-user. In terms of substrate type, the market can be categorized into tetramethylbenzidine (TMB), o-phenylenediamine dihydrochloride (OPD), 2, 2′-Azino-bis(3-ethylbenzothiazoline-6-sulfonic acid) diammonium salt (ABTS), 3,3'-diaminobenzidine (DAB), and others. The TMB segment accounted for the largest share of the market in terms of revenue in 2017, owing to significant compatibility with the detection imaging equipment. The segment is expected to continue to dominate the market during the forecast period, as TMB substrate oxidizes more quickly than others, resulting in faster color development. Based on application, the global horseradish peroxidase market can be divided into enzyme-linked immunosorbent assay (ELISA), Western blot test, Southern blot test, flow cytometry, and others. The ELISA segment captured the largest market share in terms of revenue in 2017, and the trend is likely to continue during the forecast period. Technological advancements in biomarkers and specific sensitivity of ELISA test are the key drivers of the segment. However, the Western blot test segment is expected to expand at the highest CAGR from 2018 to 2026 due to rise in R&D on highly sensitive biochemical tests involving less number of analytes. In terms of end-user, the global horseradish peroxidase market can be classified into academic institutes, research laboratories, diagnostic laboratories, biotechnological companies, and others. The research laboratories segment is projected to expand at the fastest CAGR during the forecast period, driven by significant investment by key companies to promote research on chronic disease treatment. The biotechnological companies segment accounted for a high market share in terms of revenue in 2017. Emergence of local and regional research-oriented biotechnological companies across the globe, and funding by government for R&D of novel biochemical solutions are projected to fuel the growth of the biotechnological companies segment during the forecast period.

Geographically, the global horseradish peroxidase market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest market share in 2017, attributed to strategic presence of key biotechnological companies in the U.S. and Canada, and government participation in promoting research on chronic diseases such as AIDS and cancer. Increase in demand for cost-effective biomarkers and indirect assays in Europe are anticipated to augment the global horseradish peroxidase market in the region from 2018 to 2026. However, the market in Asia Pacific is projected to expand at the highest CAGR during the forecast period, driven by rise in research grants and funding leverage to research laboratories in India and China.

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Prominent players operating in the global horseradish peroxidase market include Thermo Fisher Scientific, Inc., GenScript, RayBiotech, Inc., Promega Corporation, Takara Bio Company, Merck KGaA, Bio-Rad Laboratories, Inc., and Jackson ImmunoResearch, Inc.

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