- The glycomics market is projected to surpass valuation of US$ 3.1 Bn by 2031
- Rising government support for different R&D projects and number of academic & research institutes is expected to play key role in the market expansion
ALBANY, N.Y., Jan. 18, 2022 /PRNewswire/ -- With increasing emergence of varied health conditions among populace from across the globe, a need to perform in-depth study of those diseases has increased. The rising prevalence of different chronic health conditions is creating need for R&D projects focused on the development of novel and advanced treatment solutions. This, in turn, is projected to drive the expansion of the global glycomics market in the upcoming years.
In the recent years, there has been an increase in the number of research institutes and pharmaceutical companies, which carry out crucial R&D in drug discovery and development sector. During the coronavirus pandemic, pharmaceutical companies experienced consistent advancements, which have accelerated the drug investigation process.
Increasing financial support for R&D initiatives focused on the study of polysaccharides or gycans, rising disease diagnostics applications, and innovations in the biotechnology field are some of the important factors generating prominent revenues streams in the global glycomics market during the pandemic.
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A study by Transparency Market Research (TMR) projects the global glycomics market to expand at a CAGR of 11.2% during the forecast period, from 2021 to 2031.
Asia Pacific is estimated to gain the dominant position in the glycomics market during the forecast period due to many factors, including rising prevalence of several chronic health conditions in the region. Moreover, the market is estimated to observe promising expansion avenues in emerging nations such as China, South Korea, and India.
Glycomics Market: Key Findings
Increase in R&D Projects Focused on Drug Discovery Fuels Market Growth
The increasing use of glycobiology in disease diagnostics, drug discovery & development, immunology, and oncology is creating substantial business prospects in the global market.
Government authorities of several developing nations across the globe have increased their budgets for R&D projects. Moreover, they are providing financial support to pharmaceutical organizations, which are strengthening their production capabilities to cater to the surging drug demand due to the COVID-19 pandemic. These factors are bolstering the global glycomics market.
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Expansion of Academic & Research Institutes to Support Market Growth
In recent years, there has been an increase in the number of and modernization in varied academic & research institutes, which study glycomics that plays a key role in vaccine development, precision medicines, rapid development of drugs, etc. Moreover, several research institutes are collaborating with key market contributors in order to receive funding for different researches in biochemistry and biomedical. These factors are propelling the expansion of the glycomics market. Moreover, rising collaborations between research institutes and market players for the study of glycomics and proteomics in order to develop advanced treatment solutions for genetic health conditions is fueling the global glycomics market.
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Glycomics Market: Growth Boosters
Technological advancements in the pharmaceutical industry are projected to generate lucrative business prospects in the market
Rising cases of chronic health issues, including cancer and diabetes are estimated to drive demand opportunities in the market
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Glycomics Market: Key Players
Some of the key players in the market are:
Agilent Technologies, Inc.
Canadian Glycomics Network (GLYCONET)
Glyco Expression Technologies, Inc.
New England Biolabs
Thermo Fisher Scientific Inc.
Glyde Bio, Inc.
Glycomics Market Segmentation
Drug Discovery & Development
Academic Research Institutes
Pharmaceutical & Biotechnology Companies
Contract Research Organizations
Middle East & Africa
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