The glycomics market is evaluated at US$929.847 million for the year 2019 growing at a CAGR of 12.39% reaching the market size of US$1,874.247 million by the year 2025.
Glycomics is the comprehensive study of glycomes, including genetic, physiologic, pathologic, and other aspects. It refers to the study of all the glycan structures of a given cell type or organism in a systematic manner. The global glycomics market is anticipated to propel at a noteworthy CAGR that is primarily attributable to the fact that the growing research activities in glycomics in many parts of the world. Additionally, the booming investments by pharmaceutical companies in the research and development activities also play a significant role in shaping up the market growth over the forecast period. Moreover, increased government support for the R&D in drug discovery and development coupled with the growth in the proteomics research studies will bolster the demand for glycomics products in the near future, thus positively impacting the growth over the next five years. Additionally, the governments around the globe, and particularly in the developing economies are further enabling academic researchers to expand their knowledge in the field and develop new tools and products with an aim to promote the field of glycoscience. This, in turn, augments the business growth opportunities for the market players in the near future.
The outbreak of the novel coronavirus disease is anticipated to have a significant impact on market growth since companies are thriving hard to address the outbreak of this disease. Companies are expanding their R&D budgets and are working round the clock since the demand for commonly used drugs is significantly high in many countries. This, in turn, is boosting the pharmaceutical and biotechnology industry since the duration of this outbreak is still uncertain.
Key Developments in the market:
There is a significant volume of companies working in the glycomics market; however, some have solidified their position as the leading providers in this industry. These players are involved in a plethora of investments, product launches, and R&D as a part of their growth strategies to further strengthen their position and provide better products and services to their customers worldwide, which is further expected to propel the growth of the market in the coming years. Some of these are:
July 2020, GlycoNet, a Canadian network of excellence centered at UAlberta received an investment worth $16.3 million investments enabling it to continue its mission to research on glycomics with an aim to benefit human health.
July 2020, GlycoNet awarded grant funding worth$3.9 to 11 collaborative research projects which will support a wide range of multidisciplinary research teams across 17 Canadian research to address their needs in numerous diseases such as cancer, gastrointestinal inflammations, cystic fibrosis among others.
May 2020, Pneumagen Ltd., a UK-based company which is engaged in the treatment of infectious diseases by targeting the human glycome announced that they raised funding GBP £4m which was led by Thairm Bio (Thairm) with participation from the Scottish Investment Bank (SIB).
The glycomics market has been segmented on the basis of product, application, and geography. On the basis of product, the classification of the market has been done into enzymes, instruments, kits, and others. By application, the market has been segmented on the basis of drug discovery, diagnostics, and others. Geographically, the market has been distributed into North America, South America, Europe, Middle East and Africa, and the Asia Pacific.
Instruments to hold a significant market share
By product, the instruments segment is expected to hold a significant share in the market throughout the course of the next five years owing to its wide and frequent applications in drug discovery and diagnostic testing. The enzymes segment will witness a considerable growth during the forecast period owing to the consumable nature of them. Moreover, the wide applications of enzymes in numerous drug discovery procedures is one of the prime factors for the significant share of this segment in the glycomics market during the next five years. The kits segment is also projected to show a robust growth during the next five years which may be on account of their frequent usage.
Drug discovery to witness a significant growth
By application, the drug discovery segment is expected to propel at a healthy compound annual growth rate during the next five years. The extensive government support and increased focus of pharma companies coupled with the growing prevalence of chronic diseases are some of the key factors propelling the activities in the drug discovery segment by major pharmaceutical companies that play a key role in shaping up the growth of this segment during the next five years.
North America to hold a considerable share
Regionally, the North American region is anticipated to hold a significant share in the market. The presence of major pharmaceutical and biopharmaceutical companies including and the region and the presence of world-class infrastructure are some of the major factors supporting the share of this segment during the next five years. Additionally, significant government support and factors such as high technology adoption are some of the additional factors for the high share of North America in the global market. However, the Asia Pacific region is anticipated to witness a decent growth during the next five years on account of the booming pharmaceutical and biopharmaceutical industries in countries like India and China among others.
The players in the glycomics market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the glycomics market.