(PharmaNewsWire.Com, October 24, 2020 ) The growth of this market is majorly driven by the increasing research activities on glycomics, rising R&D investments in pharmaceutical and biotechnology companies, growth in the proteomics market. On the other hand, emerging countries such as India and China providing lucrative opportunities for players operating in this segment.
Merck was the leading player in the market in 2018. Strong business operations across all key regions, coupled with a strong brand image, have made Merck a leading player in this market. Over the last few years, the company has been focusing on R&D activities and invested approximately 2.5–4.0% of its life science revenue on R&D activities.
According to the new market research report by MarketsandMarkets, global glycomics market is estimated to grow from USD 1.0 billion in 2020 to USD 2.0 billion by 2025, at a CAGR of 13.8%.
Based on application, the glycomics market is segmented into drug discovery & development, disease diagnostics, and other applications. Drug discovery & development is the largest and the fastest-growing application segment in the market, majorly due to the increasing R&D investments in pharmaceutical and biotechnology companies and the growing number of drug discovery research activities in academic research institutes.
The market is categorized into five product segments, namely, enzymes, instruments, kits, carbohydrates, and reagents & chemicals. The enzymes segment is expected to dominate the market in 2020 and is projected to grow at the highest CAGR during the forecast period. The large share and high growth of this segment can be attributed to the consumable nature of enzymes and their wide applications in a variety of R&D and drug discovery procedures.
The Geographical Landscape of the Market Include:
The global glycomics market is segmented into North America (US and Canada), Europe (Germany, the UK, France, Italy, Spain, and the Rest of Europe), Asia Pacific (Japan, China, India, Australia, and the Rest of Asia Pacific), and the Rest of the World (Latin America and the Middle East and Africa). In 2020, North America is expected to dominate the global market, followed by Europe. The largest share of North America is mainly attributed to increasing investments in glycomics research, rising R&D investments in pharmaceutical companies for drug discovery and the presence of all key players.
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