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Glycomics and Glycobiology Market Growth, Opportunities & Insights 2024
Glycomics and Glycobiology Market Growth
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According to The Business Research Company's, The glycomics or glycobiology market size has grown rapidly in recent years. It will grow from $1.59 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to increased awareness of glycans in biological systems, expansion of glycan-related database and resources, rise in collaborative research initiatives, advancements in glycan synthesis and engineering, glycan biomarker identification.
The glycomics or glycobiology market size is expected to see rapid growth in the next few years. It will grow to $3.38 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to glycan-focused artificial intelligence (ai) and data analytics, expansion in glycobiology-based drug development, integration of glycomics in disease biomarker discovery, personalized medicine and glycan-based therapeutics. Major trends in the forecast period include cross-disciplinary collaborations, glycosylation patterns in disease mechanisms, innovative precision medicine and personalized therapies, advancements in glycoanalytical tools, glycans in immunotherapy and vaccines.
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Market Drivers and Trends:
Increasing demand for pharmaceutical products is expected to propel the growth of the glycomics or glycobiology market going forward. Pharmaceutical products refer to medications or drugs that are specifically formulated to diagnose, prevent, treat, or cure diseases or medical conditions in humans or animals. glycomics and glycobiology are integral to pharmaceutical development, providing insights into disease mechanisms, identifying therapeutic targets, and optimizing the design and efficacy of drugs for a wide range of medical conditions. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), a European trade association representing the pharmaceutical industry, the total pharmaceutical production in Europe accounted for $384,200 million (€340,000 million) in 2022, with an increase of approximately 4.95% from 366,267 million (€323,950 million) in 2021. Therefore, increasing demand for pharmaceutical products is driving the growth of the glycomics or glycobiology market.
Investments in research and development activities are a key trend gaining popularity in the glycomics or glycobiology market. Major research and development institutions are funding research centers for glycobiology, aiming for the research and development of glycomics or glycobiology. For instance, in August 2022, Griffith University, an Australia-based Institute for Glycomics, launched the ACRF International Centre for Cancer Glycomics with a $2.6 million ACRF grant that is dedicated to achieving cancer glycocoding. This is a unique facility, with a better understanding of the glycocode that leads to the translation of novel discoveries and clinical outcomes that would help cancer patients improve their lives.
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Major Key Players of the Market:
Water Corporation, Aligent Technologies Inc., Bruker Corporation, Merck Co. & KgaA, New England Biolabs Inc., Danaher Corporation, Shimadzu Corporation, ProZyme Inc., Takara Bio Inc., S-BIO Pte. Ltd., Asparia Glycomics SL, Lectenz Bio, Chemily Glycoscience LLC, Z Biotech LLC, RayBiotech Inc., Thermo Fisher Scientific Inc., Promega Corporation, Bio-Techne Corp., Sumitomo Bakelite Co. Ltd., Bruker Corporation, AMS Bio LLC, Ludger Ltd., CD BioGlyco Ltd., GlycoDiag SAS, Kode Biotech Limited, Glyxera GmBH, Glycomix Ltd., IEC Group Ltd., R&D Systems Inc.
Glycomics or Glycobiology Market 2024 Key Insights:
• The glycomics or glycobiology market size is expected to see rapid growth in the next few years. It will grow to $3.38 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%.
• Glycomics And Glycobiology Market Driven By Increased Demand For Chronic Disease Medications
• Investments In Research And Development Propel Advances In Glycomics And Glycobiology
• North America was the largest region in the glycomics or glycobiology market share in 2023
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