The global market is expected to reach a value of US$ 1,670.3 Mn by 2024, registering a CAGR of 12.8% between 2016 and 2024, according to a new report by Persistence Market Research (PMR).
New York City, NY -- (SBWIRE) -- 01/18/2017 -- The term 'Glycobiology' was first introduced by Rademacher et al., in 1988, incorporating a varied array of molecules, collectively termed as 'glycoconjugates'. Glycobiology is a branch of 'Glycosciences'. Glycoscience is interdisciplinary stream having two branches viz. glycochemistry and glycobiology, which require the involvement of researchers in various disciplines including but not limited to medical science, pharmaceutical science, microbiology, biochemistry, material science, and biotechnology. Extensive research related to carbohydrate molecule in various fields such as marine science and food & beverages industry is expected to fuel growth of the global glycobiology market. The global market is expected to reach a value of US$ 1,670.3 Mn by 2024, registering a CAGR of 12.8% between 2016 and 2024, according to a new report by Persistence Market Research (PMR).
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PMR's report offers market forecast and analysis on the global glycobiology market, while segmenting the market on the basis of product-type, application, end-user, and region. The report segments the global glycobiology market into five key regions: North America, Latin America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). According to PMR regional analysis, North America (including the U.S. and Canada) is the most lucrative market for glycobiology globally. This region is expected to account for highest market share over the forecast period (2016–2024) and is expected to exhibit a significantly high growth rate. Asia Pacific is expected to be the fastest growing market in the global glycobiology market owing to increasing awareness amongst researchers regarding the various benefits of research related to carbohydrate molecules and its association with novel drug development. APAC is estimated to account for around 19.1% revenue share in the global glycobiology market by the end of 2016. MEA region is also expected to register significant growth over the forecast period owing to increasing R&D expenditure by pharmaceutical industries. This region is expected to register a CAGR of 11.0% over the forecast period.
On the basis of product type, PMR has segmented the glycobiology market into instruments, enzymes, consumables and reagent kits segments. Enzymes product type segment is expected to dominate the market through the forecast period and is anticipated to be the most lucrative segment. Enzyme product type segment accounted for 52.6% revenue share in 2015. Due to high adoption rate of enzymes to conduct various research initiatives, this segment is expected to witness high incremental opportunity globally.
On the basis of application, PMR has segmented the glycobiology market into drug discovery and development, therapeutic application, diagnostic application, industrial application, and others segments. Drug discovery and development application segment is expected to dominate the market and is anticipated to be the most lucrative segment growing at a CAGR of 13.4% over the forecast period.
On the basis of end user, the glycobiology market has been segmented into biopharmaceutical companies, research laboratories, hospitals, diagnostic centers, contract research organization, biotechnology industry, academic institutes, and others. PMR estimates that biopharmaceutical companies end user segment is expected to account for highest revenue share in the global glycobiology market and is expected to witness fastest growth over the forecast period. Factors such as increasing demand for novel drug development, especially for chronic diseases such as cancer and diabetes, is expected to boost revenue share contribution from the biopharmaceutical companies segment. Research laboratories segment is also expected to register a significant growth rate during the forecast period.
The report discusses several factors affecting the global glycobiology market such as increment in R&D expenditure, key strategies of participant companies, and regional trends.
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Some key market participants included in PMR's global glycobiology market report include Merck KGaA, Bio-Techne Corporation, Bruker Corporation, Thermo Fisher Scientific, Inc., Shimadzu Corporation, Plexera Bioscience LLC, New England Biolabs Inc., Agilent Technologies, Inc., and ProZyme, Inc.
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