The glycomics/glycobiology market across the globe is witnessing high growth. Factors such as increasing government and private funding for glycomics and proteomics research and growing R&D expenditure by pharmaceutical and biotechnology companies are the key drivers for the growth of this market. On the other hand, high degree of consolidation hinders entry of new players to the market and stringent regulatory frameworks and time-consuming approval processes are restraining the growth of this market. With this view, companies are focusing on product launches, agreements, expansions, and acquisitions to attain a leadership position in the market.
On the basis of product, the glycomics/glycobiology market is segmented into enzymes, instruments, kits, and reagents. In 2016, the enzymes segment is expected to account for the largest share of the market. This growth can be mainly attributed to the consumable nature of enzymes and wide applications in a variety of R&D and drug discovery procedures.
On the basis of application, the glycomics/glycobiology market is segmented into diagnostics, drug discovery and development, oncology, immunology, and other applications. The drug discovery and development segment is expected to grow at the highest CAGR during the forecast period. The major factors driving this market are increasing government and private funding in proteomics and glycomics research, increasing pharmaceutical and biotechnology R&D expenditure, and the growing proteomics market.
On the basis of end user, the glycomics/glycobiology market is segmented into academic research institutes, pharmaceutical & biotechnology companies, and CROs. In 2016, the academic research institutes segment is projected to account for the largest share of the market. This growth can be attributed to the increasing government and private funding for proteomic and glycomics research.
In the coming five years, growth in the glycomics/glycobiology market is likely to be centered in the Asian region. This growth can be attributed to factors such as increasing commercialization of pharmaceutical and biotechnology research, increasing awareness about personalized medicine, and rising importance of companion diagnostics.