New York, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The global glycomic therapeutics market is valued at US$ 124,439 million as of 2022. The market is expected to grow at a CAGR of 16.1% during the period 2022-2032, and by 2032, the market is expected to reach a valuation of US$ 551,756 million.
The application of glycomic therapeutics is mainly driven by the need to develop convenient cancer diagnostics methods.
Furthermore, there is a surging demand for personal medication, which presents a huge opportunity for the market.
There has been a surge in the number of lifestyle diseases like BP, hypertension, diabetes, etc. This as well might surge the sales of glycomic therapeutics during the forecast period.
Glycomic therapeutics are used with proteomics for delivering the best quality therapeutics. The surging market of proteomics is expected to increase market growth going forward.
The healthcare sector has been undergoing technological advancements, as a result of which the latest technological practices like mass spectrometry are being used in the market. This as well is expected to surge the adoption of glycomic therapeutics.
The manufacturers in the market of glycomic therapeutics are investing huge amounts in research and development in order to come up with better types of therapeutics. This might have a positive influence on glycomic therapeutics adoption trends.
However, the game-changer for the market is expected to be the increased application in drug delivery. This is expected to have a mammoth impact on the glycomic therapeutics market during the forecast period.
Furthermore, increased government initiatives to increase awareness regarding the benefits of glycomic therapeutics are expected to further enhance the market share.
However, the market is plagued by a lack of skilled professionals and also high costs, which might challenge the market growth during the forecast period.
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Key Takeaways:
- Based on the class, the synthetic segment is poised to hold the maximum share in the glycomic therapeutics market during the forecast period. The isolated segment is expected to be the fastest growing segment, surging ahead with a CAGR of nearly 17.6%.
- Based on the structure, the glycoproteins segment is expected to hold the majority market share, owing to its ability to support the immune system. However, the targeting sialic acid segment is expected to be the fastest growing segment.
- On the basis of indication, the influenza type A and B is all set to have the largest glycomic therapeutics market share.
- On the basis of mode of action, the erythropoietin and Enzyme Replacement Therapy (ERT) segment is expected to have the largest market share. However, the inhibits neuraminidase segment is expected to grow at the fastest rate.
- North America is expected to be the largest region for the glycomic therapeutics market during the forecast period. USA is expected to hold the maximum market share in the North America region. The presence of many diabetic patients makes USA a huge market.
- Europe is expected to show significant growth during the forecast period. Being home to maximum number of cancer patients makes Europe a big glycomic therapeutics market.
- Japan is expected to grow by a decent rate during the forecast period.
- South Korea is meant for skilled medical professionals, which makes the country a massive prospect for the market.
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Competitive Landscape
The market is currently driven by massive technological developments. Apart from that, the key players are investing huge amounts on research activities, which is expected to propel the market growth.
Some of the key developments are:
- In February 2022, New England Biolabs Launched the LyoPrime Luna RT-qPCR Master Mix, the First Lyophilized Product Since its Acquisition of Fluorogenics.
- In October 2022, GSK announced an expanded collaboration with Tempus in precision medicine to accelerate the R&D.
Key Companies Profiled
- Halozyme Therapeutics
- Bayer AG
- Alzheon
- GlycoMar
- GlaxoSmithKline
- Intellihep
- Protalix Biotherapeutics
- BioMarin Pharmaceutical
- Genzyme Corporation
- F. Hoffmann-La Roche
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