Rise in Research for Pharmaceutical Drugs and Treatments amid COVID-19 Drives Sales Prospects in Glycomics Market, Notes TMR Study

- The glycomics market is projected to surpass valuation of US$ 3.1 Bn by 2031

- Rising government support for different R&D projects and number of academic & research institutes is expected to play key role in the market expansion

ALBANY, N.Y., Jan. 18, 2022 /PRNewswire/ -- With increasing emergence of varied health conditions among populace from across the globe, a need to perform in-depth study of those diseases has increased. The rising prevalence of different chronic health conditions is creating need for R&D projects focused on the development of novel and advanced treatment solutions. This, in turn, is projected to drive the expansion of the global glycomics market in the upcoming years.

In the recent years, there has been an increase in the number of research institutes and pharmaceutical companies, which carry out crucial R&D in drug discovery and development sector. During the coronavirus pandemic, pharmaceutical companies experienced consistent advancements, which have accelerated the drug investigation process.

Increasing financial support for R&D initiatives focused on the study of polysaccharides or gycans, rising disease diagnostics applications, and innovations in the biotechnology field are some of the important factors generating prominent revenues streams in the global glycomics market during the pandemic.

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A study by Transparency Market Research (TMR) projects the global glycomics market to expand at a CAGR of 11.2% during the forecast period, from 2021 to 2031.

Asia Pacific is estimated to gain the dominant position in the glycomics market during the forecast period due to many factors, including rising prevalence of several chronic health conditions in the region. Moreover, the market is estimated to observe promising expansion avenues in emerging nations such as China, South Korea, and India.

Glycomics Market: Key Findings

• Increase in R&D Projects Focused on Drug Discovery Fuels Market Growth

The increasing use of glycobiology in disease diagnostics, drug discovery & development, immunology, and oncology is creating substantial business prospects in the global market.

Government authorities of several developing nations across the globe have increased their budgets for R&D projects. Moreover, they are providing financial support to pharmaceutical organizations, which are strengthening their production capabilities to cater to the surging drug demand due to the COVID-19 pandemic. These factors are bolstering the global glycomics market.