LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global X-ray crystallography market to grow at a CAGR of around 11% during the forecast period, according to their latest market research report.
The increasing demand for portable instruments is one of the major trends being witnessed in the global X-ray crystallography market 2018-2022. Traditionally, X-ray crystallography systems are large and bulky. Despite X-ray crystallography being a powerful technique, its application has been limited in areas where the object under investigation needs to be brought close to the instrument. To overcome this obstacle, vendors have developed advanced X-ray crystallography instruments that are small and portable which makes them easy to share among multiple laboratories.
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According to Technavio analysts, one of the key factors contributing to the growth of the global X-ray crystallography market is the growing investment in drug discovery:
Global X-ray crystallography market: Growing investment in drug discovery
Globally, the prevalence of diseases has increased. According to the Centers for Disease Control and Prevention (CDC), in the US alone, each year, more than 1.5 million people are diagnosed with cancer, and this number is expected to increase to 2 million a year by 2020, leading to the increasing demand for new drugs.
According to a senior analyst at Technavio for research on life science research tools, “The pharmaceutical R&D spending, facilitating the drug approval process, has increased globally. This is evident from the fact that a percentage of the global GDP is directly being invested in R&D.”
Global X-ray crystallography market: Segmentation analysis
The global X-ray crystallography market research report provides market segmentation by end-user (pharmaceutical industry, biotechnology sector, and others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major end-users, the pharmaceutical industry held the largest market share in 2017, contributing to over 43% of the market. The growth of the segment can be due to the increasing applications of X-ray crystallography in drug discovery and target identification.
The Americas held the largest share of the market in 2017, accounting for more than 40% share. The region occupied the highest share owing to the advances in the chemical and pharmaceutical industries. Though APAC occupied the least share of the market, it is expected to experience the fastest growth due to the growing prevalence of diseases that necessitate X-ray crystallography for disease detection.
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