Global Epigenetics Market Worth $2,168 Million By 2027 | Growing At CAGR of 13.6%
Pune, Maharashtra, India, December 15 2020 (Wiredrelease) Allied Analytics –:The global epigenetics market was valued at $772 million in 2019, and is projected to reach $2,168 million by 2027, registering a CAGR of 13.6% from 2020 to 2027. Technological advancements, rise in prevalence of cancer, and increase in genome mapping programs and number of R&D activities drive the growth of the global epigenetics market.
High-end technological advancements associated with epigenetics, rise in incidences of cancer, surge in genome mapping programs, and growing number of R&D activities drive the global epigenetics market. On the other hand, standardization concerns over epigenetics-based diagnostics and dearth of skilled professionals impede the growth to some extent. However, several growth opportunities in the emerging economies have created an array of lucrative prospects for the key players in the industry.
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Rise in cancer prevalence; increase in funding & aids for R&D activities; rise in partnership between academic, pharmaceutical, & biotechnology companies for epigenetics studies; and increase in application of epigenetics in non-oncology diseases majorly drives the market growth. However, high cost of instruments and lack of trained professionals are factors that impede the epigenetics market growth. Furthermore, growth opportunities in emerging markets provide lucrative opportunities to the market players.
Researchers have started working on how epigenetics may prevent viral proliferation so that vaccines and therapeutics can be developed to specifically target replicating mechanisms of the virus.
During the pandemic, the number of epigenetic research activities and awareness regarding epigenetic drugs have been increased.
Accordingly, surge in the number of epigenetic research works and increase in awareness of epigenetic drugs for treatment of coronavirus infection have impacted the market positively.
The global epigenetics market is analyzed across product type, application, end-user, and region. Based on product type, the kits segment contributed to nearly two-fifths of the total market share in 2019 and is expected to retain its dominance by the end of 2027. The instrument segment, on the other hand, would register the fastest CAGR of 15.5% till 2027.
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Major market players
Agilent Technologies, Inc.
Active Motif, Inc.Illumina Inc.
Diagenode, PerkinElmer, Inc.
Thermo Fisher Scientific Inc.
North America accounted for more than one third of the global epigenetics market share in 2019, and is expected to remain dominant throughout the forecast period. This is attributed to developed healthcare infrastructure, wide availability of advanced epigenetics products, large presence of key players, and presence of trained medical professionals. However, Asia-Pacific is expected to witness highest growth rate during the forecast period, attributable to rise in awareness related to epigenetics, increase in penetration of key players in emerging countries in Asia-pacific, and development in infrastructure for research and clinical settings.
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