Epigenetics Market To reach $2,168 Million And registering a CAGR of 13.6% by 2027
Pune, Maharashtra, India, February 11 2021 (Wiredrelease) Allied Analytics –:Epigenetics Market Outlook 2021 – 2027
Allied Market Research recently published a report, titled, “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.” 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.
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. However, standardization concerns regarding epigenetics-based diagnostics and lack of skilled professionals hamper the market growth. On the contrary, untapped potential in developing countries is expected to create lucrative opportunities for the market players in the future.
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1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
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.
Based on application, the oncology segment accounted for more than two-thirds of the total market revenue in 2019 and is anticipated to rule the roost by 2027. At the same time, the non-oncology segment would grow at the fastest CAGR of 14.2% from 2020 to 2027.
The academic and research institutes segment to register the highest CAGR through 2027
By end user, the academic and research institutes segment is anticipated to manifest the highest CAGR of 14.5% from 2020 to 2027, as high-throughput and massive parallelization of next-generation sequencing have influenced researchers to sequence entire genomes of different organisms, ranging from humans to microorganisms. However, the pharmaceutical and biotechnology companies segment contributed the largest share in 2019, holding more than half of the global epigenetics market, as these companies have invested in epigenetic research to understand the complex pattern of drug resistance developed by microorganisms, oncology, molecular aspects of cancer, and drug discovery.
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Based on geography, North America garnered the major share in 2019, generating nearly two-fifths of the global epigenetics market. Simultaneously, Asia-Pacific would portray the fastest CAGR of 14.7% throughout the forecast period. The other two regions studied in the report include Europe and LAMEA.
North America dominated the market
By region, the market across North America held the lion’s share in 2019, accounting for nearly two-fifths of the market, due to significant developments in biotechnology through epigenetics products, rise in investments, and increase in partnerships & collaborations among key players. However, the global epigenetics market across LAMEA is projected to portray the highest CAGR of 15.5% during the forecast period.
Major market players
Agilent Technologies, Inc.
Active Motif, Inc.
Thermo Fisher Scientific Inc.
To know more about the report, visit the website at: https://www.alliedmarketresearch.com/epigenetics-market
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