Epigenetics Market Size Industry Analysis, Share, Growth, Trends and Forecast 2023
Epigenetics is the analysis and study of heritable changes in gene function not involving changes in the DNA sequence such as changes in a chromosome, phenotypic affecting gene activity, and expression.
The global Epigenetics Market is valued at USD 800 million in 2016 and is expected to expand at a 12.9 % CAGR during the study period of 2016 to 2023.
Oncology Segment Is Expected To Be The Largest Driver Of Market Growth
The growing incidence of cancer is the prime drivers of the market. According to W.H.O. cancer was responsible for 8.8 million deaths in 2015, indenting nearly 1 in 6 patient’s deaths. Common carcinomas are lung cancer, liver cancer, colorectal cancer, stomach cancer, and breast cancer, recording 1.69 million, 788,000, 774 thousand, 754 thousand, and 571 thousand deaths respectively in the year 2015. According to the estimates of the Centers for Disease Control and Prevention, almost 1.5 million people are diagnosed with cancer per year in the U.S. alone, resulting in more than five lakh deaths.
Technology Development Is Expected To Drive A Faster Market Adoption
The development of highly sensitive and selective tests, instrumentation and a concurrent rise in computational power is driving a broad adoption. The advancements such as the development of DNA and RNA modifying enzymes such as acetylases, methyltransferases, reverse transcriptase, ligases, and other protein-modifying enzymes has generated tremendous enthusiasm and concurrent faster market adoption.
The growing government support for biotechnology and growing partnership between academia and industry is another driver of growth. Attractive and critical advantages of technology exemplified by high-throughput molecular analysis of tissues, such as quick, cost-effective, efficient for less labor intensive and requires a lesser number of steps are the operational and economic driving factors of the market. Other technological developments include automation, advances in PCR technology, strategic and cross-functional nature of the molecular diagnostic technology and others.
High Cost Of Installation And Maintenance And Nascent Stage Of Technology May Hamper The Market Growth
The prime market constraints include prohibitive costs of molecular diagnostics, the high cost of manufacturing, consolidated nature of the market has put a premium on the price of the epigenetics products, nascent stage of technology and high power of firms relative to buyers.
To generate a bird’s view of the global epigenetics market, the report is segmented based on instruments, consumables, applications, technology, end users, and regions.
Based on instruments, the market comprises of NGS, spectrometer, PCR, software solutions and others.
Based on consumables, the market comprises of kit, enzymes, reagent, and others.
Based on application, the market comprises of oncology, developmental biology, drug discovery, cardiology, immunology, and others.
Based on technology, the market comprises of methylation, histone modification, and others.
Based on end users the market is segmented into academia and research, pharmaceutical and biotechnology industry and others.
Based on the regions, the market is segmented as North America, Europe, Asia Pacific Middle East and Africa and rest of the world.
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North America led by the U.S. accounts for the most significant market share of the market, owing to faster technology uptake, the large biotech sector of the U.S., the presence of large advanced players, growing prevalence of cancer.
Europe led by Germany, U.K., and France accounts for the second-largest and second fastest market during the forecasted period. Asia led by Japan and supported by China, South Korea, and India is anticipated to be the fastest growing market.
The Middle East and Africa market will expand at a slower rate on account of the weak industry landscape and low demand due to weak economic conditions.
Some of the dominant vendors operating in the report are Bio-Rad (US), Illumina (US), QIAGEN (Netherlands), Thermo Fisher (US), Active Motif (US), Diagenode (Belgium), Agilent (US), Merck Millipore (US), Abcam (UK), New England Biolabs (US), PerkinElmer (US), Zymo Research (US), and others.