According to a research report published by Grand View Research, Inc.; the global epigenetics market was valued at around USD 5.6 billion in 2016. The market is expected to reach at over USD 16.31 billion by 2022. It is anticipated to register a healthy CAGR of nearly 19.3 % during the forecast period (from 2017 to 2022). Growing geriatric population across the globe is the key factor driving the growth of this market. Moreover, increasing cases of cancer and other chronic diseases are also projected to drive the expansion of this market in near future.
Organizations such as the National Institute the National Cancer Institute (NIC) and International Human Epigenome Consortium (IHEC) provide funding for research and development activities in the field of epigenetics. The growing need to understand the epigenetic changes at the molecular level and to develop innovative therapeutic solutions encourage such firms to provide financial support for research programs. This factor is also expected to have a huge impact on the global market expansion over the coming years.
Full Research Report On Epigenetics Market Analysis: https://www.grandviewresearch.com/industry-analysis/epigenetics-market
The global epigenetics market is categorized on the basis of product type, technology, application, and region. On the basis of product type, the market is fragmented into kits, reagents, instruments, services, and enzymes. On the basis of technology, the market is segmented into histone methylation, microRNA modification, histone acetylation, DNA methylation, large noncoding RNA, and chromatin structures.
On the basis of application, the market is segregated into oncology and non-oncology. The oncology segment is sub-categorized into liquid tumors and solid tumors. The non-oncology segment is further divided into Cardiovascular Diseases (CVDs), metabolic diseases, inflammatory diseases, and infectious diseases. On the basis of geographies, the market is divided into Asia Pacific, North America, Europe, Middle East and Africa (MEA), Latin America.
North America was the leading regional market for epigenetics with around 39.2% global market share in terms of revenue in 2016. The region is projected to continue expanding further during the forecast period. This growth can be attributed to factors such as presence of sophisticated healthcare and technological facilities offering accurate diagnostics procedures. Moreover, strong support from local governments, in terms of finances, for epigenetics research and development activities is also expected to drive the epigenetics market growth in North America.
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The Common Fund-supported programs in United States are also likely to augment the research activities in the field of epigenetics covering varied range of diseases such as cancers, CVDs, and infectious diseases. In addition, increased patient awareness levels along with the rising cases of cancer and other chronic diseases due to growing target population are also contributing toward development of the regional market. Furthermore, increasing number of partnerships and collaborations among prominent pharmaceutical companies for the development of enhanced therapeutic options is also likely to have a positive impact on the North America regional market in near future.
The Asia Pacific regional market for epigenetics is anticipated to witness a considerable growth over the forecast period due to the presence of a large pool of target population prone to various chronic diseases. Highly unmet clinical needs of patients can further propel the regional market. In addition, factors such as rising healthcare expenditure as a result of increased disposable income in the emerging economies like India and China can also create growth opportunities for the global market. Moreover, growing awareness among patients regarding the importance of early diagnosis along with the availability of effective treatment options are also anticipated to boost regional growth. Plus, rising number of research and development initiatives is also expected to support the growth of the epigenetics market.
Some of the prominent companies operating in the global epigenetics market include Syndax Pharmaceuticals, Inc.; Novartis International AG; Oncolys Biopharma Inc.; Chroma Therapeutics Ltd.; and Thermo Fisher Scientific. Most of these players emphasize on business development activities such as mergers and acquisitions in order to strengthen the market position. For instance, Quiagen NV acquired a software solutions company called Ingenuity Systems Inc. in 2013. This transaction is anticipated to help the companies in making accurate and efficient interpretations and analysis of genomic data.
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