Originally published on Technavio:Epigenetics Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, UK, China - Size and Forecast 2024-2028
Epigenetics Market Forecast 2024-2028
The global epigenetics market is poised to witness an estimated growth of USD 1,477.78 million at a CAGR of 14.75% between 2023 and 2028.
Epigenetics, involving heritable gene expression changes without altering DNA sequences, is gaining attention in non-oncological diseases. Environmental factors trigger these changes, impacting conditions such as cardiovascular disease, diabetes, neurodegenerative, and psychiatric disorders. Studies show epigenetic involvement in atherosclerosis, insulin resistance, and Alzheimer's. Recognizing its diagnostic role has led to the development of therapies targeting key enzymes like histone deacetylases and DNA methyltransferases, with approved applications for non-oncological diseases and ongoing investigations for potential therapeutic use. Hence, such factors are expected to drive market growth during the forecast period.
The market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. Our market analysis and report examine historical data from 2018-2022, besides analyzing the current market scenario.
What will be the size of the Epigenetics Market During the Forecast Period
The market share growth in the oncology segment will be significant during the forecast period. The adoption of this in the oncology segment is significant due to the increasing prevalence of cancers globally. Cancer can be caused by various factors, including genetics, lifestyle choices, and exposure to certain environmental factors. However, one of the most important factors in the development of cancer is epigenetics.
Epigenetics Market Size
The oncology segment, valued at USD 504.06 million in 2018, is expected to witness substantial growth. Some cancers are caused by changes in gene expression passed down from parents to children. Other cancers develop over time due to exposure to lifestyle factors or environmental toxins. Researchers are actively working to identify and categorize epigenetic patterns linked to cancer. Due to these factors, the demand for solutions is expected to rise in the oncology segment, driving global market growth.
Product Analysis
Reagents are substances used to produce a desired reaction, often in chemical or biological research. In this field, reagents are commonly used to alter the epigenetic state of cells, influencing gene expression. Additionally, the use of reagents to alter these modifications can be a powerful tool for researchers studying this process. Demand for reagents is expected to increase, fueling the growth of the market via the reagents segment during the forecast period.
-Kits:
Kits are mostly used for checking changes in the way genes are expressed in humans. Primarily used to screen for genetic disorders and predict responses to certain medications, the need for epigenetic kits is driven by factors such as the prevalence of chronic illnesses, an aging population, and the use of epigenetic treatments. The increasing number of vendors engaged in creating advanced kits and the general increase in public awareness will drive the growth of the kits segment during the forecast period.
Regional Analysis
Epigenetics Market Share by Geography
North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The North American market is on the rise due to increased adoption driven by rising chronic diseases, growing healthcare spending, and the concentration of key market players in the region. The presence of leading biotech and life sciences companies, coupled with the export of these instruments to other regions, fuels global service delivery.
Additionally, the significant number of clinical trials in North America, particularly in the US, further boosts the demand in drug development. The high incidence of cancer in the region amplifies the need for this in cancer research and diagnostics, offering promising growth opportunities. Increased funding for cancer genomics in the US will further drive the adoption of these in research. Hence, such factors are expected to drive market growth in the North America region during the forecast period.
Key Epigenetics Market Players
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Key Drivers, Trends, Challenges, and Customer Landscape
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
Key Drivers
Rising strategic collaboration among companies is the key factor driving market growth. Several major market players are embarking on various strategic efforts, such as partnerships and new product development, expected to become a prominent trend in the market. Firms are collaborating to develop these solutions to extend their product lines and operations globally. For instance, in September 2021, Active Motif Inc. announced a partnership with Proteintech Group to focus on translational and precision medicine segments. Hence, such factors are expected to fuel the growth of the market during the forecast period.
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The increasing number of recent developments is the primary trend shaping market growth. The market is witnessing an increasing number of new product launches. New product additions motivate more consumers to purchase according to their requirements, leading to increased competition and fostering innovation and differentiation. For instance, in April 2021, Eurofins Scientific SE announced the launch of its new SARS-CoV-2 Full-length Genome Sequencing service. Thus, such factors are expected to drive the growth of the market during.
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