Epigenetics Market Is Expected to Witness a Steady Growth by 2026
The Global Epigenetics market was valued at $630 million in 2017 and is expected to reach $1,321 million by 2023, registering a CAGR of 13.1% during the forecast period.
The surge in prevalence of cancer and other infectious diseases, increase in genome mapping programs worldwide, and advancements in gene technology drive the growth of the global epigenetics market. However, standardization concerns over epigenetic-based diagnostics and lack of skilled professionals in this field restrict market growth. Nonetheless, rise in awareness regarding epigenetics in emerging economies would create lucrative opportunities for new market players in the near future.
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Instruments in epigenetics are projected to grow at the fastest rate
Based on product, the instruments segment is expected to grow at the fastest CAGR of 14.9% during the forecast period, supplemented by the increasing use of instruments in the analytical and life-science industry. However, the kits & assays segment occupied more than one-third of the global market in 2016 and is expected to continue its dominance throughout 2023.
Oncology to remain the dominant segment through 2023
By application, the oncology segment is expected to garner almost two-thirds of the global market from 2017 to 2023, owing to the growing trend of biomarker research and the rise in the development of anticancer therapies. However, the non-oncology segment is projected to grow at the fastest rate during the forecast period, owing to the effectiveness of epigenetic therapies in treating metabolic, inflammatory, and cardiovascular diseases.
Academic & government research institutes are expected to dominate the market
Based on end user, academic & government research institutes is anticipated to remain the dominant segment throughout the forecast period owing to rise in demand for extraction services, library preparation, methylation services, and clinical grade-targeted sequencing among researchers and scientists. However, the biotechnology companies segment is expected to grow at the fastest CAGR of 13.7% from 2017 to 2023.
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Asia-Pacific to encounter the highest growth in the near future
As the markets in developed countries are almost saturated, Asia-Pacific is projected to provide major opportunities to venture capitalists and investors throughout the forecast period. The region is expected to grow at the highest CAGR of 14.8%, driven by significant developments by China and Japan towards incorporating new technologies in healthcare.
Key market players
The key players analyzed in the report include Abcam plc., Illumina, QIAGEN N.V., Merck & Co., New England Biolabs, Inc., Sigma-Aldrich Corporation, Thermo Fisher Scientific, Inc., Active Motif. Diagenode, Inc., and Zymo Research Corporation. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.