PORTLAND, Ore., Nov. 16, 2020
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.
PORTLAND, Ore., Nov. 16, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Epigenetics Market by Product (Kits, Reagents, Enzymes, and Instruments), Application (Oncology and Non-Oncology), and End User (Academic & Research Institutes, Pharmaceutical & Biotechnology Companies, and Contract Research Organizations): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global epigenetics industry was pegged at $771.9 million in 2019, and is projected to reach $2.16 billion by 2027, growing at a CAGR of 13.6% from 2020 to 2027.
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Drivers, restraints, and opportunities
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.
The kits segment held the lion's share
By product, the kits segment held the largest share in 2019, accounting for nearly two-fifths of the global epigenetics market, owing to increase in the aging population, rise in incidences of chronic diseases, and growth in adoption of epigenetic procedures. However, the instruments segment is expected to register the highest CAGR of 15.5% during the forecast period, due to surge in research, innovation, & development across different laboratory settings.
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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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
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