The global epigenetics market is driven by technological advancements in the genomics arena, increasing research expenditure in genetics, reduced price of DNA sequencing and incidences of cancer. However, high costs of epigenetic instruments is anticipated to somewhat restrict the lucrative growth of the epigenetics market during the forecast period.
New York, NY -- (SBWIRE) -- 04/25/2019 -- Market Industry Reports (MIR) has published a new report titled "Epigenetics Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030." The global epigenetics market was valued at over US$ 800.0 Mn. in 2017 and is expected to grow at a double digit CAGR during the forecasted period.
The growth of this market can be attributed to the factors such as, the reducing prices of DNA sequencing, technological advancements, increasing incidences of cancer worldwide and growing investments and funding by both government and private establishments. University and business collaboration has been a major trend in the epigenetics market scenario. Extensive number of collaborations has been initiated to promote development of new instruments, studies and other research. For instance, The Institute of Cancer Research, London entered into collaboration with Merck, to initiate independent research programs, for discovery & development of new types of cancer therapeutics.
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Increasing incidences of cancer to propel the market growth
The utilization of epigenetics provides accurate and deeper knowledge regarding molecular basis of individual tumors, thereby providing a better, efficient and long lasting therapeutic option in the field of oncology. According to Cancer Research UK, the number of cancer cases reported worldwide in the year 2018, was approximately around 17 million. It is further projected that within the period 2018-2040, the total incidence rate of worldwide cancer will increment by 62%. The growing incidences of cancer are anticipated to present a lucrative growth opportunity for the global epigenetics market in the coming years.
Increasing Investments in R&D
Rising prevalence and incidences of several diseases worldwide has triggered the need for advanced R&D scenario across all sectors of biotechnology, pharmaceuticals and research establishments. Both public and private sectors are now focusing on new innovative techniques, ideas to obtain latest medical breakthroughs. According to studies, it was estimated that the total spending on R&D by mid-market biotechnology companies, witnessed an increment of approximately 18% between 2015 and 2016. Growing need to address several forms of ailments has been crucial in dictating the funding and R&D spending by governmental establishments as well as major market players and other research institutes. Increasing R&D investments and spending is anticipated to positively contribute to the growth of the global epigenetics market.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Epigenetics Market by Product (Kits, Reagents, Enzymes, Instruments and Services) Technology (DNA Methylation, and Histone Modifications), Application (Oncology, Developmental Biology, Cardiovascular Diseases, Metabolic Diseases and Immunology) and Region - Global Forecast to 2023 - Global Analysis & Forecast 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/27/epigenetics-market
Budget Constraints among Developing Economies to Restrain the Market
Although costs associated with sequencing of genetic data has come down significantly in recent times. Yet, the current costs for instruments for epigenetic and other genomic study and is one of the major factors affecting the growth of the epigenetics usage among end-users from developing economies. Thereby, price related concerns is anticipated to be limiting the use of epigenetics and restraining the extensive growth of the market during the forecast period.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing growth of the R&D infrastructure, continuously growing economy, and increasing burden of cancer is anticipated to present a lucrative growth scenario for the epigenetics market in this region. Furthermore, increasing R&D expenditures in the region is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Epigenetics Market
The prominent players in the global epigenetics market are Agilent Technologies, Thermo Fisher Scientific, Illumina, QIAGEN N.V., PerkinElmer, Merck KGaA, Abcam plc. , Active Motif, Bio-Rad Laboratories, Inc. , New England Biolabs and, Zymo Research among others.
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