PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424980
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424980
Epigenetics Diagnostics Market size was valued at USD 12,545 Million in 2022, expanding at a CAGR of 14.5% from 2023 to 2030.
Epigenetics and environmental factors are closely related, it may be more appropriate for diagnosing diseases. The study of changes in gene expression that do not result in modifications to the nucleotide sequence is known as epigenetics, and it is a fast-expanding field of study.
Epigenetics Diagnostics Market- Market Dynamics
Increasing applications of epigenetics in drug discovery and development to propel market demand
The primary factors of the rapid growth include the expanding uses of epigenetics in drug discovery and development, the rise in funding, approvals, and investments in this field of study, as well as the falling cost of genome sequencing. Due to the application potential of epigenetics in non-oncology situations, there are enormous growth prospects in the market. Several malignancies, cardiovascular disorders (CVDs), reproductive issues, autoimmune diseases, and conditions affecting cognitive function may all be caused by or indirectly impacted by epigenetic pathways.
External stimuli, including causative agents like heavy metals, pesticides, cigarette smoke, hormones, radiation, viruses, environmental factors, and critical nutrients, can affect the activity of these epigenetic pathways. One of the key drivers of this market's expansion is rising consumer awareness of epigenetic testing and the corresponding rise in demand for kits and assays in this area. Over the course of the projected period, increased global spending on healthcare R&D is also expected to drive market expansion. For example, the weighted average health GERD as a percentage of GDP increased most in high-income countries (0.25%) compared to the previous analysis (0.21%), per the WHO report released in April 2023.
Epigenetics Diagnostics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.5% over the forecast period (2023-2030)
Based on Product segmentation, reagents & kits segment was predicted to show maximum market share in the year 2022, due to high demand in epigenetic research activities.
Based on Application segmentation, oncology segment was the leading segment in 2022, due to high prevalence of cancer-related diagnosis.
Based on Technology segmentation, DNA methylation segment was the leading segment in 2022, mainly due to high demand for DNA processing in methylation analysis.
On the basis of region, North America was the leading revenue generator in 2022, owing to presence of well-established healthcare infrastructure.
The Global Epigenetics Diagnostics Market is segmented on the basis of Product, Application, Technology, and Region.
The market is divided into four categories based on Product: reagents & kits, instruments, enzymes, and services. The reagents & kits segment dominates the market. The growing demand for reagents & kits in epigenetic research are expected to increase segment demand.
The market is divided into two categories based on Application: oncology and non-oncology. The oncology segment dominates the market and is likely to maintain its dominance during the forecast period. The growing demand from biopharmaceuticals for gene therapies is boosting market growth.
The market is divided into three categories based on Technology: DNA methylation, histone acetylation, micro-RNA modification, and chromatin structures. The DNA methylation segment dominates the market and is likely to maintain its dominance during the forecast period. The histone acetylation is expected grow at the fastest CAGR over the forecast period.
Epigenetics Diagnostics Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to hold the largest market share during the forecast period. The existence of significant corporations and government assistance are the key reasons for the huge share. Other factors supporting the growth of the market in the area include significant R&D spending, sophisticated medical infrastructure, and high public awareness. Furthermore, a high incidence of chronic illnesses and rising market participant investment in epigenetics research will accelerate regional growth. For instance, Chroma Medicine, Inc. (Chroma), a recently established genomic medicine company that invented epigenetic editing, raised USD 125 million in capital in November 2021 to cure a range of illnesses and develop into the most widely utilized gene regulatory technology.
Epigenetics diagnostics market is moderately fragmented in nature. Over the forecast period, technological improvements are anticipated to fuel market expansion. Some of the key market participants including La Roche Diagnostics, Agilent Technologies, Thermo Fisher Scientific, Inc., Illumina, Inc., and Novartis AG. These companies concentrate on growth initiatives, including the introduction of new products, joint ventures, partnerships, expansions, and mergers and acquisitions.
In January 2023, Agilent Technologies, Inc., announced the acquisition of Avida Biomed, a company which develops target enrichment workflows for clinical researchers.