The Business Research Company's Epigenetics Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
How Is The Global Epigenetics Market Expected To Grow In The Forecast Period?
The global epigenetics market is expected to grow exponentially in the coming years. From its present value of $9 billion in 2023, it is set to increase to $10.91 billion by 2024, showing a compound annual growth rate CAGR of 21.2%. This growth during the historic period can be attributed to several factors, such as increased research funding, rise in the incidence of chronic diseases, personalized medicine, cancer research, and aging population. Remarkably, this growth is projected to continue till 2028, where the epigenetics market size is estimated to reach $23.86 billion.
What Factors Will Drive the Growth of the Epigenetics Market?
The exponential growth of the epigenetics market size is majorly due to the increased demand driven by the growing prevalence of cancer and other diseases. As diseases increase in prevalence, the requirement for epigenetics correspondingly increases. Recently in September 2021, the European Commission's Joint Research Centre from Ispra reported a significant expected increase in new cancer cases in the European Union and European Free Trade Association countries. The estimated rise is from 2.8 million in 2020 to 3.4 million in 2040, an increase of 21.4%. Furthermore, the Centers for Disease Control and Prevention CDC reportedly disclosed that approximately 659,000 individuals in the United States perish due to heart disease each year. Consequently, the increase in the prevalence of cancer and other diseases necessitates testing and understanding genetic modifications, which will invariably hike the usage and demand for epigenetics. Hence, the growing prevalence of cancer and other diseases drives the growth of the epigenetics market in the future.
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Who Are The Key Industry Players Shaping the Epigenetics Market Landscape?
Several major companies operate in the epigenetics market. These include Illumina Inc., Thermo Fisher Scientific, Merck Millipore, Abcam, Active Motif, Abcam PLC, Active Motiff, Hologic Inc., Qiagen NV, Diagenode SA, CellCentric Ltd., Chroma Medicine Inc., Constellation Pharmaceuticals Inc., Cytosine Therapeutics, Domainex Ltd., Eisai Co. Ltd., Epigen Biosciences Inc., EpigenDx Inc., Epigenomics AG, Epizyme Inc., Gilead Sciences Inc., GlaxoSmithKline plc, Janssen Pharmaceuticals Inc., Locus Biosciences Inc., MDxHealth SA, Novartis AG, OncoDNA SA, Oryzon Genomics S.A., Pfizer Inc., Syndax Pharmaceuticals Inc., Valirx plc, and Zymeworks Inc.
How is Technology Shaping the Future of the Epigenetics Market?
Technological advancement is emerging as a key trend in the epigenetics market. Major players in the industry are focusing on developing advanced technological products and services to strengthen their market position. For instance, in May 2021, Givaudan Active Beauty, based in Switzerland and specializing in fragrance, beauty, taste, and well-being, launched Chronoglow. Supported by artificial intelligence, Chronoglow is a skin-care-beneficial active ingredient produced by green fractionation. It can mimic natural epigenetic mechanisms and is derived from Haberlea rhodopensis, or the resurrection plant, which can improve skin luminosity and reverse the signs of aging.
How is the Global Epigenetics Market Segmented?
The global epigenetics market is segmented by:
1 Product: Reagents, Enzymes, Instruments, Kits
2 Technology: DNA Methylation, Histone Methylation, Histone Acetylation, Large Noncoding RNA, MicroRNA Modification, Chromatin Structures
3 Application: Oncology, Metabolic Diseases, Developmental Biology, Immunology, Cardiovascular Diseases, Other Applications
4 End-User: Academic And Research Institutes, Pharmaceutical And Biotechnology Companies, Contract Research Organisations, Other End Users.
Where is the Epigenetics Market Dominant, and Which Region will Grow the Fastest?
North America was the largest region in the market in 2023. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period in the epigenetics market. The regions covered in our comprehensive report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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