The Global "Epigenetics Drugs & Diagnostic Technologies Market" is expected to grow at a high CAGR of 19.7% during the forecasting period (2022-2029).
Epigenetics is a process of changing gene expression; it's a phenotype change without a change in genotype. The essential parts engaged with epigenetic interpretation are DNA methylation, histone changes, and non-coding RNA. Epigenetics drugs and diagnostic technologies are used to screen early-stage cancer and other abnormal changes in liver cells, brain cells, skin cells, and others. With the rising awareness among people and rising incidences & prevalence of oncology and non-oncology disorders, the interest for epigenetic analysis and medications is growing at a high pace and boosting the global epigenetics drugs and diagnostics technologies market.
The rising prevalence of cancer and other chronic diseases and the growing geriatric population are the major factors driving the global epigenetics drugs & diagnostic technologies market. According to WHO, in 2018, there is an estimation of 18.1 million new cancer cases, and 9.6 million deaths, about 1 in 6 deaths are due to cancer. Thus, growing cancer incidences are boosting the market growth.
Also, funding’s by government organizations such as the National Cancer Institute (NCI), the International Human Epigenome Consortium (IHEC), and the National Institute of Health (NIH) to promote R&D activities is anticipated to propel the global epigenetics drugs & diagnostics market further. Further, the increased attention of manufacturers towards developing new epigenetics drugs is boosting the market growth.
The global Epigenetics Drugs & Diagnostic Technologies market is broadly segmented as oncology and non-oncology segments based on product. The oncology application segment accounted for a major market share in 2018, owing to the growing prevalence of cancer. However, over the forecast period, the non-oncology application segment is expected to grow at a high pace due to R&D initiatives undertaken by private institutions and biopharmaceutical companies for identifying epigenetic markers related to non-oncology disorders. Non-oncology disorders include cardiovascular, infectious, and other disorders. Epigenetic modifications have been proved to be the base of metabolic, infectious diseases, neurodegenerative, and many other non-oncology disorders. Thus, the growing non-oncology disorder segment is driving the global market.
The global Epigenetics Drugs & Diagnostic Technologies market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America region accounted for a major market share in 2018 in the global epigenetics drugs & diagnostics technologies market. Presence of government funding programs for ongoing research activities, better healthcare facilities, and continuously increasing incidences of oncology and non-oncology diseases, including metabolic, infectious, cardiovascular, and other diseases.
During the forecast period (2020-2027), the Asia Pacific region is projected to grow significantly, owing to the rising disposable income, rising awareness about early diagnosis, and availability of effective treatment in emerging countries, such as India and China. Additionally, due to increasing cases of various types of cancers. Also, due to prominent players in the market, such as Eisai Pharmaceuticals and Oncolys Biopharma.
Significant players of the global epigenetics drugs & diagnostic technologies market are Thermo Fisher Scientific., Merck & Company Inc., Novartis International AG, Astex Pharmaceuticals Inc., Celenge, CellCentric Ltd., Celeron Therapeutics Ltd., Chroma Therapeutics Ltd., Eisai Pharmaceuticals, Epigentek Group Inc., and others. The diversified product portfolio is the major factor responsible for strengthening the position of these companies in the market. Also, they have been adopting key strategies, such as new product developments, acquisitions, and expansions, to increase their share in the epigenetics drugs & diagnostics market. For instance, in