The decreasing sequencing costs and time, increasing research activities, favorable funding scenario for epigenetics research, rising prevalence of cancer are the key factors driving epigenetics market growth during the forecast period. On the other hand, the high cost of instruments is expected to restrain the growth of this market to a certain extent.
Pharmaceutical and Biotechnology Companies to Register the Highest Growth”
On the basis of end users, the epigenetics market is segmented into academic and research institutes, pharmaceutical and biotechnology companies, and contract research organizations (CROs). The pharmaceutical and biotechnology companies segment is expected to register the highest CAGR during the forecast period, owing to increasing research in the areas of genomics with a strong focus on personalized medicine.
The global epigenetics market is projected to reach USD 1,605.7 million by 2022 from USD 854.0 million in 2017, at a CAGR of 13.5%
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Prominent players in this market include Illumina (US), Thermo Fisher (US), Diagenode (Belgium), QIAGEN (Netherlands), Merck Millipore (US), Abcam (UK), Active Motif (US), New England Biolabs (US), Agilent (US), Zymo Research (US), PerkinElmer (US), and Bio-Rad (US).
The Asia Pacific region is expected to register the highest growth rate in the epigenetics market during the forecast period. The increasing R&D spending, government initiatives, and rising focus of key market players on enhancing their presence in this region are some of the key factors propelling the growth of the epigenetics market in Asia Pacific.
Pharmaceutical companies and research laboratories require many such systems. Therefore, significant investments are required for procuring multiple, high-cost genomic instruments. End users such as academic research laboratories find it difficult to afford such systems as they have constricted budgets. High instrument costs, therefore, hinder their wide adoption, which is expected to restrict market growth during the forecast period.
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