Fortune Business Insights foresees the pharmaceutical segment to dominate the global epigenomics market on account of the increasing prevalence of chronic diseases such as cancer. According to the World Health Organization (WHO), by the end of 2025, the number of cancer patients will reach 21,471,996.
The increasing prevalence of chronic diseases such as cancer is helping the global epigenomics market to emerge with remarkable market figures, finds Fortune Business Insights in their new study. The study is titled, “Epigenomics Market: Global Market Analysis, Insights, and Forecasts, 2019 – 2026.” An important factor propelling this market is the rise in number of chronic diseases and their needful treatment worldwide.
Some of the major companies that are present in the Global Epigenomics Market
- Novartis AG
- Abbott Laboratories
- Abcam plc
- Merck KGaA
- Thermo Fisher Scientific Inc.
- Zymo Research Corporation
- Illumina Inc.
- Agilent Technologies Inc
- Epizyme Inc.
- Boehringer Ingelheim International GmbH
- Bayer AG
- Epigenomics and other players.
Upgraded Therapeutic Procedures to Fuel Demand for Epigenomics in Market
Geographically, the global epigenomics market is anticipated to be dominated by North America owing to the presence of better healthcare infrastructure and proper medical facilities. Besides this, the availability of upgraded therapeutic machinery and supportive reimbursement policies for people, especially in developed nations such as Canada and the U.S. are also helping the market in the region gain dominance and continue dominating in the years to come.
Asia Pacific, on the other hand is prognosticated to show faster growth rates on account of increasing disposable income of people and introduction and implementation of advanced technology in medical technology and treatment facilities. The developing nations are trying to impose new medication therapies for better outcomes.
Increasing Funding from Government to Help Market Gain Momentum
A major factor boosting the Global Epigenomics Market is the rising number of cancer cases in the world, followed by rising investment in research projects in order to develop novel therapeutics for such chronic diseases. The rise in number of funds raised by the government for such research and development will help the market witness immense growth.
Rise in geriatric population and their vulnerability towards various health issues will also create lucrative growth opportunities for the market. This, coupled with growth in market for personalized medicines, is also helping the market grow remarkably. The increasing importance for epigenetic technology will help the market gain potential in the future.
However, a major cause of concern for players operating in the epigenomics market is the inefficiency in validation and identification of biomarkers. This, coupled with the presence of complex regulatory framework for epigenomics may hamper the growth of the market in the long run. Again, the lack of skilled professionals in this field may also cause hindrance to the market in the long run.
On the positive side, the rising number of collaborations among companies will help the market gain momentum. Again, the increasing number of geriatric population and the rising prevalence of chronic diseases will help the market grow remarkably in the coming years.