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Epigenetics Drugs & Diagnostic Technologies Market Seeking Excellent Growth
Epigenetics Drugs & Diagnostic Technologies Market
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The global epigenetic drugs and diagnostic technologies market was valued at US$ 6,800.3 Mn in 2019 and is forecast to reach a value of US$ 28,606.6 Mn by 2027 at a CAGR of 19.7% between 2020 and 2027.
Increasing prevalence of cancer is expected to propel growth of the global epigenetic drugs and diagnostic technologies market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
Epigenetic is the study of chemical modifications of some specific genes of an organism. Epigenetic drugs are used to reverse the abnormal gene expression which leads to different types of disease such as cancer, heart disease, diabetes, and mental illnesses. Increasing prevalence of cancer, increasing research and development for new drug molecule along with increasing investment in biotechnology industry is expected to propel the market growth during the forecasted period.
Major players in the market are also focused on adopting collaboration strategies to expand their product portfolio. For instance, in June 2020, Oryzon Genomics, S.A., a clinical-stage biopharmaceutical company leveraging epigenetics for R&D of new therapies, collaborated with Institute of Medical and Molecular Genetics (INGEMM) of the La Paz University Hospital in Madrid for R&D of precision medicine in patients with Phelan-McDermid Syndrome.
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