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Epigenetics Market Analysis, Trends, Growth, Research And Forecast 2033
Epigenetics Market Analysis
According to The Business Research Company's, The epigenetics market size has grown exponentially in recent years. It will grow from $9 billion in 2023 to $10.91 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to increased research funding, rise in incidence of chronic diseases, personalized medicine, cancer research, aging population.
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Market Drivers and Trends:
An increasing focus on precision medicine is expected to propel the growth of the epigenetics market going forward. Precision medicine is a medical approach that considers an individual's genetic, environmental, and lifestyle information to customize treatment to their specific needs. Precision medicine in epigenetics uses individual epigenetic profiles and genetic data to create personalized healthcare strategies for more effective disease management and treatment of each patient. For instance, in 2022, according to the Personalized Medicine Coalition, a US-based professional membership organization, the Food and Drug Administration's Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs). Out of 35 therapeutic NMEs, 12 (34%) are classified as personalized medicines. Therefore, an increasing focus on precision medicine is driving the growth of the epigenetics market.
Major companies operating in the epigenetics market are increasing their focus on introducing artificial intelligence (AI)-driven analytics to gain a competitive edge in the market. AI-driven analytics is the process of using artificial intelligence (AI) technologies to automatically analyze and interpret large volumes of data. For instance, in July 2023, FOXO Technologies, a US-based company, launched Bioinformatics Services to revolutionize epigenetic data analysis. FOXO's Bioinformatics Services provide a versatile platform of advanced data solutions customized to address the specific requirements of clients engaged in academia, healthcare, and pharmaceutical research. Innovative bioinformatic tools Using an innovative suite of bioinformatic tools, FOXO aims to enable its clients to increase the speed and accuracy with which they process, analyze, and interpret data sets, accelerate discoveries, and advance their understanding of complex diseases.
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Major Key Players of the Market:
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; Zymeworks Inc.
Epigenetics Market 2024 Key Insights:
• The epigenetics market size is expected to see exponential growth in the next few years. It will grow to $23.86 billion in 2028 at a compound annual growth rate (CAGR) of 21.6%.
• Precision Medicine Drives Growth Of Epigenetics Market
• AI-Driven Analytics Transforming Epigenetics Research And Data Analysis
• North America was the largest region in the epigenetics market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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