Europe Epigenetics Market - Segmented by Kits, Reagents, Enzymes, Instruments, Application, Technology, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Europe epigenetics market is estimated to register a high CAGR during the forecast period. Epigenetics is defined as the study of changes in gene expression, which is caused by certain base pairs in DNA, or RNA, being turned off or on again, through the chemical reactions.
Increasing Incidence and Prevalence of Cancer
According to WHO, more than 3.7 million of new cases of cancer and 1.9 million deaths occur due to cancer every year, and cancer represents the second most important cause of death and morbidity in Europe.
Europe comprises of only 1/8th of the total world population but it has around one quarter of the global total of cancer cases with 3.7 million new patients per year. This depicts the large patient pool of cancer patients, which will propel the growth of the epigenetics market. As this epigenetics is used in the study of changes in gene expression, which are useful in the cancer diagnosis. So, with the increasing cancer prevalence the market is expected to grow. The other factors, like increasing funding for R&D in healthcare and the rising epigenetic applications in non-oncology diseases, are driving the epigenetics market.
Rising Cost of Instruments
The epigenetic instruments cost is rising gradually, and this increase is becoming one of the major restrains for the growth of the market. The instruments, such as mass spectrometers, sonicators, and the next generation sequences, are already costly, and the rising cost of these instruments are going to increase the cost for the genetic test, which simultaneously decreases the adoption rate of epigenetic instruments. Additionally, lack of skilled researchers is restraining the market growth of epigenetics.
The Germany has the Highest Market Share
In Europe, the Germany is dominating the epigenetics market due to the factors, such as increasing prevalence rate of cancer, increasing funding for the R&D, and the increasing collaborations between several large pharmaceutical companies for development of enhanced therapeutics.
Key Developments in the Market
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