PUBLISHER: Grand View Research | PRODUCT CODE: 1300969
PUBLISHER: Grand View Research | PRODUCT CODE: 1300969
The global epigenetics diagnostic market size is expected to reach USD 39.15 billion by 2030, expanding at a CAGR of 15.10% over the forecast period, according to a new study by Grand View Research, Inc. The growth is attributed to the rising incidence of major depressive disorder (MDD). According to WHO, in 2023, around 5% of adults suffer from depressive disorder. Furthermore, according to a study published by NCBI in 2022, around 280 million people are affected by MDD across the globe. Additionally, technological advancement in the field of epigenetic drug discovery is also contributing to the growth. A study published by BioMed Central Ltd. states that there is an increasing inclination towards selective isoform inhibitor construction to produce anti-tumor effects.
Moreover, increasing investment from public and private organizations in the field of epigenetics is anticipated to drive the market during 2023-2030. For instance, in March 2023, Chroma Medicine, Inc., a leader in single-dose epigenetic editing systems, completed a USD 135 million Series B funding. The financing was led by Google Ventures for the advancement in the field of epigenetic editing technology.
Key players in the industry are adopting various strategies to strengthen their market position and expand their customer base. For instance, in May 2022, Cardio Diagnostics, Inc., and Mana Capital Acquisition Corp. entered a business agreement. The goal of this agreement was to create a publicly listed company to transform cardiovascular disease through the application of epigenetics. Moreover, in February 2022, Element Bioscience, Inc., and Dovetail Genomics announced a partnership to demonstrate the performance and value of Dovetail's next-generation sequencing library prep service on Element's AVITI system.
The COVID-19 pandemic has positively impacted the market by creating opportunities for epigenetics researchers to study the impact of the COVID-19 virus on DNA methylation changes and myeloid differentiation. A study published by NCBI in 2022 states that epigenetic modification not only plays a crucial role in the maintenance of cellular homeostasis and the genome but also provides information about the cause and development of virus infection.