The size of the Epigenetics Market in Latin America had a market value of USD 123.40 million in 2023 and is forecasted to exhibit a CAGR of 15% and reach USD 248.19 million by 2028.
Epigenetics is the study of change in the behavior of organisms by modification of gene expression rather than a change in genetic code itself. As humans grow and develop, depending on their interactions and circumstances, they live in some genes that become dormant or active to establish who they are. Some of these traits can be passed down to future generations.
The increasing prevalence of cancer is one of the markets driving factors in Latin America, and it is the second leading cause of death across the region. Cancer resistance to therapy is a big major hurdle. Epigenetic medicines, on their own or in conjunction with other medications, can be a viable option. Furthermore, the epigenetic drug utilized in laboratory research renders the tumor susceptible by preventing cancer cells from hiding from the immune system. As a result, the rising occurrence of cancer is projected to boost the epigenetics market's growth. Also, the rising awareness among the people about epigenetics medicine is driving the market growth.
The growing usage of epigenetics for various applications has led to significant developments in the industry in Latin America. In addition, the increasing funding by the government and private organizations for research and development activities is further encouraging market growth. Furthermore, other factors such as rising research and development activities by the Major market players, adoption of various applications in non-oncology diseases, and partnerships between the pharmaceutical industries ensure better growth opportunities in the region.
On the other hand, the increasing preference for personalized medicine, growing applications of epigenetics in non-oncology diseases, and target therapy are expected to propel the market growth. Furthermore, the targeted therapy and personalized medicine are projected to provide significant growth opportunities for the market players during the forecast period.
However, the lack of trained professionals and the high cost of instruments are factors restraining the market.
This research report on the Latin American Epigenetics Market has been segmented & sub-segmented into the following categories:
By Research Area:
By Instruments & Consumables:
Geographically, the Latin American epigenetics market is anticipated to account for a moderate share in the global epigenetics market during the forecast period and is majorly driven by the expanding applications of epigenetics in non-oncology diseases, increasing research activities, and high growth potential in emerging countries such as Brazil and Mexico. In addition, the availability of advancing healthcare infrastructure and government and private organizations contribute to drug development.
The Brazilian epigenetics market accounted significant share in the Latin American epigenetics market in 2022, and it is most likely to continue its growth during the forecast period. Increasing cancer deaths, the growing geriatric population, and the rising disposable income of the people are uplifting the market growth. In addition, increased obesity, consumption of alcohol is influencing the market growth.
The Mexican epigenetics market is projected to witness a promising share in the Latin American epigenetics market during the forecast period. The market growth is attributed to the improving healthcare infrastructure, key market players, and favorable reimbursement policies. Also, government initiatives and a growing number of research and development activities on epigenetics contribute to the Epigenetics market growth in Mexico.
KEY MARKET PLAYERS:
A few of the notable companies operating in the Latin American epigenetics market profiled in this report are Abcam plc., Illumina, Inc., QIAGEN N.V., Merck & Co., New England Biolabs, Inc., Sigma-Aldrich Corporation, Thermo Fisher Scientific, Inc., Active Motif, Diagenode, Inc. and Zymo Research Corporation.
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