Surging demand for genetic and DNA testing and integration of big data science in genetic are creating lucrative opportunities
Surging demand for genetic and DNA testing and integration of big data science in genetic are creating lucrative opportunities
Fact.MR, Rockville MD: Fact.MR’s recent study on the global genealogy products and services market has projected the market to grow at a healthy pace through 2021. Surging demand for genetics and DNA testing in the developed countries is anticipated to drive the market demand through 2021. Rising prevalence of genetic diseases such as autoimmune disease, cancer, diabetes has majorly augmented the demand for genetic testing across the globe. According to the study, the market is significantly fragmented and with leading players establishing their online presence in various regions is helping the market to grow rapidly.
Furthermore, genetic and DNA testing plays a vital role for the early diagnostics and preventive healthcare in case of rare autoimmune diseases, which is aiding the market demand. Also, the adoption of artificial intelligence and data science has provided ample of expansion opportunities to the market players. The growth of the market is highly dependent on the growth of Artificial Intelligence and information technology. Also, demand for genealogy in tracing lineage with the help of big data analytics has provided wide growth opportunities for genealogy products and services manufacturers.
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“DNA and genetic testing are finding lucrative opportunities in the field of forensics as they adopt advance technologies to enhance the efficiency of investigation. This is boosting the adoption genealogy products and services in the forensics domain,” says the Fact.MR analyst.
Key Takeaways
- The genealogy products and services market is projected to expand at 11.4% CAGR through 2021 and beyond
- Family records segment is accounted to hold the largest market share
- China anticipated to be one of the most lucrative market for genealogy products and services
- Rising demand for DNA testing across United States to provide growth opportunities for market players in North America
- DNA testing expected to be one of the most lucrative segment through 2021 and beyond
Prominent Drivers
- Technological advancement and adoption of data science in genealogy industry is expected to drive the market growth
- Rising prevalence of new genealogical DNA testing products and kits are anticipated to improve the demand of genealogy products and services
- Rising investment and funding on the genetic genealogy by the research institutes will bolster the market growth
Key Restraints
- Increasing risk of data theft in genetic genealogy testing is expected to limit the growth of genealogy products and services market
- Lack of regulations for genealogy products and services is expected to challenge the market growth
Discover more about the Genealogy products and services market with 32 figures, data tables and the table of contents.
https://www.factmr.com/report/3083/genealogy-products-services-market
Competitive Landscape
Key market players listed by Fact.MR for global genealogy products and services market includes MyHeriatge, WHSmith, 23andMe Inc., FamilySearch, Geneanet, WikiTree, FindmyPast, GenealogyBank, Living DNA, Billion Graves, and Family Tree DNA among others. According to the study, the market is expected to be fragmented. Key players are focused bolstering their online presence along with new product launches and novel services to attract more customer base.
For instance, in December 2020, Blackstone completed the acquisition of Ancestry®, an online global leader in digital family history business, operating in more than 30 countries, for the price of US$ 4.7 Billion.
Also in 2019, Bode Technology, a leading provider of forensic DNA analysis products and services announced the launch of new forensic genealogy service offering to the law enforcement investigators and crime laboratories.
More Insights on the Genealogy products and services Market
In its latest report on genealogy products and services market, Fact.MR gives a detailed segmentation on the key growth drivers and opportunities expected to prevail the market in upcoming years. In order to understand the market perspective, trends and challenges, the market is segmented on the basis of category (family records, family tree, forum, cemetery, newspapers, blogs, links, and DNA testing), and across major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Source: Fact.MR