Direct-to-Consumer Test Authorization and Technology Integration to Push Genealogy Products and Services Market Growth Over 11% CAGR

Direct-to-Consumer Test Authorization and Technology Integration to Push Genealogy Products and Services Market Growth Over 11% CAGR

Genealogy Products and Services Application in Maintaining Family Records will Account for 45% of Overall Demand

Fact.MR’s latest study provides valuable insights into the genealogy products and services market. It also highlights key factors influencing growth across North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. It examines strategies adopted by leading companies to gain competitive strength and examines their impact on the market.

Fact.MR – A Market Research and Competitive Intelligence Provider: As per a comprehensive analysis by Fact.MR, the global genealogy products and services market totaled US$ 3 billion in 2019. Increasing demand for DNA and genetic testing and rising awareness regarding genealogy are projected to push sales in the market at a CAGR of 11.4% over the forecast period from 2018 to 2024.

Demand for genealogy products and services in lineage tracing and creating family trees is on the rise with service providers adopting aggressive marketing techniques to lure in new consumers. In addition to this, rising awareness regarding preventive healthcare has resulted in higher demand for genetic testing in the diagnosis of rare diseases. Driven by this, the market is expected to exhibit rapid growth in the coming years.

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Several leading players are increasingly adopting various strategies to capitalize on the increasing demand for genealogy products and services. For instance, Ancestry®, one of the leading genealogy companies in the world, announced releasing 94 new and updated genetic communities specifically for Afro-Caribbean and African American descent to help them learn about their heritage and lineage. These ongoing developments across regions such as North America and Europe are creating a conducive environment for the growth of the market.

As per Fact.MR, family record is anticipated to remain the most remunerative segment in the global market. It is expected to account for 45% of demand in the market. Integration of latest technologies such as big data, machine learning, and artificial intelligence for effectively analyzing and storing data obtained through genetic testing will bode well or the market.

“Increasing usage of genealogy products and services such as DNA testing across Forensics for identifying crime suspects is favoring the market growth. Besides this, rising investment by governments aimed at the expansion of genetic testing capabilities will result in accelerated market growth in the coming year,” says a Fact.MR analyst.

Key Takeaways from Genealogy Products and Services Market Survey

• The U.S. is projected to lead the market in North America, owing to the growing affordability and rising awareness regarding genealogy in the country.
• The U.K. is anticipated to emerge as one of the most lucrative markets in Europe, supported by increasing government initiatives aimed at expansion of the genealogy domain.
• Favored by high demand among the population to trace their genealogy in China, the market in the country is expected to expand at a rapid pace through 2024.
• Germany, is estimated to register high growth in the Europe market, driven by increasing application of pharmacogenomics to assess the effect of medications on the human body.
• Based on category, application in DNA testing will continue soaring through 2024.

Key Drivers

• Increasing demand for lineage tracing across the countries such as China, the U.S., and other due to the lack of records, destroyed during wars in civil wars and the Cultural Revolution is driving the market growth.
• Growing uses of DNA testing across Forensics and reduction in the cost & size of DNA sequencing technologies and testing kits are favoring the DNA testing segment growth.

Key Restraints

• Lack of data confidentiality and increasing instance of data breaches are discouraging consumers from using the services, thereby, hampering the market growth.
• High cost of genealogy services such as genetic testing and the absence of regulations for classifying genetic testing as effective are restraining the growth of the market.

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Competitive Landscape

Key players in the genealogy products and services market are focusing on launching new and innovative services to expand their product and service portfolio. Some of the players are also engaging into collaboration, merger, and agreements with other industry players to increasing their market share.  Some of the recent notable developments in the landscape are,

• MyHeritage, an online genealogy platform with web in Israel, announced entering into an agreement with a U.K.-based, WHSmith, giving latter the right to distribute and sell its DNA kits in the U.K. The agreement assist the MyHeritage to extend its network and assist WHSmith to expand its consumer base.
• 23andMe, Inc., announced receiving an authorization for conducting direct-to-consumer test estimating the risks of cancer in the U.S. The authorization allows the company to provide a report on BRCA1 and BRCA2 genes to the customer with higher risks of breast, ovarian, and prostate cancer.

Some of the leading players operating in the market profiled by Fact.MR are:

• WikiTree
• Living DNA
• Familysearch
• 23 and Me
• Geneanet
• Billion Graves
• GenealogyBank
• Family Tree DNA
• MyHeritage
• FindmyPast. 

More Valuable Insights on Genealogy Products and Services Market

Fact.MR, in its new report, offers an unbiased analysis of the global genealogy products and services market, analyzing forecast statistics through 2018 and beyond. The survey reveals growth projections on in genealogy products and services market with detailed segmentation:

By Category:

• Family records
• Family tree
• Forum
• Cemetery
• Newspaper
• Blogs
• Links
• DNA testing
• Others

By Regions:

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Questions Covered in the Genealogy Products and Services Market Report 

• The market survey also highlights projected sales growth for genealogy products and services market between 2018 and 2024
• The report offers insight into genealogy products and services demand outlook for 2018-2024
• Genealogy products and services market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others 
• Genealogy products and services market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry 

Explore Fact.MR’s Coverage on the Healthcare Domain

Genetic Testing Services Market- Genetic testing services are now widely used for a variety of applications in oncology, obstetrics, and ancestry. These services are intended to assist clinicians and patients in identifying hereditary factors that contribute to the outbreak of the aforementioned diseases. As more people use genetic testing services, new technologies such as RT-PCR and sequencing are becoming available on the market. Other generic factors, such as population growth and the prevalence of communicable and non-communicable diseases, are expected to increase market share.

Genetic Testing Panels Market- Large amounts of genes can be sequenced, processed, and analyzed using genetic testing panels. Next-generation sequencing technology is used in genetic testing panels. The rising incidence and prevalence of cancer and genetic disorders are driving the expansion of the genetic testing panels market. Additionally, rising government spending in research and development activities, as well as increased awareness about genetic testing panels, are expected to propel the worldwide genetic testing panels market forward throughout the forecast period.

DNA Probes based Diagnostics Market- Diagnostics, as well as other fields such as microfabrication, data management, molecular biology, instrumentation development, biological sample preparation, and surface chemistry, are all using DNA probe-based technologies. The public's awareness of this technology for prenatal diagnosis and carrier detection is fast rising, and demand for such services is projected to skyrocket in the coming years. Furthermore, the worldwide DNA probes based diagnostics market is expected to benefit from increased automation in diagnosis testing.

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Source: Fact.MR