Genealogy Products and Services Market In-depth Analysis, Share, Company Profiles,Share Forecast to 2024
Fragmented Nature of Market to Prevail
The genealogy products and services market remains significantly fragmented, with numerous companies launching different services and websites specific to regions. Leading players operating in the genealogy products & services market continue to bolster their online presence while launching new and innovative services to draw in more consumers. Some of the recent notable developments in the genealogy products & services market include:
- To capitalize on the surging demand for home DNA testing, MyHeritage signed an agreement with WHSmith, giving latter the right to sell and distribute its DNA kits in the UK. The agreement is the first of its kind in the UK and will allow MyHeritage to extend its network.
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- 23andMe, Inc., became the first company in the USA to receive an authorization for conducting direct-to-consumer test estimating the risks of cancer in the country. The authorization allows 23andMe to provide consumers with a report on BRCA1 and BRCA2 genes which are closely associated with higher risks of ovarian, breast, and prostate cancer.
- com, a leading player in the genealogy products & services market, recently released 94 new and updated genetic communities specifically for African Americans to help them learn about their lineage and heritage.
- To ensure precise and extensive results, FamilySearch announced it will be redesigning its database to include data about same-sex families. The company claims it will finish redesigning its system in 2019.
Other leading companies profiled in the report include Geneanet, WikiTree, FindmyPast, GenealogyBank, Living DNA, Billion Graves, and Family Tree DNA.
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Demand for Genetic Testing to Surge as Preventive Healthcare and Pharmacogenomics Gain Traction
Preventive healthcare is gradually gaining center stage with consumers becoming increasingly aware of the benefits of the practice. Genetic testing plays a vital role in preventive healthcare as it provides a potential technique for diagnosis of rare diseases. It is showing promising prospects for precisely predicting the risk of developing a particular disease by studying the complex genetic markup of the population.
Numerous researchers claiming the efficacy of genetic testing are promoting its adoption. The procedure can potentially enable doctors to suggest measures to prevent the development of a certain health condition. Investments by governments are further fueling the growth of the genealogy products & services market. For instance, the National Health Service in England recently announced its plan to expand genetic testing capabilities to improve the quality of health services in the country.
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Development of pharmacogenomics is another factor imperative to genealogy products & services market growth. Pharmacogenomics is the study of genetics to predict the impact of medication on the human body. Genetic testing is already being leveraged for prescribing personalized medications in the treatment of panic disorder, anxiety, schizophrenia, bipolar disorder, and post-traumatic disorder.
Genealogy Service Providers Widening the Scope of Application
Genealogy products & services providers are foraying into an assortment of different verticals to extend their consumer base. Use of genealogy and genetic testing for offering personalized services in a multitude of markets is gradually gaining traction. Companies such as EpigenCare and SkinGenie are leveraging genetic testing to provide skin care products that particularly complement the genetic makeup of a person’s skin. On the other hand, Pheramor, a company based in Houston, is using genetic testing for finding people their compatible partners. Another example of the widening scope of genealogy products & services is Vinome, a company which provides a thorough report of the different wines a person may have an affinity for after studying their genetic makeup.
Aggressive marketing techniques, coupled with growing consumer inquisitiveness about such implications of genealogy, is aiding these applications in gaining popularity which, in turn, is expected to bolster genealogy products & services market growth.
Technological Innovations Complementing Market Growth
Genealogy products & services market is estimated to benefit from headways in technology. Genealogy products & services companies are harnessing data analytics, machine learning, big data, and artificial intelligence for effectively storing and analyzing a large amount of data. Genealogy products and services companies are increasingly using online platforms for marketing their services and increaing penetration into the market.
Enhanced DNA sequencing technology is further helping companies in analyzing genetic sequences at a faster rate and affordable costs while providing them accurate results. For instance, scientists in Estonia were successfully able to develop a genetic testing technology which analyzes genes at single-molecule level, paving way for enhancing the efficacy of precision medicines at lower costs. Other factors such as the development of sophisticated infrastructure for efficient sharing of huge DNA datasets is estimated to bolster genealogy products & services market growth.
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