Assessment of the Genealogy Products and Services Market
The global Genealogy Products and Services Market study elucidates an exhaustive compilation of the historical, current and future projections of the market as well as the factors influencing the growth of the market. With a focused and in-depth SWOT analysis, the research report highlights the strengths, weaknesses, opportunities and threats of each Genealogy Products and Services Market player in a comprehensive and detailed manner. Further, the Genealogy Products and Services Market report lays focus on the adoption pattern and other dynamics of the Genealogy Products and Services across various industries.
The latest report published by Fact.MR on the global Genealogy Products and Services Market reveals that the market is expected to grow at a CAGR of ~XX% during the forecast period 2018 to 2024 and reach a value of ~US$ XX by the end of 2029. Further, by leveraging the data in the report, investors, established players, emerging market players, and stakeholders can develop effective business strategies to cement their position in the global Genealogy Products and Services Market.
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The Genealogy Products and Services Market report offers groundbreaking insights which include:
- Dynamic consumption patterns among individuals globally
- Evolutionary and future progress of the global Genealogy Products and Services market
- Regional segmentation of the Genealogy Products and Services Market to understand the revenue potential, and growth of the Genealogy Products and Services Market in these areas
- Systematic assessment of Year-on-Year growth of the global Genealogy Products and Services Market
- Essential trends, including proprietary technologies, innovative equipment, and globalization affecting the global Genealogy Products and Services Market
The Genealogy Products and Services Market report elucidates and answers the following questions:
- Which regulatory authorities have granted approval to the application of Genealogy Products and Services in xx industry?
- How will the global Genealogy Products and Services Market grow over the forecast period 2018 to 2024?
- What is the company wise market share analysis of Genealogy Products and Services by 2029?
- What manufacturing techniques are involved in the production of the Genealogy Products and Services ?
- Which regions are the Genealogy Products and Services Market players optimizing their production portfolio?
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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.
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.
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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.
Data Confidentiality Continues to Pose Challenges
The current status-quo in the genealogy products and services market involves digital storage of data exposing it to the dangers of cybercrime and hacking. Additionally, genetic testing also influences life insurance premiums with companies considering results from the process to determine premiums. Insurance companies in Australia include genetic tests results in the risk classification for underwriting and are allowed to deny insurances in case the results predict the development of life-threatening diseases in the future. Further, the procedure can potentially cause discrimination during employment with the employers denying applications on the possibility of an applicant developing a disability in the future. Although the law prohibits companies from doing so, illegal leaking of information can influence the process.
While registering for genealogy processes, consumers compulsorily need to provide valuable information such as credit card numbers, name, and email addresses. This makes the companies a favorite target of cybercriminals. In addition to this, the increasing instances of data breaches are estimated to discourage consumers from using the services. Presence of lax or no regulations for classifying genetic testing as effective is adding to consumers’ confusion and poses a vital challenge to the genealogy products & services market growth.
Genealogy is the study of heritages and lineages, and comprises lineage tracing, DNA testing, cemetery records, family tree creation, and other related services.
About the Report
The report on genealogy products and services market provides an all-inclusive assessment of all the factors influencing the genealogy products & services market. Additionally, the report on genealogy products & services market provides a qualitative and quantitative assessment of each of the factors identified. The report also includes an opportunity assessment of the genealogy products & services market. An assessment of the competitive landscape prevalent in the genealogy products & services market has also been included in the report.
The report on genealogy products and services market segments the genealogy products & services market on the basis of category and region. Based on the category, the genealogy products & services market can be segmented into family records, family tree, forum, cemetery, newspapers, blogs, links, and DNA testing.
Additional Questions Answered
In addition to the aforementioned insights about the genealogy products & services market, the report answers the following vital questions about the genealogy products and services market:
- Which region held the bulk of the genealogy products and services market share in 2018?
- What category promises the best prospects of growth in the genealogy products & services market in 2019?
- What are the lucrative opportunities on offer in the genealogy products & services market?
- What are the challenges in the genealogy products & services market growth?
- What are the threats that could dampen genealogy products & services market growth?
The report on genealogy products & services market is a consequence of robust and exhaustive research methodology. A two-step research process was employed to obtain insights into the genealogy products and services market. Interviewing experts from the genealogy products & services market formed the basis of primary research while secondary research was conducted by thoroughly studying genealogy products & services trade journals, paid sources, and other industry-related publications. Results from both the steps were triangulated to produce an accurate forecast of the genealogy products and services market.
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