Genealogy Products and Services Market: Recent Industry Trends and Projected Industry Growth, 2018 to 2024 – The News Brok

Posted: September 2, 2020 at 10:56 am

The study on the Genealogy Products and Services Market Research offers a profound comprehension of the market dynamics like opportunities, drivers, trends, and the challenges. The analysis further elaborates on the micro and macro-economic aspects which can be predicted to shape the rise of the Genealogy Products and Services Market throughout the forecast period (2019-2029).

The introduced study elucidates the key indexes of Market growth which contains a comprehensive analysis of CAGR development the value chain, and Porters Five Forces Analysis. This data will enable readers to know the qualitative growth parameters of their worldwide market.

Analytical Insights Included at the Report

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Genealogy Products and Services Market Segmentation Assessment

The development prospects of this Genealogy Products and Services Marketplace in various Regions are analyzed in the report together with information such as political, the regulatory frame, and economic outlook of each region.

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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 persons 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 andservices 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.

Definition

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.

Market Structure

The report on genealogy products andservices 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 andservices market:

Research Methodology

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 andservices 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 andservices market.

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The Report aims to resolve the subsequent doubts regarding the Genealogy Products and Services Economy:

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Genealogy Products and Services Market: Recent Industry Trends and Projected Industry Growth, 2018 to 2024 - The News Brok

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