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Genealogy Products and Services Market 2024: Industry Trends and Analysis Overview
Genealogy Products And Services Global Market Report 2024
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According to The Business Research Company's, The genealogy products and services market size has grown rapidly in recent years. It will grow from $4.14 billion in 2023 to $4.61 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to growing interest in health-related genetic information, celebrity influences, media exposure, enhanced marketing and awareness campaigns, improved data analysis algorithms, rising popularity of direct-to-consumer genetic testing.
The genealogy products and services market size is expected to see rapid growth in the next few years. It will grow to $7.14 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to increasing consumer interest in ancestry and heritage, growing awareness of genetic health risks, expanding online genealogical databases, rising popularity of direct-to-consumer genetic testing, and growing interest in health-related genetic information. Major trends in the forecast period include integration of artificial intelligence (AI), expanded use of blockchain technology, integration with wearable technology, expansion of global genetic databases, and advanced ancestral trait analysis.
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Market Drivers and Trends:
The surge in demand for genetic testing is expected to propel the growth of the genealogy products and services market going forward. Genetic testing involves analyzing DNA to identify changes or variations that may indicate genetic disorders, ancestry, or other traits. Genetic testing is growing due to expanding awareness about its potential benefits for health and ancestry. Genetic testing aids genealogy by providing individuals with insights into their ancestral origins, connecting them with relatives, and validating family history through DNA analysis. For instance, in December 2022, according to the Department of Health and Human Services Office of Inspector General, spending on four categories of expensive genetic tests rose sharply by 56% from $1.2 billion in 2020 to $1.9 billion in 2021, surpassing pre-pandemic levels. Therefore, surging demand for genetic testing is driving the growth of the genealogy products and services market.
Major companies operating in the genealogy products and services market are focusing on developing advanced technologies, such as next-generation sequencing (NGS) tests, to offer more detailed and accurate genetic ancestry information, enabling deeper insights into familial lineage and heritage. The next-generation sequencing (NGS) test is a high-throughput DNA sequencing technology that enables rapid and comprehensive analysis of genetic material. For instance, in January 2024, Nonacus, a UK-based genetic testing products company, launched the GALEAS HereditaryPlus panel. The GALEAS HereditaryPlus test is a next-generation sequencing (NGS) test that analyzes 146 genes, aligning with ESMO and AMP guidelines for genetic testing in the EU and USA. It meets the UK's National Genomics Test Directory standards for detecting rare and inherited disorders, such as Lynch syndrome, rare hereditary cancers like phaeochromocytoma, and pediatric cancers, including Wilms tumor.
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Major Key Players of the Market:
Findmypast Limited, Ancestry.com LLC, 23andMe Inc., MyHeritage Ltd., Clooz, Family Tree Maker, Geneanet, Progeny Genealogy, ObitFinder, Geni.com, Family Tree DNA, Gene by Gene Ltd., Legacy Family Tree, GEDmatch, Ancestral Quest, BillionGraves Holdings Inc., Brother's Keeper, Fold3, GenealogyBank.com, Living DNA Ltd., RootsFinder, RootsMagic, WikiTree Inc
Genealogy Products And Services Market 2024 Key Insights:
• The genealogy products and services market size is expected to see rapid growth in the next few years. It will grow to $7.14 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.
• Surging Demand For Genetic Testing Fuels Growth In Genealogy Products And Services Market
• Advanced Next-Generation Sequencing (NGS) Technologies Revolutionize Genealogy And Genetic Testing Industry
• North America was the largest region in the genealogy products and services market in 2023
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