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Genetic Genealogy Market Key Players Analysis - 23&Me Inc., Ancestry.com, MyHeritage, and Sequencing. Com, FTDNA.
Genetic Genealogy Market
The Global Genetic Genealogy Market is estimated to reach over USD 1,695.94 million by 2031, exhibiting a CAGR of 8.3% during the forecast period.
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The market for genetic genealogy is expected to have exceptional growth over the forecast period. A fascinating discipline that dives into the study of families, their history, and the tracing of their lineages is genetic genealogy, commonly referred to as genetic ancestry testing. It entails a careful process of looking for historical information and exploring it to find fascinating elements that can then be turned into exciting life stories. This insightful investigation offers a profound understanding of our ancestors' origins, lifestyles, and observance of cultural customs.
The expansion of genealogy products and services has been fueled by the increasing appeal of the field of genealogy throughout the world. Additionally, the genealogy industry is expanding quickly due to the rising demand for medical testing across numerous industries, such as genetic and DNA testing. As interest in genealogy grows, more people are looking to trace their ancestors' lines and learn about their family histories. This trend is especially noticeable in China, where a sizable segment of the population experiences difficulties as a result of the absence of historical records.
List of Prominent Players in the Genetic Genealogy Market:
• 23&Me Inc.
• Ancestry.com
• Color Genomics
• DNASolves
• FamilySearch
• Findmypast
• Gencove
• Geneanet
• Helix
• Living DNA
• MNG Laboratories
• MTDNA
• MyHeritage,
• Myriad Genetics
• Sequencing. Com
• Veritas Genetics
• YFull
Market Dynamics:
Drivers-
DNA testing helps people find and identify their ancestors, discover long-lost relatives, and comprehend their genetic ancestry. Additionally, it aids in the detection of viruses and life-threatening illnesses like cancer. DNA testing can also resolve legal disputes and establish biological parentage. Additionally, it offers thorough information on genetic predispositions affecting health, exercise, and nutrition, enabling customized lifestyle changes and health examinations. The aforementioned elements contribute to the rising demand for DNA testing, which fuels the expansion of the market for genealogy goods and services worldwide.
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Challenges:
Although the rapidly expanding area of genetic genealogy testing gives people previously unheard-of insights into their lineage and family ties, it also raises questions about how sensitive genetic information might be misused. If not sufficiently addressed, these issues could result in a decline in the market for genetic genealogy testing services. Customers are concerned that access to their genetic data by nefarious parties, insurance providers, or employers could result in discrimination or other negative outcomes. To reduce this danger, genetic testing businesses must put strong data protection measures in place, such as encryption, safe storage, and strict access limits. Strict data-sharing agreements should also be implemented to ensure that genetic information is not sold or shared without explicit authorization.
Regional Trends:
According to projections, the North American region will control the market. This is due to major market participants in the area and a strong healthcare system, which are the main factors driving the genetic genealogy market's rapid expansion. Furthermore, there has been a noticeable increase in market expansion as a result of strong economic growth and large expenditures made by big firms. The rising trajectory of market growth has also been related to increased consumer awareness of the benefits of high-quality care paired with favorable reimbursement rules for healthcare services.
Recent Developments:
• In December 2022, Prenetics Global Limited acquired a majority stake in ACT Genomics Holdings Company Limited ("ACT"), a genomics company with operations in Hong Kong, Taiwan, Japan, Singapore, Thailand, and the UK that is based in Asia and specializes in precision oncology.
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Segmentation of Genetic Genealogy Market-
By Test Type-
• Autosomal DNA Tests
• Y-Chromosome DNA Tests
• Mitochondrial DNA Tests
By Application-
• Heredity & Genetic Disorders
• Paternal/Maternal Lineages
• Ancestral Origins
By End-User-
• Direct-To-Customer Testing Companies
• Law Enforcement Agencies
• Research Institutes & Academic Organizations
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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