US$ 3 Billion Genealogy Products and Services Market Driven by Surging Demand for DNA Testing: Fact.MR Study
Fact.MR recently released a recent study titled, “Genealogy Products and Services Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2018 to 2024” which provides valuable insights into the genealogy products & services market. The study identifies and assesses the key factors influencing the performance of the genealogy products & services market.
According to a recent Fact.MR study, Genealogy products and services market is projected to value over US$ 12 Billion and register a CAGR of over 11% from 2021 to 2027. The market is likely to continue its bullish run with a myriad of factors influencing the strategy of key players. Surging demand for genetic and DNA testing in an assortment of industries, coupled with the growing awareness about genealogy are some of the vital factors bolstering market growth. Technological advancement also remains a key influencer, as efficient data storage and retrieval become key priorities for market players.
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DNA Testing Finding Greater Penetration in Forensics
DNA and genetic testing is gradually gaining traction in the field of forensics with sophisticated technology and sequencing techniques enabling efficient investigation. Advancement in genetic testing is allowing forensics departments to identify suspects using smaller and mixed DNA samples which, in turn, can aid in solving complex crimes. These factors are boosting the adoption of genealogy products and services in the forensics domain.
According to the Fact.MR study, concerns surrounding the misuse of genealogy products and services are creating clamor for imposing strict regulations on market functioning. Use of genealogy products and services has been linked to the creation of predictive criminal profiles which can potentially influence policing decisions. Additionally, increasing instances of police departments basing their decision on the analysis of the DNA databases created using direct-to-consumer genetic testing data is raising concerns about the system in place. These factors could potentially restrain market growth with consumers becoming increasingly aware of the drawbacks of participating in genetic testing.
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Global Genealogy Products And Services Market: Key Players
• Family Tree DNA and Many More…
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Genealogy Products and Services Market: Segmentaion
Global Genealogy Products And Services Market, By Product
- Family Records
• Family Tree
• DNA Testing
Global Genealogy Products And Services Market, By Application
Global Genealogy Products And Services Market, By Geography
- North America
o Rest of Europe
• Asia Pacific
o India and Continued…
*Full Segmentation and Many Crucial Insights Available in Report*
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According to the study, in addition to curiosity about culture and heritage, lack of formal records is also promoting the growth of the market. For instance, demand for tracing lineages in China is on the rise with a significant percentage of population eager to trace their genealogy owing to the lack of records that were destroyed during wars in China and the Cultural Revolution. The Fact.MR study finds that the family records segment is one of the largest in the genealogy products and services market, accounting for nearly 45% of total share.
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