Genealogy Products and Services Market is expected to reach USD 8.84 billion by 2030
As per the report published by Kings Research, the global Genealogy Products and Services Market was valued at USD 3.78 billion in 2022 and is projected to reach USD 8.84 billion by 2030, growing at a CAGR of 11.36% from 2023 to 2030.
The global demand for genetic analysis is increasing due to its numerous advantages, including its potential for improving medication efficacy and influencing treatment plans for both patients and health professionals. Additionally, genetic analysis can help patients and families make informed decisions about diagnostic and therapeutic options. Notably, recent advances in genetic analysis technologies have led to more precision, accuracy, and speed in genetic testing. This has increased the accessibility and affordability of genetic analysis, making it more widely available to the global population.
- Based on the application, the institution segment is growing at the fastest CAGR of 11.68% from 2023 to 2030
- Based on product, the family records and family tree segment generated the highest revenue of USD 1.95 billion in 2022
- On the basis of region, North America accounted for the largest market share of 48.78% in 2022
New Product Launch by MyHeritage
December 2020 - MyHeritage, a major provider of genealogy services that enable individuals to explore their ancestry and empower their future, has introduced a new feature called Genetic Groups. This feature represents a significant enhancement to MyHeritage DNA's existing ethnicity estimates, providing highly precise identification of ancestral origins using 2100 geographically-defined regions, which is the most extensive coverage of any DNA test currently available on the market.
Increasing Demand for DNA Testing is Propelling the Market Growth
DNA contains fundamental genetic information that determines the growth, functioning, and reproduction of living organisms. DNA testing is conducted to identify any changes in the DNA sequence, aiding in determining genetic risks for various health conditions. This information facilitates informed decision-making regarding lifestyle changes necessary for achieving health and wellness goals. As every individual has a unique set of genetic variants, DNA testing can provide personalized insights into an individual's health.
Moreover, DNA testing has significant forensic applications, allowing for the identification of suspects in criminal investigations. By collecting samples of blood, hair, or tissue from the crime scene, laboratory technicians can verify the identity of the perpetrator with high certainty. Courts of law generally accept the results of DNA testing as credible and reliable evidence, and the tool has become a crucial component of the justice system's ability to deliver justice.
North America Leads the Charge in Genealogy Market Growth with Expected 48.78% Market Share in 2022
The genealogy products and services market in North America is expected to retain its dominant position in the global market, with a projected market share of 48.78% in 2022 and a CAGR of 11.95% from 2023 to 2030. This is primarily due to the region's high awareness, interest, and affordability for a variety of genealogy tests and services. Furthermore, the North American market benefits from the presence of a significant number of market players, providing them with a strategic position to capitalize on these trends and drive market growth during the forecast period.
Rising Investment in Product Innovations to Propel the Market Growth
The market is fragmented with significant players in the market, such as Geneanet, 23andMe, Inc., NewsBank, Inc., MyHeritage Ltd., COM, INC., FindmyPast, Intellectual Reserve, Inc., Gene by Gene, Ltd., Ancestry, Living DNA Ltd., and others, are concentrated on expanding their business through collaboration and partnership strategies.