Genealogy Products And Services Market Size And Forecast
Genealogy Products And Services Market size was valued at USD 3,427.9 Million in 2021 and is projected to reach USD 8,787.5 Million by 2030, growing at a CAGR of 11.19% from 2022 to 2030.
The technological advancements in genealogy can create new opportunities for the market to grow with a higher CAGR. The Global Genealogy Products And Services Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Genealogy Products And Services Market Definition
Genealogy is the term used to study families, family history, and the tracing of their lineages. Discovering the roots by researching and exploring the historic content to transform the facts into engaging life stories is the process of genealogy. The research provides an understanding of ancestors where they came from and how they lived their lives. In addition, the research is also useful to preserve ethnic traditions and family culture for future generations. The study plays a vital role to get knowledge of medical history, and proving facts and myths about the family. Furthermore, it is used to assemble and publish a family history book for profit or (for the family members).
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The lack of formal records and rising curiosity about culture and heritage are some factors promoting the market. The genealogy service provider makes use of various analysis methods, including genetic analysis, comprising an oral interview, and others. It is used to collect significant information about the family in question. The collected information helps the genealogists to extract the lineage of a person’s family and its relationship with the members. This field has gained popularity in different parts of the world, which triggers the growth of the genealogy products and services market.
With surging demand for medical testing such as genetic and DNA testing in an assortment of industries, the market is experiencing strong growth. The growing awareness about genealogy is another factor that accelerates the market to grow at a pace in the forecasted period. For instance, the rise in demand for tracing the lineages in China with a significant percentage population owing to lack of records is boosting the growth. The records were destroyed during the wars in China and the Cultural Revolution.
Global Genealogy Products And Services Market Overview
Genetic analysis is very important in creating genealogy data. Most genealogy service providers apply different genealogy analysis methods such as oral interviews of individuals, genetic analysis, and family history information, amongst others. Genetic analysis can be carried out with a sample of DNA collected from an individual. The analysis helps in studying the changes in the DNA and also collecting biological information.
Genetic analysis offers various advantages; thus, the need for genetic analysis is increasing across the world population. Genetic analysis provides potential benefits in medication and helps the caregivers and the patients to change the treatment and medical care provided to the individual as well as the family. Effective genetic analysis can also offer diagnostic information to the individual to take necessary medication or treatment.
The number of patients suffering from cancer and heart diseases is rising over time, in Canada. Around 28.2% of the deaths were caused due to cancer in Canada, according to the Canadian Cancer Society. There will be an addition of 229,200 new cancer cases in the Canadian population; out of which 84,600 cancer patients will die in 2021, as forecasted by the Canadian Cancer Researchers. Moreover, the cancer mortality rate will be decreasing to 37% in men and 22% in women by 2021, due to the different types of treatments such as biological drugs, chemotherapy, and the rest of others.
Thus, people around the world are becoming more aware of the development of cancer and mutations in DNA. DNA testing helps in estimating the chance of developing cancer in an individual. DNA testing provides benefits for inherited cancer susceptibility syndromes. Thus, individuals can take an opportunity to understand the pattern of developing cancer and manage the cancer risks.
Furthermore, the next-generation sequencing (NGS) is the most recent development in DNA-testing technology. NGS is characterized as whole-exome sequencing and whole-genome sequencing that can be used to evaluate the entire exome or genome. Next-generation sequencing (NGS) has potential applications in evaluating individuals with a personal or family history. The NGS results can help individuals to prevent breast cancer and ovarian cancer from susceptibility to a pathogen. Therefore, technological advancements in genealogy can create new opportunities for the market to grow with a higher CAGR.
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However, the factors such as data breach of historical records and genealogical data and negative impact of DNA-testing on family and personal relationships might strangle the market growth. The DNA-testing has a negative impact on the individual’s family and personal relationships across the individual’s space. DNA testing might reveal the risk status of the individuals as well as other family members through test results. Sometimes, other family members or even siblings and others, are not willing to be aware of the results and the information related to the DNA and genetic disorders. Such information can encroach upon the autonomy and/or privacy of the individual or the other family members.
Global Genealogy Products And Services Market: Segmentation Analysis
The Global Genealogy Products And Services Market is segmented on the basis of Application, Product, and Geography.
Genealogy Products And Services Market, By Application
• Household
• Institution
Based on Application, the market is bifurcated into Household and Institution. The Institution segment is accounted for the largest market share in 2021 and is projected to grow at a CAGR of 11.51% during the forecast period. Amateur genealogists usually research their own and their spouses’ ancestors. Professional genealogists can also do research for others, write books about genealogical methods, teach, and create their databases.
They could work for a company that develops software or creates materials for professionals and amateurs alike. Both attempts to comprehend not only where and when people lived, but also their lifestyles, biographies, and motives. This frequently necessitates—or leads to—a thorough understanding of antiquated laws, old political boundaries, migration patterns, and historical socioeconomic and religious conditions. Thus, the institution segment is expected to account for a larger share during the forecast period
Genealogy Products And Services Market, By Product
• Family Records, and Family Tree
• Forum
• Cemetery
• Newspaper
• Blog Links
• DNA Testing
• Others
Based on Product, the Global Genealogy Products And Services Market has been segmented into Family Records, and Family Tree, Forum, Cemetery, Newspaper, Blog Links, DNA Testing, and Others. In 2021, the Family Records, and Family Tree segment is accounted for the largest market share and is projected to grow at the highest CAGR of 13.61% during the forecast period. Many diseases can be passed down through families genetically, and a person’s family may have a hereditary health problem that he/she is unaware of. A family tree allows a person to trace genetics and identify any potential hereditary health issues. Detecting these issues early may result in earlier treatment and a better prognosis. Thus, a family tree can assist an individual in tracing genetics and family health concerns.
Genealogy Products And Services Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the World
Based on regional analysis, the Global Genealogy Products And Services Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America accounted for the largest market share and is projected to grow at a CAGR of 11.82% during the forecast period. The presence of major market players in the region along with a well-developed healthcare infrastructure is the main factor responsible for the fast growth of the genealogy products and services market. Strong economic growth and high-end investments by the major players are leading to market growth. Consumer awareness of the benefits of quality treatment (combined with the availability of attractive reimbursement policies for healthcare services) is contributing to the market’s growth.
Key Players
The major players in the market are Ancestry.com, MyHeritage, 23 and Me, Familysearch, Geneanet, and Others. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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