Market Insights:
The nutrigenomics market is one that has emerged in the past few years, carrying with it a massive potential. With the global statistics for obesity, lifestyle diseases and the ever increasing demand for effective cosmetic treatments, nutrigenics has risen up as a potential treatment option.
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Studying the effects of nutrients and genetics is allowing the creation of application in healthcare that address problems according to ideal nutrition for any given a patient’s particular genes. The targetted applications of nutrigenomics promises to make this a thriving market during the forecast period. Rising healthcare expenditure, and encouraging government support for research and development in this field has motivated robust growth and it is projected to continue to do so.
Market Research Future (MRFR), in it’s market report, has revealed a growth projection of 16.8% CAGR during the forecast period and an estimated evaluation of USD $17,313 million by 2023. Identified challenges for this market include the high cost associated with the treatment and the lack of physicians qualified to provide nutrigenomics treatments. However, due to the extensive scope of this market, these issues will likely be addressed in the coming years.
Key Players:
Analysis of key players in this market provides an understanding of strategies used so as to influence growth. The competitive landscape of the nutrigenomics market includes major players such as Cura Integrative Medicine, NutraGene, XCODE Life Science Pvt. Ltd., Nutrigenomix, WellGen Inc. and, Genomix Nutrition Inc.,
Market Segmentation:
Understanding the global nutrigenomics market involves delving into the various market segments so as to accurately predict growth. This market has been segmented on the basis of products, techniques and application.
On the basis of products, the market has been segmented into reagents & kits and services.
On the basis of techniques, the market has been segmented into saliva, buccal swab, blood and others.
On the basis of application the market has been segmented into obesity, diabetes, anti-aging and chronic diseases. Obesity is the largest market segment owing to sedimentary lifestyles, unhealthy food choices. Certain medical conditions that casue obesity may also be treated with nutrigenomics.
Regional Analysis:
A regional assessment of the global market includes the Americas, Europe, Asia Pacific (APAC) and Middle East & Africa.
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The Americas currently have the largest regional market segment, largely owing to the region’s inclusion of developed economies such as U.S. and Canada. These countries have swiftly adopted the latest technolgy and have a high occurence of patients suffering from lifestyle diseases such as diabetes. This region also has a high percentage of obesity. The market carries a wide scope in this region due to these factors and the region is expected to hold it’s lead during the forecast period.
Europe follows closely behind the Americas, due to a similar growth pattern. A strong adopton of technology, a well developed healthcare & medical research sector and a prevelance of lifestyle diseases has made this the second largest regional market segment globally. Europe is expected to grow at 17% CAGR during the forecast period.
Asia Pacific is projected to grow rapidly during 2017 – 2023, this is owing to the increasing awareness of health and treatments, increased spending on healthcare and a demand for holistic treatments. APAC’s nutrigenomics market share is expected to grow at 17.1 CAGR during the forecast period.
Middle East and Africa are expected to witness restrained growth due to the presence of the African continent where malnutrition and poverty are commonplace. However, growth is expected for the Middle East due to the developed countried in this area such as Qatar and U.A.E experienceing a rise in obesity and lifestyle diseases.
Latest Industry News:
Hong Kong based Prenetics has just acquired UK company, DNAFit for USD $10 million. Prenetics primarily serves the Asian market and provides pharmacogenomics, nutrigenomics, cancer and reproductive health tests. UK’s DNAFit, is a company promoting wellness genetics, they offer services that are designed based on genetic profiles obtained from the consumer. The aquisiton marks Prenetics inaugral move into the global market.
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