Global Nutrigenomics Market – Overview
The global market for nutrigenomics is growing at a sound pace. The global nutrigenomics market is expected to reach USD 17,313.5 million by 2023 with a CAGR of 16.8 % during the forecast period. Nutrigenomics is a branch of nutritional genomics and the study of the effect of food and their constituents on gene expression. Nutrigenomics is also used to identify the effect of genetics on nutrition with the help of Single Nucleotide Polymorphism (SNPs) or gene expression method. The global nutrigenomics market is driven by increasing applications in dermatology, diagnosis of metabolic and genetic diseases, and growing application in food & beverages. Moreover, development in technology, increasing demand for better diagnostic method, and increasing healthcare expenditure has fuelled the growth of market. However, higher cost of treatment and need of well qualified physicians may restrained the growth of market.
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Factors such as increased applications in dermatology, increased applications in diagnosis of metabolic and genetic diseases, increased application in food and beverages, increased use in the diagnosis of bone diseases caused by vitamin d metabolism provides favourable backgrounds for the market growth.
However, high cost and time-consuming process, need of well qualified physicians, and strict ethical implication is estimated to restrain the market growth during the forecast period.
XCODE Life Sciences
Global Nutrigenomics Market- competitive Analysis
WellGen Inc., Founded in 1997 and headquartered in New York, USA, WellGen, Inc is a biotechnology company at the crossroads of foods and pharmaceuticals. The company focuses on discovery, and development of the plant-based wellness products using nutrigenomics for food, therapeutics, and dietary supplement markets.
Metagenics, Inc., headquartered in Aliso Viejo, USA, Metagenics, Inc. is a nutrigenomics and lifestyle medicine company that engages in the research and development, manufacture, and marketing of medical foods and nutritional formulas for chronic health conditions founded in 1983. The company offers verity of the products in the area of gastrointestinal health, general wellness, blood sugar balance, cardiometabolic health, body composition, and many more. The company also provides the products for defy aging, heart health, fatty acids, probiotics and others.
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Genomix Nutrition, Inc., a US headquartered company, a leading provider of comprehensive nutrigenomic testing solutions, focuses on development of new kits and test. The company performs nutrigenomics test to validate your specific nutritional supplement needs to the patients.
Global Nutrigenomics Market – Regional Analysis
Global nutrigenomics market, on the basis of regions is segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa. In 2016, Americas accounted for the largest market share for neutrigenomics owing to the presence of the large number of patients suffering from diabetes and obesity.
Europe accounted for the second largest market, followed by Asia Pacific in 2016. Asia Pacific is estimated to grow at the fastest growth rate during the forecast period. The high growth rate can be attributed to presence of rapidly developing countries and growing prevalence of chronic diseases. However, the Middle East and Africa accounted for the lowest share in the global neutrigenomics market, in 2016.
Asia Pacific is the fastest growing region for the market owing to the presence of rapidly developing economies. According to the Asian Diabetes Prevention Initiative (2013), 60% of world’s diabetic population lives in Asia of which 113.9 million people lives in China and 65.1 million people lives in India. The Presence of huge patient pool suffering from diabetes and obesity is the major factor responsible for the growth of the market. Furthermore, developments in the technology, increasing per capita income of the people, presence of huge opportunities for the development of the market and speedily growing healthcare sector has contributed in the growth of this market in Asia Pacific. Japan has the largest nutrigenomics market in Asia Pacific region.
The Middle East & Africa accounted for the lowest share in the market due to limited availability of medical facilities and poor economic and political conditions. Gulf countries such as Saudi Arabia, UAE, and Kuwait will lead the Middle East & Africa nutrigenomics market. However, currently, the market in Africa is expecting a fast growth than Middle East due to developing market and abundance opportunities.
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