Nutrigenomics Market – Scenario
The market for nutrigenomics is growing at a tremendous pace. The market is expected to grow at the CAGR of 16.8% during the forecast period and is estimated to reach USD 17,313.5 million by 2023. Neutrigenomics is the study of interaction of nutrient and genes. It studies the effect of food and their constituents on the genes.
The major factors contributing for the growth of the market are rising diabetic and obese population, increasing applications in dermatology, and increasing demand for the advanced diagnostic methods.
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According to the International Diabetes Federation (2016), 420 million adults were suffering from diabetes which is expected to reach 625 million by 2040. Further, as per the World Health Organization (2014), more than 600 million adults were obese and 1.9 billion adults, were overweight.
Moreover, increasing healthcare expenditure, and government support for research & development has fueled the market growth. However, high cost of treatment and need of well qualified physicians may restrain the growth of market.
Nutrigenomics Market Segmentation
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.
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Nutrigenomics Market – Regional Analysis:
A regional assessment of the global market includes the Americas, Europe, Asia Pacific (APAC) and Middle East & Africa.
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.
- Obesity segment accounts for the largest market share in the global nutrigenomics market while diabetes segment is projected to grow at a CAGR of 17.1% during the forecast period from 2017 – 2023.
- Reagents and kits segment accounts for the largest market share in the global nutrigenomics market by products, this segment is expected to reach USD 10,138.7 in 2023
- Americas market is expected to reach USD 6,316.4 by 2023
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