Nutrigenomics Market – Overview
The way nutrients individuals derive their daily protein intake has altered significantly over the years. Nutrigenomics has as a result emerged as a bridge between understanding and benefitting from the interaction of nutrition and genes. Focused market reports associated to the healthcare sector among others lately have been made available by Market Research Future which publishes a report on this sector. The industry is projected to grow with a CAGR of 16.8 percent in the forecast period and is likely to attain revenues worth USD 17,313.5 million by the year 2023.
Renewed focus and emphasis on health and wellness has prompted the boost of nutrigenomics especially in the recent years. The popularity of nutrigenomics has been credited to its ability to customize the diet according to what is suitable for an individual on the basis of their genetic makeup. It’s ability to treat and help in cases of diseases such as cancer and heart disease to name a few. Awareness of nutrigenomics is expected to drive the popularity further in the duration of the forecast period.
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Nutrigenomics Industry Segments:
The Nutrigenomics Industry globally has been segmented on the basis of techniques, products, and application. On the basis of products, the industry is segmented into services, reagents & kits. The segmentation on basis of techniques comprises of blood, saliva, buccal swab and others. The industry on the basis of application is segmented into anti-aging, obesity, diabetes and chronic diseases.
Nutrigenomics Market Detailed Regional Analysis
As per the regional analysis of the nutrigenomics market it has been found that, the North American region holds the largest market share in America nutrigenomics market. America is found to be controlling the nutrigenomics market globally owing to the existence of a vast population suffering from obesity and diabetes. The European region has the second largest market share for the nutrigenomics industry which is followed by the Asia Pacific region. The presence of high healthcare expenditure and world class healthcare sector, the nutrigenomics industry in Europe is developing at a CAGR of 17 percent. The Asia Pacific region is also undergoing rapid growth mainly owing to the rapidly increasing awareness of treatments, existence of huge diabetic and obese population and mounting healthcare expenditure. The Asia Pacific nutrigenomics industry is estimated to grow at a CAGR of 17.1 percent during the forecasted period. The Middle East & Africa regions are estimated to exhibit limited growth. The Middle East region is controlling this market by holding 64.3 percent of the Middle East & Africa market share.
Global Nutrigenomics Market Competitive Analysis
Challengers in the market who are constantly delivering customer value have devised their corporate strategy blueprint in a manner that can bring about the best outcomes for development in the current scenario, while also concurrently enhancing their product’s value. This state of events has shaped the opportunities for improvements in portfolio along with diversification in the sector, which has enhanced the scenario for market competitors immensely in this industry. The capability to fuel their competitive edge is one of the chief causes powering their efforts in this period. The opportunity for development in the industry appears to be encouraging through the forecast period. The escalating interest for diversification in the industry, has indirectly allowed the companies to utilize many scenarios available in the industry. The firms in this industry are also trying to improve and preserve financial liquidity that can be vital to invest in growth prospects as and when they arise.
WellGen Inc. (US), Metagenics, Inc (US), Genomix Nutrition, Inc. (US), Nutrigenomix (US), NutraGene (India), XCODE Life Sciences Pvt. Ltd. (India), Cura Integrative Medicine (Australia) are a few of the prominent players in the industry.
Nutrigenomics Industry Updates:
Apr 2018 UK-based DNAFit has been acquired by Prenetics for a deal valued at $10 million.The transaction is the initial deal for Prenetics, which is Hong Kong based and they are marking their foray into the consumer genomics space. The firm has set their genetic testing business all over Asia, attending to customers with nutrigenomics, cancer, pharmacogenomics, and reproductive health tests. DNAFit has positioned itself as a wellness genetics business and delivers its clients with nutrition, diet, and fitness plans on the basis of their genomic profiles acquired from a saliva collection kit.
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