Pune, India, Sept. 19, 2018 (GLOBE NEWSWIRE) -- Worldwide Nutrigenomics Market Overview
The latest data released by Market Research Future (MRFR) reveals that the Global Nutrigenomics Market will reach a valuation in excess of USD 17,313.5 Mn by the year 2023, reflecting an impressive growth rate. Much has been spoken about nutrigenomics in recent times, helping it gain ample commercial interest. Nutrigenomics is often viewed as an advanced field of research focused towards human genome, nutrition and health. Most companies specializing in nutrigenomics actively study and analyse the effects of food and their constituents on human genes to improve dietary patterns using specific products that are personalized based on an individual’s nutritional need. The nutrigenomics industry has quickly spurred as more start-ups join the bandwagon to capitalize on the arising opportunities. New entrances are indeed playing an important role in making the global nutrigenomics market more dynamic.
Modern consumers, especially the millennial population have a greater level of health-awareness and willing to spend on products directed towards health, which encourages the nutrigenomics industry to make more efforts. Prevalence of chronic diseases has significantly increased in recent years prompting individuals to take preventive measures. This, in turn is reflected favorably on the global nutrigenomics market. Moreover, investments in nutrigenomics research & development programs have increased from both government and private entities. The aforementioned factors are providing an impetus to the market.
Nutrigenomics Market: Competition Tracking
Genomix Nutrition, Inc. (US), WellGen Inc. (US), NutraGene (India), Cura Integrative Medicine (Australia), Metagenics, Inc (US), XCODE Life Sciences Pvt. Ltd. (India), and Nutrigenomix (US) are some of the top companies operating in the global nutrigenomics market.
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Industry News
Hong-Kong based genetic testing / digital health company Prenetics recently announced the acquisition of a U.K. based genetic information provider DNAFit. Reportedly, the acquisition saw Prenetics make a transaction of $10 million. The deal indicates towards Prenetics deep interest in consumer genomics space. The company has already established its business across Asia, providing test services for cancer, nutrigenomics, pharmacogenomics and reproductive health.
Leading healthcare company LifeVantage Corporation has reportedly worked on improving its market position in Asia by initiating new operation in Taiwan. The company is entering the Taiwan market with two of its popular skincare flagship brands Protandim Nrf2 Synergizer® and TrueScience® Beauty System.
Global Nutrigenomics Market Segmentation: Insights
MRFR’s data also includes a detailed segmental analysis of nutrigenomics market based on product, technique and application. By product, the market has been segment into services and reagents & kits. The latter will continue to outperform the former in 2018 and beyond. The reagents & kits segment is expected to surpass a market valuation of USD 10,130 Mn by 2023, reflecting a healthy growth rate. This is primarily owing to widespread usage of reagent and kits in nutrigenomics. By technique, the market is segmented into blood, buccal swab, saliva and others. By application, the Nutrigenomics Market is segmented into diabetes, obesity, anti-aging, and chronic diseases. The obesity segment currently commands for the highest share of the market and is expected to remain highly attractive. The diabetes segment is also expected catch momentum in the forthcoming years. The segment is projected to capture a robust CAGR of 17.1% during the assessment period (2017-2023).
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North America at the Forefront of the Global Nutrigenomics Market
Of the four regions (Americas, Europe, Asia Pacific, and the Middle East & Africa) that have been included in MRFR’s data, Americas has been marked as an extremely important market for nutrigenomics. Towards the end of 2023, the region’s market is likely to touch a valuation of more than USD 6,300 Mn. Increased prevalence of lifestyle diseases in countries such as the U.S., Canada, Mexico and Brazil has fuelled the demand for personalized medication and nutrient-rich food items. The nutrigenomics industry is witnessing an upward trend in several countries in the region. Americas is followed by Europe, the market in Europe is expected to exhibit a steady growth over the next couple of years. Advanced economies in the region accounts for a relatively higher market share. This can be attributed to the presence of a state-of-the-art healthcare system in these countries. In addition, a large number of Europeans have a high healthcare expenditure. The market in Europe is expected to surge at 17% CAGR during the assessment period. Meanwhile, Asia Pacific (APAC) is also expected to emerge as a fast-growing market for nutrigenomics over 2023. China and India are viewed a massive consumer market as these countries continue to improve their economic growth. As a result, per capita income has leapfrogged in these countries along with higher health awareness, which is supporting the growth of the market in the region. APAC nutrigenomics market is set witness a 17.1% CAGR during the review period.
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