Nutrigenomics Market Trend Analytics, Growth Insights and Forecast to 2023
Market Analysis:
Nutrigenomics offers an array of benefits such as prevent chronic diet-related diseases, speed up the recovery process, and reduce treatment costs, among others. The objective of this technology is to affect an individual’s genomics through nutritional interventions for preventing, delaying, and treating various diseases such as prostate cancer, cardiovascular disease, type 2 diabetes, obesity, and asthma.
The Nutrigenomics Market is projected to touch USD 17, 313.5 million at a 16.8% CAGR between 2014-2023, states the new Market Research Future (MRFR) report. Nutrigenomics is a new technology that has been designed for building the gap between advanced genetics and nutrition. The combination of nutrition as well as genomics, this emerging field comes with a lot of promises with regards to treating and preventing diseases through nutrition. This tool helps medical experts in having a better understanding of the metabolic needs of the consumer and likewise suggest the needed nutritional supplements.
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Numerous factors are adding to the global nutrigenomics market growth. These factors, as per the recent Market Research Future report, include increasing government support for R&D, rising healthcare expenditure, cases of malnutrition and various cardiovascular diseases, and growing significance of nutritious food as a preventative for obesity and associated ailments. Additional factors adding to the global nutrigenomics market growth include rising advanced diagnostic methods, ongoing technological advancements, the trend of a personalized diet, increasing use of nutrigenomics in dermatology, rising prevalence of metabolic ailments, and increasing awareness. Besides, changing lifestyles of consumers such as lack of adequate nutrients, dependency on fast-food, extended work hours, and habitual smoking and alcohol consumption are also contributing to the market growth.
On the contrary, lack of healthcare professionals, unavailability of user-friendly tools, and high treatment costs are factors that may impede theNutrigenomics Market Trends growth.
Key Players:
Notable players profiled in the nutrigenomics market report include Cura Integrative Medicine (Australia), XCODE Life Sciences Pvt. Ltd. (India), NutraGene (India), Nutrigenomix (US), Genomix Nutrition, Inc. (US), Metagenics, Inc (US), and WellGen Inc. (US).
Market Segmentation:
· The Market Research Future report provides an all-inclusive segmental analysis of the global nutrigenomics market based on application, techniques, and products.
· By application, the nutrigenomics market is segmented into chronic diseases, anti-aging, diabetes, and obesity. Of these, the obesity segment will lead the market during the forecast period.
· By techniques, the nutrigenomics market is segmented into blood, buccal swab, saliva, and others.
· By products, the nutrigenomics market is segmented into services, reagents, and kits. Of these, the reagents and kits segment will have the largest share in the market during the forecast period. It is predicted to touch USD 10, 138.7 million by 2023.
Regional Analysis:
By region, the nutrigenomics market report covers growth opportunities and latest trends across North America, Europe, Latin America, the Middle East and Africa, and the Asia Pacific. Of these, North America will have the lions share in the market during the forecast period. Factors adding to the market growth include rising prevalence of obesity and diabetes in the region, growing government support, increasing awareness about nutrigenomics, and technological advances in the food sector.
The nutrigenomics market in Europe will have the second-largest share during the forecast period for high healthcare expenditure, presence of established healthcare sector, the prevalence of lifestyle-related diseases, and advanced economy. This region is estimated to grow at a 17% CAGR during the forecast period.
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The nutrigenomics market in the APAC region will have rapid growth during the forecast period for rising healthcare expenditure, the presence of huge obese and diabetic population, and increasing awareness about treatments. Besides, growing demand for functional beverages and fruits, rising health consciousness, and demand for holistic treatment are also adding to the nutrigenomics market growth. This region is estimated to grow at a 17.1% CAGR over the forecast period.
The nutrigenomics market in Latin America and the MEA is predicted to have a small share over the forecast period for low affordability rate and low awareness about nutrigenomics. The Middle East, however, will dominate the market for the rising per capita income, growing awareness, and increasing government support.