Ancestry Market Analysis
To determine the global size of ancestry market size,
customer profile, competitors to Ancestry.com, new technologies/products emerging in this space, and heavy users and typical customers of these services from an age/gender perspective.
Genealogy Market Analysis
- According to a report by Grand View Research, "the global consumer genomics market size was estimated at $1.26 billion in 2018." In 2017, the market was estimated at $359.05 million.
- The market is expected to grow at a rate of 20.3% (CAGR) from 2019 to 2025.
- Some factors influencing the market growth include an increase in DNA testing, a decrease in the cost of conducting a DNA test, and an increased level of funding.
- Also, top industry players are increasing the level of their advertising spend thereby leading to increased adoption and awareness amongst the customers.
- A growing concern in the industry is the issue of privacy and security of client data. The recent launch of "Helix's test that looks for two types of cancer and cholesterol, intends to maintain privacy by requesting payment and a two-way verification."
- The genealogy market is divided into seven major segments, namely genetic relatedness, diagnostics, lifestyle, wellness, and nutrition, ancestry, reproductive health, personalized medicine pharmacogenetic testing, and sports nutrition and health.
- In terms of region, the North American region held the most significant industry share in 2018. This is expected to continue within the period of forecast. The Asian-Pacific region is poised to experience the fastest growth.
- Top countries within the Asian-Pacific region include Singapore and China. The industry growth of the region is increased awareness and funding. In March 2016, "China launched the 'Precision Medicine Initiative' that aims at prioritizing genomic studies for better healthcare outcomes and enables precision medicine programs in the country."
Genealogy Product and Services Market
- According to a study by Fact.MR, "the genealogy products and services market is likely to be valued at over $3 billion in 2019." The market is expected to grow with a CAGR of 11.4% from 2018 to 2024.
- Factors influencing the industry's growth include technological advancement in testing techniques, increased demand for genetic and DNA testing, reduced costs of DNA sequencing, and the growing genealogy awareness.
- Asides curiosity about culture and heritage, "lack of formal records is also promoting the growth of the market."
- A significant trend in the industry is the increased interest in tracing lineages in China.
- The family records segment holds the largest share (45%) in the genealogy products and services market.
- The market is segmented into "family records, family tree, forum, cemetery, newspapers, blogs, links, and DNA testing."
The top players in the global genealogy product and services market are "23andMe, Inc., Ancestry, Color Genomics, Inc., Helix OpCo LLC, Gene By Gene, Ltd. (FamilyTree DNA), Mapmygenome, Positive Biosciences, Ltd., Futura Genetics, MyHeritage Ltd., Pathway Genomics, Xcode Life, Diagnomics, Inc., and Toolbox Genomics."
Proposed next steps:
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Our initial research provided some insight into the ancestry space specifically, the market size and top players by region and market share. Given that there are available resources on this, we propose further research to identify 3-5 additional insights into the genealogy/ancestry space. We will describe in details; 1). What genealogy/ancestry services people buy that are similar to 'ancestry.com 2). Annual expenditure on these types of services and 3). Top country/region that buys these services more than others.
We also propose proceeding with the research to obtain the demographics of heavy users and typical customers of genealogy/ancestry services. This would include information about the age, gender, income level, ethnicity, occupation, and marital status of the users.
Furthermore, we will research on new technologies/products trends emerging in the genealogy/ancestry space. We will provide information about 1). what the trend is 2). why it is a trend (why you chose it), and 3). 1-2 industry experts championing the trend.
Since we have identified top players in our research, we propose further research to identify top 5 competitors of Ancestry.com. We will be providing information about Ancestry.com and its competitors which would include 1). 3-5 sentence overview of the companies 2). Revenue 3) 2-3 sentence description of each product/services offered 4) cost of service and if they offer free trials and 5) Their customer profile.