Market Research Future recently published a Premium Research Report on “Nutrigenomics Market” summarizes prominent players size, shares, global industry geographical Overview and Forecast till 2023.
MRFR has revealed a growth projection of 16.8% CAGR during the forecast period and an estimated evaluation of USD 17,313 million by 2023. Identified challenges for this market include the high cost associated with the treatment and the lack of physicians qualified to provide nutrigenomics treatments. However, due to the extensive scope of this market, these issues will likely be addressed in the coming years.
Nutrigenomics Market – Overview
The Global Nutrigenomics Market is mainly driven by the burgeoning markets such as Clinical Nutrition, Medical Nutrition, Sport Nutrition, and Animal Nutrition among other. Nutrigenomics has also evolved in Animal Care (Companion Care, Pet’s Nutrition/ Animal Nutrition etc.) exploring the growth prospects investigating and analysing the nutrition requirements of Animals based on their genetic make-up. The nutritional approach may not yield the best outcome and that each species often has a slightly different nutrient requirement regardless of similarities between breed, training regime, age etc. Additionally, increasing healthcare expenditure, and government support for research & development has fueled the market growth.
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Moreover, growing prevalence of diseases requiring additional nutrients and increased awareness among population about the benefits of dietary advice on foods and beverages. Changing life style such as habitual smoking, alcohol, extended work hours and reliance on fast-food has resulted into lack of adequate nutrients coupled with obesity prevalence that is also one of the reasons contributing to the growth of Nutrigenomics market. Also, increasing number of geriatric populaces, coupled with the increasing acceptance and adoption of infant and child nutrition as a result of changing lifestyle in the developing countries is contributing to foster the market growth of Nutrigenomics Market.
Accrediting the phenomenal growth of the Nutrigenomics Industry and the potential this Science holds to evolve further and accrue the exponential market growth in the years to come, the Market Research Future, recently published a meticulous study report giving out a complete market prognosis up till 2023. In the market analysis, asserting the exponential growth prospects the market is to perceive within next six years, MRFR confirms that the global Nutrigenomics market will ascend to the market size of USD 17,313.5 million registering a whooping double digit CAGR of 16.8% during the forecast period (2017 – 2023).
Nutrigenomics Market – Competitive Analysis
The Nutrigenomics market is widely expanded and highly competitive with the presence of a numerous major and small players operating at international level and regional level around the globe. Based upon product differentiation, portfolio, and pricing these vendors are competing against each other. Furthermore, the competitive strength of these market players is dependent on product precision, product pricing, versatility and product reliability. The market will witness a fierce competition due to the expected extensions in product & service and product innovations.
Nutrigenomics Market – Segments
The Nutrigenomics Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Products: Comprises Reagents & Kits, Services.
Segmentation By Techniques: Comprises Saliva, Buccal Swab, Blood, and others.
Segmentation By Applications: Comprises Obesity, Diabetes, Anti-Aging, Chronic Diseases and others.
Segmentation By Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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.
Nutrigenomics Market – 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.
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