Plant Genomics Market Hitting New Highs By 2028 | by Eurofins Scientific, Illumina Inc, NRGene

New Jersey, United States - Analysis of Plant Genomics Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The market for plant genomics is anticipated to reach a value of USD 11.7 billion by 2028, growing at a CAGR of 8.3% from its estimated USD 7.3 billion market value in 2021. The market is expanding due to the growing use of genomics in plant breeding and the conservation of genetic resources, two strategies that are attracting the attention of numerous researchers worldwide. Professional researchers are paying attention to a variety of applications of plant genomics in plant breeding, which are referred to as genetic resource preservation techniques.

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Technology advancements and an increase in the adoption of plant genomics are two key factors that are anticipated to support market growth during the demand for enhanced crop varieties. Additionally, it is projected that the cost-effectiveness of genomics will fuel the expansion of the plant genomics industry. Furthermore, it is predicted that the market for plant genomics would expand more slowly due to the increased financing for plant genome research that is encouraging the adoption of cutting-edge technology. However, a decrease in automated instrument usage due to rising costs is also anticipated to restrain the growth of the plant genomics market over the forecast period.

The development of advanced economies, which offers enormous potential for industry innovation, will also likely present possibilities for the expansion of the plant genomics market in the ensuing years. However, the lack of knowledge regarding the use of contemporary plant genomic technologies could further impede the expansion of the plant genomics market in the near future.

Division segment:

Plant genomics market segmentation: Based on type, the molecular engineering segment is anticipated to experience the quickest growth throughout the anticipated time frame. The plant genomics market's molecular engineering sector is anticipated to grow at the highest rate. The approach of molecular breeding that is most frequently used by important breeding entities, mostly for crop applications, is marker-assisted selection. Developed nations with higher adoption rates, like the US, France, Germany, the Netherlands, and the UK, have embraced molecular plant engineering technology quickly. This indicates that this technology has enormous commercial growth potential in developing economies.

The herbicide tolerance trait is anticipated to rule the plant genomics industry during the anticipated time frame. According to industry experts from renowned seed manufacturers, disease resistance and herbicide tolerance are traits that have been in demand due to the rising instances of early germination pest attacks and regulations against cop protection chemicals. As a result, the herbicide tolerance segment is anticipated to hold the largest market share during the forecast period.

The market for plant genomics is anticipated to be dominated by the cereals & grains application during the forecast period. Because developed nations have widely embraced contemporary plant sequencing techniques for crops like corn and wheat, cereals and grains constituted the most common use in 2018. The performance would improve if more molecular breeding techniques, like molecular engineering and genetic engineering tools, were used to increase the performance of crops to gain better prices in the market. The growth of important cereals & grains including maize, wheat, rice, and other grains is a primary area of concentration for the plant genomic service firms.

By definition, the DNA/RNA sequencing market is anticipated to rule the plant genomics space throughout the next few years. Illumina HiSeq, next-generation sequencing, Pacific Biosciences long-read sequencing, 10x Genomics linked reads, Dovetail Hi-C, and BioNano Genomics optical mapping are the DNA sequencing methods utilised in plant genomics. Finding the exact placement of nucleotides within a DNA molecule is known as DNA sequencing. It encompasses any technique or tool used to establish the sequential arrangement of the four DNA bases-adenine, guanine, cytosine, and thymine-in a strand.

Regional analysis:

The market for plant genomics is expanding as a result of the rising need for better plant varieties in the Asia-Pacific region. The major actors in the Asia Pacific region are concentrating on allocating their funds toward biotechnology research on food crops and crops with high commercial value in order to meet the rising demand for food and to combat poverty, particularly among agricultural households with limited resources. The development of new crop cultivars to guarantee high agricultural yield is possible with the implementation of contemporary plant breeding techniques. Additionally, crucial tactics like the adoption of cutting-edge plant technology by the top players in the Asia Pacific region guarantee food security for all end consumers. Additionally, governments in a number of the region's nations are promoting business to adopt these methods by investing in R&D of agricultural biotechnology.

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Competitive analysis:

Eurofins Scientific, Illumina Inc., NRGene, Neogen Corporation, Agilent, LC Sciences.LLC, Traitgenetics GmbH, Keygene, Novogene Co.Ltd, GeneWiz, BGI, Genotypic Technology, QIAGEN, Oxford Nanopore Technologies, GENEWIZ, Front Range Biosciences, FLORAGENEX INC., and LC Sciences are a few of the major companies active in the plant genomics market.

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