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Genome Editing Industry Size and Forecast Report, 2030

Genome Editing Market

According to P&S Intelligence, the genome editing market is witnessing growth and is projected to reach USD 20,397.8 million by 2030. This is mainly because of the result of the rising pace of technical improvements in the field of genomics, increasing concentration on the extremely adaptable CRISPR technology, and growing expenditure by government and also private establishments in genomics research and development. Moreover, the rising occurrence of many genetic illnesses is projected to drive the industry.

There is an enormous range of prospects in genomics, like agribusiness, drug research, forensics, veterinary sciences, and the identification of human genetic irregularities, that are attaining robust concentration from government and also private biotech agencies. NGS has significantly enhanced genomics’ role in forensics.

Illumina provides various products for studying genetic variations and function. While traditional fingerprint profiling focuses on DNA analysis, the current use of NGS involves analyzing suspect specimens at crime scenes. This enables law enforcement to extract maximum information even from small or damaged DNA samples.

This development can be mainly credited to the rising utilization of cell line engineering in stem cell-based research. Because of the fast improvements, cell line engineering is being widely used for induced pluripotent stem cells, which aid in changing the hereditary content of the cells. The appearance of enhanced gene editing methods, like TALENs, zinc finger nucleases, and CRISPR/Cas, has allowed lucrative and suitable cell engineering.

In recent years, the North American region dominated the market, with a share, of approximately 45%. Furthermore, credited to the growth of gene treatment, increasing use of hereditarily modified harvests, and simple obtainability of research investment, the region will continue the contribute the most significantly to businesses providing tools and facilities for gene editing.

The mounting use of modified drugs is providing huge development opportunities to the companies in the market. With the utilization of a modified drug, a medicinal practitioner is able to identify the exact needs of the patient and offer the exact treatment, accordingly.

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Asia-Pacific Expected To Witness Boom in Agricultural Biotechnology Industry in Near Future

Agricultural Biotechnology Market

The global agricultural biotechnology market had a value of $39,565.6 million in 2020, and it is predicted to advance at a CAGR of 10.7% between 2021 and 2030. Furthermore, the market will generate a revenue of $106,870.0 million by 2030, as per the estimates of the market research company, P&S Intelligence. The market is being driven by the increasing requirement for new breeding techniques such as plant grafting, plant molecular breeding, genetic engineering, and genomic sciences.

This is due to the ballooning adoption of biotechnology for creating or modifying traits of organisms-including animals, microbes, and plants with respect to size, yield, or color. Additionally, the soaring demand for food items is propelling the expansion of the agricultural biotechnology market. As per the United Nations Department of Economic and Social Affairs, the total population across the world grew from 6.9 billion in 2010 to 7.7 billion in 2019.

Moreover, half of the world’s population growth between 2015 and 2050 is predicted to be concentrated in mainly ten countries such as China, Nigeria, India, Pakistan, the U.S., the Democratic Republic of the Congo, Ethiopia, Uganda, Indonesia, and Tanzania. The surge in the global population will push up the requirement for food products, which will, in turn, fuel the usage of advanced biotechnology tools in agricultural processes, thereby driving the expansion of the market.

Depending on technology, the agricultural biotechnology market is classified into deoxyribonucleic acid (DNA) sequencing, genome editing, synthetic biology, biochip, and ribonucleic acid interference (RNAi). Out of these, the genome editing category led the market in 2020, due to the large-scale usage of genome tools in farming processes and extensive genome research activities. Furthermore, when product is taken into consideration, the market is divided into crop protection products and transgenic seeds.

Download sample pages of this report: https://www.psmarketresearch.com/market-analysis/agricultural-biotechnology-market/report-sample

Out of these, the crop protection products category is predicted to demonstrate the higher growth rate in the market in the coming years. This is credited to the rapid technological advancements being made in the domain of agricultural chemistry that have allowed farmers to focus heavily on effective pest management. The growing public awareness about biopesticides is fueling their adoption and also raising awareness about organic farming, which is, turn propelling the advancement of the category.

Globally, the agricultural biotechnology market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This is attributed to the fact that the APAC region offers several opportunities for genetically modified (GM) crop production, due to the surging adoption of advanced farming practices for enhancing productivity. Moreover, the developing nations of APAC are prioritizing mechanization for raising the yield and productivity of farmlands. This is positively impacting the market expansion in this region.

Hence, it can be said with confidence that the market will register huge expansion in the coming years, primarily because of the ballooning requirement for food products and higher agricultural productivity, on account of the surging population all over the world.