Agrigenomics Market to reach over USD 8.83 Billion by the year 2030;
Market Synopsis-
The global Agrigenomics market is estimated to reach over USD 8.83 Billion by 2030, exhibiting a CAGR of 9.14% during the forecast period.
Agrigenomics is basically the application of genomics technologies and techniques in the agricultural industry to improve the overall harvest and minimize the risk of it getting wasted by natural causes like changes in temperatures and harmful infections, and genetic mutations. As the global population is rising, so is the demand for food products which is driving the agricultural sector. Farmers are minimizing the risk of losses and damages by deploying new technologies and techniques to ensure a good harvest. Agrigenomics deploys gene editing, gene sequencing, and other techniques to improve overall crop health. Agrigenomics is also applicable for livestock and hence ensures minimal risk of disease in animals and enhances revenue generation for cattle-rearers. However, the lack of a standardized research approach and lack of infrastructure in emerging economies is expected to be significant factors that impede the growth of the global agrigenomics market in the long term. Increasing investments in research and the rising use of technologies in farming are also expected to further bolster agrigenomics market growth across the forecast period.
The agrigenomics market experienced a negative growth trend in the COVID-19 pandemic, but this trend is expected to change as the restrictions have been lifted and research activity is resumed to pre-pandemic levels across various regions in the world.
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List of Prominent Players in the Agrigenomics Market:
Eurofins Scientific (Luxembourg)
Agilent Technologies, Inc. (US)
Thermo Fisher Scientific Inc. (US)
LGC Limited (UK)
Illumina, Inc. (US)
Zoetis Inc. (US).
Other Prominent Players
Market Dynamics:
Drivers:
In recent years, the world has undergone momentous technological developments, particularly in the field of genomics, where new technologies are able to perform complex gene editing and sequencing activities at the press of a button without the accompanying risk. The emergence of advanced gene technologies is also projected to prominently drive agrigenomics demand over the years to come.
Challenges:
The major challenge for Agrigenomics market players is to provide a standardized procedure and operation plan to ensure the processes stay consistent everywhere to ensure equality. The massive use of manual research approaches instead of automated ones is also expected to slow down agrigenomics market growth over the forecast period. The high costs of these systems will further hurt the agrigenomics market in the long term through 2028.
Regional Trends:
North America is expected to have a major market share in the global Agrigenomics marketplace due to the augmented adoption of cutting-edge technologies in this region. The presence of developed healthcare infrastructure, high healthcare research activity, and supportive government initiatives are other factors that will drive Agrigenomics market potential in this region through 2028. The rising incidence of cancer and increasing demand for early treatment are expected to make the United States a highly lucrative market in this region. High healthcare spending will also play a crucial role in this market. The increasing geriatric population will also subsequently drive Agrigenomics market potential over the years to come.
Recent Developments:
In November 2020, LGC Group announced the extension of regulated bioanalytical LC-MS service as it implemented a high-resolution mass spectrometer, the SCIEX TripleTOF 6600 LC-MS/MS System and could provide quantification of biomarkers and therapeutics, respectively.
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Agrigenomics Market Segmentation:
Agrigenomics Market Segmentation: By Sequencer Types Estimates & Trend Analysis
- Sanger sequencing
- Illumina hi seq family
- Pacbio sequencers
- Solid sequencers
- Other sequencer types
Agrigenomics Market Segmentation: By Applications Estimates & Trend Analysis
- Crops
- Livestock
Agrigenomics Market Segmentation: By Objective Estimates & Trend Analysis
- DNA extraction & purification
- DNA/RNA sequencing
- Genotyping
- Gene expression profiling
- Marker-assisted selection
- GMO/trait purity testing
- Other objectives
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