The main goal of bioengineering is to develop plants that are in some manner better than the commonly utilised plant breeds. Certain plants that have undergone genetic engineering are designed to fend off particular pests or illnesses. This implies that these plants have a higher likelihood of developing large, healthy leaves. Plants that have been bioengineered to be pest resistant allow farmers to use fewer pesticides and insecticides, which is advantageous because most farming uses these chemicals to protect plants. This benefits the environment, may be less expensive for the farmer, and frequently results in less expensive items for the consumer.
Companies must demonstrate that genetically Bioengineered Food is safe for consumers before they can market it. Companies must demonstrate to the FDA that their bioengineered food is equally as wholesome and safe as its non-engineered counterpart. This involves disclosing details on the kind of proteins produced by the novel gene or genes, the nutritional value, toxicological studies, and other details for FDA review. Bioengineered food labelling is optional and up to the company's discretion.
Critics of GM foods, on the other hand, have raised concerns about their safety for human consumption and the environment. They argue that not enough is known about the long-term health effects of consuming GM foods, and that the use of GM crops can have unintended consequences, such as the development of superweeds that are resistant to herbicides, or the harm of non-target organisms such as beneficial insects. They also raise concerns about the potential for Bioengineered Food crops to crossbreed with wild plants and create new, invasive species.
Factors such as the rising government funding and growth in the number of genomics projects, decreasing sequencing costs, growing application areas of genomics, and the entry of new players and start-ups in the genomics field are driving the growth of the genomics market during the forecast period.The report Genomics Market is projected to reach USD 35.7 billion by 2024 from USD 18.9 billion in 2019, at a CAGR of 13.5% during the forecast period.Ask for PDF Brochure:- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=613Market Segmentation:- Based on product & service, the genomics market is segmented into consumables, systems & software, and services.
In 2018, the consumables segment accounted for the largest share of this market majorly due to the repeated use of consumables for genomic experiments and the increasing number of research programs by academic institutes and non-profit organizations.By technology, the genomics market is segmented into sequencing, microarray, PCR (polymerase chain reaction), nucleic acid extraction and purification, and other technologies (such as branched DNA analysis, single-cell genomic analysis, and flow cytometry).Based on application, the genomics market is segmented into diagnostics, drug discovery and development, personalized medicine, agriculture and animal research, and other applications (such as forensics and biofuel research).Market Drivers: – 1 Rising Government Funding and Growth in the Number of Genomics Projects 2 Decreasing Sequencing Costs 3 Growing Application Areas of Genomics 4 Entry of New Players and Start-Ups in the Genomics MarketRegional Analysis:-In 2018, North America was the largest regional market for genomics.
The large share of North America in the global genomics market can be attributed to the increasing research funding and government initiatives for promoting precision medicine and the use of GM crops in the US.
The Asia Pacific market, on the other hand, is expected to register the highest CAGR during the forecast period.Request for sample Pages :-https://www.marketsandmarkets.com/requestsampleNew.asp?id=613 Top key Players:-Thermo Fisher Scientific, Inc. (US), Illumina, Inc. (US), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), Eurofins Scientific (Germany), BGI (China), GE Healthcare (US), Bio-Rad Laboratories, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), and Oxford Nanopore Technologies (UK) are the key players operating in the genomics market.
