Overview and Scope
Animal biotechnology refers to the use of science and engineering techniques by which living organisms are modified to benefit humans and other animals. Animal biotechnology is used to modify the genome of animals, known as genetic engineering, to improve their suitability in pharmaceuticals, industrial, and agriculture applications.
Sizing and Forecast
The animal biotechnology market size has grown strongly in recent years. It will grow from $27.95 billion in 2023 to $30.58 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to genetic improvement, increased agricultural productivity, vaccines and therapeutics, environmental sustainability, feed efficiency, nutritional enhancement, reduced environmental impact..
The animal biotechnology market size is expected to see strong growth in the next few years. It will grow to $44.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to development of disease-resistant strains, biopharmaceutical production, cell-based meat production, global food security concerns, regulatory support, public and consumer acceptance.. Major trends in the forecast period include genome editing technologies, genome editing technologies, animal stem cell technology, biopharmaceutical production in animals, biobanking and genetic resource preservation, emergence of crispr-based therapies, biosecurity and disease surveillance..
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Segmentation & Regional Insights
The animal biotechnology market covered in this report is segmented –
1) By Product Type: Diagnostics Tests, Vaccines, Drugs, Reproductive And Genetic, Feed Additives
2) By Animal Type: Companion, Livestock
3) By Application: Diagnosis Of Animal Diseases, Treatment Of Animal Diseases, Preventive Care Of Animals, Drug Development, Other Applications
4) By End-Use: Laboratories, Point-Of-Care Testing/In-house Testing, Veterinary Hospitals And Clinics, Other End-Uses
North America was the largest region in the animal biotechnology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the animal biotechnology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing awareness regarding animal health and welfare is expected to propel the animal biotechnology market going forward. Animal health and welfare are concerned with how people interact with animals and their responsibility to ensure that the animals in their care are handled appropriately and compassionately. In animal health and welfare, animal biotechnology helps in improving animal productivity via increasing growth, reproduction quality, nutrition, feed utilization, food safety, and others for more efficient utilization of resources. For instance, according to American Pet Products Association (APPA), a US-based trade association in the pet industry, approximately $123.6 billion was spent on pet products by United States citizens in 2021 and products include supplies, OTC medicine, veterinary care, and others. Additionally, in July 2021, the Department of Animal Husbandry and Dairying, the India-based official department for livestock, allocated a budget of INR 54,618 crores ($106.83 million) for the development of animal husbandry and dairying across the country for the next 5 years. The schemes include livestock health and disease control, the national program for dairy development, national livestock mission, and others. Therefore, the growing awareness regarding animal health and welfare is driving the growth of the animal biotechnology market.
Key Industry Players
Major companies operating in the animal biotechnology market report are Zoetis Inc., Boehringer Ingelheim International GmbH, Biogenesis Bago SA, Merck & Co Inc., Virbac, Elanco Animal Health Incorporated, Randox Laboratories Ltd., Santa Cruz Biotechnology Inc., IDEXX Laboratories Inc., IDVet, Heska Corporation, INDICAL BIOSCIENCE GmbH, BioChek BV, Ceva Santé Animale, Dalan Animal Health, Vetigenics, Vetoquinol S.A., Neogen Corporation, AniCura AB, VCA Inc., Abaxis Inc., Henry Schein Animal Health, Patterson Companies Inc., Covetrus Inc., Phibro Animal Health Corporation, Novartis Animal Health, Bayer AG, Biogénesis Bagó, Bioniche Life Sciences Inc., Bio-Rad Laboratories Inc., Biovet JSC, Bovogen Biologicals Pty Ltd.
The animal biotechnology market report table of contents includes:
1. Executive Summary
- Animal Biotechnology Market Characteristics
- Animal Biotechnology Market Trends And Strategies
- Animal Biotechnology Market – Macro Economic Scenario
- Global Animal Biotechnology Market Size and Growth
. - Global Animal Biotechnology Market Competitive Benchmarking
- Global Animal Biotechnology Market Competitive Dashboard
- Key Mergers And Acquisitions In The Animal Biotechnology Market
- Animal Biotechnology Market Future Outlook and Potential Analysis
- Appendix
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