Press release
Animal Biotechnology Market 2023 - By Industry Demand, Sales, Growth Rate, Key Application, Future Trends And Outlook By 2032
Animal Biotechnology Market
The Business Research Company's Animal Biotechnology Global Market Report 2023 identifies growing awareness regarding animal health and welfare as the major driver for the Animal Biotechnology market's growth in the forecast period. 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.
The global animal biotechnology market size is expected to grow from $25.53 billion in 2022 to $27.67 billion in 2023 at a compound annual growth rate (CAGR) of 8.40%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The animal biotechnology market size is expected to reach $38.32 billion in 2027 at a CAGR of 8.48%.
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Major competitors in the Animal Biotechnology market are Zoetis Inc., Boehringer Ingelheim International GmbH, Biogenesis Bago SA, Merck & Co., Inc., Virbac, Elanco Animal Health Incorporated, IDEXX Laboratories Inc.
A key trend in the Animal Biotechnology market includes product innovation. Major market players are focusing their efforts on developing novel goods like virus-like particle (VLP) technology for vaccine development. For instance, in April 2022, Cadila Pharmaceuticals, an India-based multinational pharmaceutical company, introduced a three-dose rabies vaccine prepared using virus-like particle technology for rabies known as ThRabis®. Virus-like particles (VLPs) refer to a vaccine-developing technique that uses multiprotein structures to mimic the form and size of a virus particle but lacks the viral genome that potentially yields safer and cheaper vaccine candidates.
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https://www.thebusinessresearchcompany.com/report/animal-biotechnology-global-market-report
The Animal Biotechnology market is segmented -
• By Product Type: Diagnostics Tests, Vaccines, Drugs, Reproductive And Genetic, Feed Additives
• By Animal Type: Companion, Livestock
• By Application: Diagnosis Of Animal Diseases, Treatment Of Animal Diseases, Preventive Care Of Animals, Drug Development, Other Applications
• By End-Use: Laboratories, Point-Of-Care Testing/In-house Testing, Veterinary Hospitals And Clinics, Other End-Uses
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Animal Biotechnology market.
The Business Research Company's "Global Animal Biotechnology Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Animal Biotechnology Market Include:
1. Executive Summary
2. Animal Biotechnology Market Characteristics
3. Animal Biotechnology Market Trends And Strategies
4. Animal Biotechnology Market - Macro Economic Scenario
5. Animal Biotechnology Market Size And Growth
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26. Africa Animal Biotechnology Market
27. Animal Biotechnology Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Animal Biotechnology Market
29. Animal Biotechnology Market Future Outlook and Potential Analysis
30. Appendix
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