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Global Animal Biotechnology Market Growth Prospects, Future Industry Landscape 2033 | Zoetis Inc., Boehringer Ingelheim International GmbH, Biogenesis Bago SA, Merck & Co Inc.
Animal Biotechnology Global Market Report 2024
As per the report, 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 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%.
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Elevating Animal Health And Welfare Fueling Growth In The Animal Biotechnology Market
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.
Virus-Like Particle Technology Revolutionizing The Animal Biotechnology Market
Product innovation is a key trend in the animal biotechnology market. 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. ThRabis® consists of recombinant nanoparticle-based rabies G protein that generates antibodies against rabies G protein that neutralize the virus and impedes virus attachment to the cell to achieve protection against rabies.
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
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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.
Contents of the report:
1. Executive Summary
2. Animal Biotechnology Market Report Structure
3. Animal Biotechnology Market Trends And Strategies
4. Animal Biotechnology Market - Macro Economic Scenario
5. Animal Biotechnology Market Size And Growth
…..
27. Animal Biotechnology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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