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Soaring Growth and Emerging Trends in the Animal Biotechnology Market-$32.97 billion Estimated by 2025
Animal Biotechnology Market
What Is The Projected Market Size Of The Global Animal Biotechnology Market And Its Growth Rate?
• The market size of Animal Biotechnology has witnessed strong growth in the recent past. It is expected to go up from $30.33 billion in 2024 to $32.97 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.7%.
• Continued growth in the upcoming years is anticipated, with the market reaching up to $48.68 billion in 2029, at a CAGR of 10.2%.
• The primary growth drivers during the historic period have been genetic improvement, increased agricultural productivity, vaccines and therapeutics, environmental sustainability, feed efficiency, and nutritional enhancement.
• In the forecast period, development of disease-resistant strains, biopharmaceutical production, cell-based meat production, global food security concerns, regulatory support, and public and consumer acceptance are expected to drive the growth.
What Is Driving The Growth In The Animal Biotechnology Market?
The Animal Biotechnology market sees major growth potential due to the rising awareness concerning animal health and welfare. Animal biotechnology plays a significant role in enhancing animal productivity by improving growth, reproductive quality, nutrition, and feed utilization. It also contributes to food safety and efficient use of resources. A recent initiative worth mentioning is the May 2023 campaign of the Humane Society, ""More Than a Pet,"" targeting improved animal welfare in the low-resource areas by promoting equitable access to veterinary care. With such ventures, the market is set for significant future expansion.
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Who Are the Key Players Driving Animal Biotechnology Market Growth?
• 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
• Abaxis Inc.
• Henry Schein Animal Health
• Patterson Companies Inc.
• Covetrus Inc.
• Phibro Animal Health Corporation
• Novartis Animal Health
• Bayer AG
• Bioniche Life Sciences Inc.
• Bio-Rad Laboratories Inc.
• Biovet JSC
• Bovogen Biologicals Pty Ltd.
What Are The Key Trends In The Animal Biotechnology Market?
Key trends observed in the Animal Biotechnology market include:
• use of 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
What Are The Segments Of The Global Animal Biotechnology Market?
The Animal Biotechnology market can be segmented by:
• Product Type - Diagnostics Tests, Vaccines, Drugs, Reproductive And Genetic, Feed Additives
• Animal Type - Companion, Livestock
• Application - Diagnosis Of Animal Diseases, Treatment Of Animal Diseases, Preventive Care Of Animals, Drug Development, Other Applications
• End-Use - Laboratories, Point-Of-Care Testing Or In-house Testing, Veterinary Hospitals And Clinics, Other End-Uses
Which Region Leads The Animal Biotechnology Market?
With the largest share in the Animal Biotechnology market in 2024, North America dominates the market. However, the fastest-growing region is expected to be Asia-Pacific during the forecast period. The report covers the following regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Animal Biotechnology Market Global Market Report?
- Market Size Analysis: Analyze the Animal Biotechnology Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Animal Biotechnology Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Animal Biotechnology Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Animal Biotechnology Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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