PUBLISHER: The Business Research Company | PRODUCT CODE: 1425225
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425225
Animal Biotechnology Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on animal biotechnology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for animal biotechnology? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The animal biotechnology market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Animal biotechnology involves the application of science and engineering techniques to modify living organisms for the benefit of humans and other animals. This field utilizes genetic engineering to modify the genome of animals, with applications ranging from pharmaceuticals and industrial processes to agriculture.
The main products of animal biotechnology include diagnostics tests, vaccines, drugs, reproductive and genetic technologies, as well as feed additives for animals such as companion and livestock. Diagnostics tests are a set of techniques used to diagnose diseases or conditions in organisms. Animal biotechnology is applied in various areas, including the diagnosis and treatment of animal diseases, preventive care, drug development, and other applications. These products are utilized in laboratories, point-of-care testing (in-house testing), veterinary hospitals and clinics, and other end-use settings.
The animal biotechnology market research report is one of a series of new reports from The Business Research Company that provides animal biotechnology market statistics, including animal biotechnology industry global market size, regional shares, competitors with an Critical infrastructure protection market share, detailed animal biotechnology market segments, market trends and opportunities, and any further data you may need to thrive in the animal biotechnology industry. This animal biotechnology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 expansion observed during the historical period in the field of animal biotechnology can be attributed to several factors. These include genetic improvement initiatives aimed at enhancing the traits of animals, resulting in increased agricultural productivity. Additionally, the development and application of vaccines and therapeutics have played a significant role in improving animal health. The focus on environmental sustainability has led to advancements in animal biotechnology to reduce environmental impact, and efforts have been made to enhance feed efficiency and nutritional content.
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 anticipated expansion during the forecast period can be ascribed to the advancement of disease-resistant strains, the scaling up of biopharmaceutical production, the rise of cell-based meat production, heightened global food security apprehensions, regulatory backing, and increased acceptance from both the public and consumers. Key trends expected in the forecast period encompass genome editing technologies, animal stem cell technology, the utilization of animals for biopharmaceutical production, biobanking, genetic resource preservation, the advent of crispr-based therapies, and a heightened focus on biosecurity and disease surveillance.
The increasing awareness and focus on animal health and welfare are expected to drive significant growth within the animal biotechnology market. This area concerns the responsible treatment of animals and emphasizes the application of biotechnology to enhance their productivity, reproductive quality, and overall welfare. By leveraging animal biotechnology, factors such as growth, nutrition, feed utilization, and food safety can be substantially improved, enabling more efficient resource utilization. For instance, in 2021, United States citizens spent approximately $123.6 billion on various pet-related products, including supplies, over-the-counter medicine, and veterinary care, highlighting the significant investment in animal welfare. Moreover, the Indian Department of Animal Husbandry and Dairying allocated a budget of INR 54,618 crores ($106.83 million) for the development of animal husbandry and dairying across the country over the next 5 years. These initiatives encompass programs focused on livestock health, disease control, dairy development, and more, contributing to the momentum behind the animal biotechnology market.
The expanding livestock population plays a crucial role in propelling the growth of the animal biotechnology sector. Livestock, encompassing domesticated animals raised for agricultural and economic purposes, provides a diverse pool for research and development endeavors within animal biotechnology. The increasing livestock numbers offer researchers a broader spectrum of species to explore, test, and develop new biotechnological solutions. For example, in the UK, there was a recorded rise of 0.3% in the cattle and calves population from 2021 to 2022, amounting to 9.6 million animals. This increase signifies the potential for research and innovation within the animal biotechnology domain, thereby influencing its growth positively.
Within the animal biotechnology market, product innovation stands as a significant trend. Key industry players are heavily invested in developing pioneering goods, such as the employment of virus-like particle (VLP) technology for vaccine development. For instance, in April 2022, Cadila Pharmaceuticals, an India-based multinational pharmaceutical company, introduced ThRabis, a three-dose rabies vaccine prepared using virus-like particle technology. Utilizing recombinant nanoparticle-based rabies G protein, ThRabis® is designed to generate antibodies that neutralize the rabies virus and impede its attachment to cells, thereby providing protection against rabies. This approach illustrates a safer and cost-effective vaccine development method that holds promise within the animal biotechnology realm.
Major companies in the animal biotechnology sector are investing in innovative technological solutions, such as the development of the Animal Biotech Resource Page, to bolster their market position. This resource page serves as a comprehensive public library gathering animal biotechnology resources obtained from global workshops. For instance, the International Service for the Acquisition of Agri-biotech Applications (ISAAA), a non-profit organization based in the United States, launched the Animal Biotech Resource Page in June 2023. This platform offers a wide array of materials, including presentation slides, podcasts, videos, and workshop content, covering the latest advancements in the sector and pertinent regulatory strategies. These global forums facilitate discussions and consensus-building on various subjects. The primary objective of the Animal Biotech Resource Page is to provide researchers, regulators, students, and key stakeholders within the animal biotech field with ongoing opportunities for learning and discourse. By fostering a deeper understanding of the technology, this initiative aims to maximize its benefits for both the environment and society.
Zoetis Inc., a US-based pharmaceutical company, made a strategic move in September 2023 by acquiring Adivo, a biotechnology company headquartered in Germany, for an undisclosed amount. This acquisition grants Zoetis access to state-of-the-art species-specific antibody libraries and advanced technological expertise. The integration of Adivo's resources positions Zoetis to develop a wide range of cutting-edge veterinary treatments. With the new capabilities from Adivo, Zoetis aims to address unmet needs in companion animals, particularly in areas like cancer treatment, inflammatory disorders, and others. This strategic acquisition further strengthens Zoetis's position in delivering innovative therapeutic antibodies, catering to the evolving demands of its clientele within the veterinary field.
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 Sante 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, Biogenesis Bago, Bioniche Life Sciences Inc., Bio-Rad Laboratories Inc., Biovet JSC, Bovogen Biologicals Pty Ltd.
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.
The countries covered in the animal biotechnology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The animal biotechnology market includes revenues earned by entities by using animal biotechnology for dogs, cats, horses, poultry, swine, cattle, sheep, goats and fish. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.