Animal Biotechnology Market to Grow with a CAGR of 9.33% through 2028
Advancements in genetic engineering and genomics and
the need for more sustainable and efficient agricultural practices are expected
to drive the Global Animal Biotechnology Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Animal
Biotechnology Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Animal Biotechnology Market
stood at USD 22.70 billion in 2022 and is anticipated to grow with a CAGR of 9.33%
in the forecast period, 2024-2028. This can be attributed to increasing
investments and research. Governments, research institutions, and private companies
are investing heavily in animal biotechnology research and development. This
investment is driving innovation and the commercialization of new technologies
and products, further expanding the market's growth potential.
Moreover, consumers are becoming more conscious of the
origin and production methods of animal-derived products. As a result, there
will be a growing demand for transparency and traceability in the supply chain,
which can be facilitated through biotechnology.
Key factors driving growth in this industry include
the increasing demand for genetically modified therapeutic proteins that offer
enhanced disease resistance, their applications in cancer treatment, and the
heightened focus on preventive care for pets. Other contributing factors to
industry expansion include the growing demand for animals in agriculture, meat
production, and animal-based products, increased awareness of animal health and
welfare, the expanding role of animals in pharmaceutical development for
humans, and the rising rate of animal adoption. Furthermore, the increasing
incidence of cancer in dogs is acting as a catalyst for industry growth.
According to the National Cancer Institute, nearly 6 million new cancer
diagnoses are made in dogs each year. The Veterinary Cancer Society has
projected that 1 in 4 dogs will develop cancer at some point, and nearly 50% of
dogs over the age of 10 will develop cancer. Another concerning trend is the
rising prevalence of obesity among pets globally. Excess weight is directly
linked to joint strain and osteoarthritis in dogs, impairing their mobility.
Petpedia.co reports that 30% of all dogs in the U.S. are obese. Therefore,
these trends, coupled with other factors, are expected to have a positive
impact on the market.
The COVID-19 pandemic has placed immense strain on
public health systems worldwide, emphasizing the need for sustainable
investments in healthcare systems. The pandemic compelled a widespread shift to
remote work, creating challenges for medium and small businesses, including
limitations on veterinary clinic visits due to restrictions. Moreover, in a
globally interconnected world heavily reliant on supply chain logistics, the
pandemic and related measures caused supply chain disruptions. For example, Romania
prohibited the export of animal feed to non-European Union countries, leading
to severe demand-supply imbalances in the animal feed sector. Additionally, the
consumption of fish and meat experienced a sharp decline worldwide,
consequently reducing the demand for feed additives and impacting market
growth.
Governments are increasingly implementing initiatives
and campaigns to promote animal health, which is expected to drive demand for
animal health biotechnology in the future. For instance, in January 2021, the
Canadian and Ontario governments allocated up to $4 million through the
Canadian Agricultural Partnership to provide farmers with improved access to
veterinary services when needed. Similarly, the TRPVB initiative, a
collaboration between the Department of Biotechnology in India and
TANUVAS-Chennai, aims to foster technology advancements in veterinary vaccines,
biologicals, and diagnostics through a coordinated approach.
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Advancements in immunology, molecular biology, and
genetic engineering have broadened the horizons of animal health biotechnology.
Breakthroughs in technologies like molecular markers, farm animal genome
sequencing, and other biotechnology applications offer new avenues for research
and modernization of the animal health industry. In December 2021, the Asian
Development Bank invested up to $10 million in Zenex Animal Health India
Private Limited to expand its manufacturing and distribution of high-quality animal
health products. This investment will support Zenex in maintenance, working
capital, and research and development of new products.
The growing emphasis on educating about animal genetic
testing is expected to further propel the market. For example, the Veterinary
Genetics Laboratory at the UC Davis School of Veterinary Medicine has launched
an improved website and introduced numerous new tests for the veterinary
community. Additionally, the rising incidence of zoonotic diseases is driving
demand for advanced diagnostic solutions. Brazil, with the second-largest
cattle inventory globally in 2021, has recently faced significant zoonotic disease
challenges, such as avian flu and bovine spongiform encephalopathy (BSE), which
have led to large-scale culling of birds and cattle.
The Global Animal Biotechnology Market is segmented
into product type, application, animal type, end-use, regional distribution,
and company.
Based on its animal type, the livestock sector
dominated the market in 2022, holding the largest share. Livestock is gaining
increasing importance in the agricultural development of developing nations.
The contributions of livestock to both agriculture and the gross domestic product
(GDP) have seen significant growth in various countries. The demand for
livestock products is closely linked to income levels across different regions
of the world. The expanding urban population, dietary changes, and shifts in lifestyle
are driving the growth of livestock production, consequently contributing to
the expansion of this segment. Moreover, government initiatives aimed at
promoting livestock vaccinations are fostering market growth.
For example, in June 2022, Indonesia initiated a
nationwide livestock vaccination program in response to a significant increase
in the number of cattle affected by foot and mouth disease, which exceeded
151,000 cases. Within the livestock segment, cattle held the largest share of
revenue in 2021. The United States, with approximately 93.8 million cattle and
calves as of 2020, plays a substantial role in this regard. On the other hand,
the companion animal category is expected to experience significant growth
during the forecast period, driven by the rising demand for effective pet care
and the strengthening of the bond between pets and their owners, owing to the
associated health benefits. Banfield Pet Hospital, in January 2021, reported a
substantial surge in pet ownership in the United States, providing further
support for the growth of this segment.
Based on end-use, the veterinary hospitals and clinics
category dominated the market in 2022, holding the largest share of revenue,
and is projected to maintain its leadership throughout the forecast period. The
presence of a diverse array of treatment and diagnostic options within
veterinary hospitals and clinics significantly contributes to the growth of
this segment. The rising incidence of zoonotic diseases, driven by factors like
globalization and climate changes, is expected to fuel the demand for diagnostic
procedures, thus promoting the growth of the point-of-care testing and in-house
testing segment in the upcoming years.
Conversely, the "others" category is poised
to experience the most rapid growth in the forecast period. Veterinary research
institutes and universities are anticipated to grow at an attractive rate
during this time frame. This growth can be attributed to the increasing
investment in research and development aimed at advancing diagnostic tools and
developing more effective vaccines and medications. Research institutes play a
pivotal role in the development of these diagnostic innovations.
Major companies operating in Global Animal
Biotechnology Market are:
- Zoetis Inc
- Boehringer Ingelheim GmbH
- Biogenesis Bago SA
- Merck & Co., Inc.
- Virbac SA
- Elanco LLC
- IDEXX Laboratories Inc
- Heska Corp
- Indian Immunologicals Ltd
- Hester Biosciences Limited
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“The global animal biotechnology market is poised for
a dynamic and transformative future. Emerging trends such as CRISPR-Cas9
technology, precision breeding, sustainability, and biopharmaceutical
production are set to shape the industry's trajectory. Ethical considerations,
regulatory frameworks, and consumer preferences will also play pivotal roles in
determining the direction of the market. As the world faces the challenges of
feeding a growing population and addressing environmental concerns, animal biotechnology
will continue to be a critical driver of innovation and progress in agriculture
and healthcare,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Animal Biotechnology Market By
Product Type (Diagnostics Tests, Vaccines, Drugs,
Reproductive and Genetic, Feed Additives), By Application (Diagnosis of Animal
Diseases, Treatment of Animal Diseases, Preventive Care of Animals, Drug
Development, Others), By Animal Type (Companion, Livestock), By End-use
(Laboratories, Point-of-care testing/In-house Testing, Veterinary Hospitals
& Clinics, Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Animal Biotechnology Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Animal
Biotechnology Market.
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