Burlingame, March 12, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, Global Animal Biotechnology Market, By Product Type (Diagnostics Tests, Vaccines, Drugs, Reproductive and Genetic, Feed Additives, Others), By Application (Diagnosis of Animal Diseases, Treatment of Animal Diseases, Preventive Care of Animals, Drug Development, Others), By Animal Type (Companion, Livestock), By End User (Veterinary Laboratories, Point-of-Care Testing/In-house Testing, Veterinary Hospitals & Clinics, Others), and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030. According to the report, the global animal biotechnology market was valued at US$ 25.15 Bn in 2023 and is expected to reach US$ 45.70 Bn by 2030, growing at a compound annual growth rate (CAGR) of 8.9% from 2023 to 2030.
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Market Dynamics
The growth of the animal biotechnology market can be attributed to the increasing demand for genetically modified animals for various purposes such as research, pharmaceutical production, and food production. Additionally, advancements in biotechnology techniques have enabled the development of new and improved animal biotechnology products, further driving market growth.
Global Animal Biotechnology Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $25.15 billion |
| Estimated Value by 2030 | $45.70 billion |
| Growth Rate | Poised to grow at a CAGR of 8.9% |
| Historical Data | 2018–2021 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Application, By Animal Type, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increasing Demand for Animal Protein • Advancements in Veterinary Care • Advancements in Genetic Engineering Enable Tailored Breeding Traits |
| Restraints & Challenges | • Ethical Concerns Hamper Commercialization of Transgenic Animals • High Development Costs Pose Challenge for Small Players |
Market Trends
One of the key trends in the animal biotechnology market is the growing use of gene editing technologies such as CRISPR-Cas9 to develop genetically modified animals with desired traits. This has facilitated the production of animals with enhanced disease resistance, improved meat quality, and increased productivity.
Another trend in the market is the increasing focus on animal cloning for the conservation of endangered species and the production of genetically uniform livestock. This trend is expected to drive market growth as the demand for rare and valuable animal species continues to rise.
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Opportunities:
The animal biotechnology market offers a lucrative opportunity in the segment of diagnostics tests. With the increasing prevalence of diseases among animals, there is a rising demand for accurate and efficient diagnostic tools. Diagnostics tests are crucial in identifying various illnesses and conditions in animals, which is essential for timely treatment and preventive care. As a result, this segment is expected to dominate the market in the forecast period. The advancements in diagnostic technologies, such as PCR and ELISA, are driving the growth of this segment. Additionally, the growing awareness among pet owners and veterinarians regarding the importance of early diagnosis further propels the demand for diagnostic tests in the animal biotechnology market.
Another promising market opportunity in the animal biotechnology sector lies in the application of animal biotechnology for the diagnosis of animal diseases. With the increasing focus on animal health and welfare, there is a growing need for effective diagnostic methods to detect and treat various diseases in animals. The diagnosis of animal diseases is critical in ensuring the well-being of animals and preventing the spread of infections. This segment is expected to witness significant growth in the coming years, driven by the increasing investments in research and development activities aimed at developing advanced diagnostic techniques for animal diseases. Moreover, the rising adoption of companion animals and livestock for various purposes further fuels the demand for diagnostic tools in animal biotechnology.
Recent Developments:
On November 20, 2023, the U.S. Food and Drug Administration (FDA) had approved a number of animal drugs including those that treat Giardia duodenalis in dogs and bacterial enteritis in replacement beef and dairy heifers
Ayradia for dogs, on October 11, 2023, the U.S. FDA approved Ayradia, a metronidazole oral suspension, for the treatment of Giardia duodenalis infection in dogs. Ayradia is the first U.S. FDA-approved animal drug for treating Giardia duodenalis infections (Manufactured by Virbac AH, Inc. an animal health pharmaceutical company).
Aivlosin for female swine: On October 13, 2023 the U.S. FDA approved Aivlosin Water Soluble Granules (WSG) - 62.5% w/w tylvalosin as tylvalosin tartrate - for female swine intended for breeding such as replacement gilts, gestating replacement gilts, gestating sows, lactating sows, and weaned sows
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Key Market Takeaways:
Animal Biotechnology is anticipated to witness a CAGR of 8.9% during the forecast period 2023-2030, owing to the increasing prevalence of animal diseases and the growing focus on animal health and welfare.
On the basis of product type, the diagnostics tests segment is expected to hold a dominant position, owing to the rising demand for accurate diagnostic tools and advancements in diagnostic technologies.
In terms of applications, the diagnosis of animal diseases segment is expected to lead the market, driven by the growing need for effective diagnostic methods in animal biotechnology.
Veterinary laboratories are expected to be the dominating end user segment, as they play a crucial role in the diagnosis and treatment of animal diseases.
North America is expected to hold a dominant position in the market, owing to the presence of key players and the high adoption of animal biotechnology in the region.
Key players operating in the Animal Biotechnology market include Heska Corporation, Indian Immunologicals Ltd., HESTER BIOSCIENCES LIMITED, Zoetis Inc., among others. The market is highly competitive, with key players focusing on research and development activities to introduce innovative products and expand their market presence.
Read complete market research report, " Global Animal Biotechnology Market, By Product Type, By Application, By Animal Type, By End, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Market Segmentation:
By Product Type:
- Diagnostics Tests
- Vaccines
- Drugs
- Reproductive and Genetic
- Feed Additives
- Others
By Route of Application:
- Diagnosis of Animal Diseases
- Treatment of Animal Diseases
- Preventive Care of Animals
- Drug Development
- Others
By Animal Type:
- Companion
- Dogs
- Cats
- Horses
- Others
- Livestock
- Poultry
- Swine
- Cattle
- Sheep & Goats
- Others
By End User:
- Veterinary Laboratories
- Point-of-Care Testing/In-house Testing
- Veterinary Hospitals & Clinics
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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