Covina, Aug. 29, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global animal biotechnology market size and share value is projected to grow from USD 28.36 Billion in 2024. It is forecasted to reach USD 64.75 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 9.5% during the forecast period (2024 - 2034).
Animal Biotechnology Market Report Overview
Animal Biotechnology refers to using scientific techniques and technologies to modify, enhance, and utilize animals for various purposes, including research, agriculture, and medicine. This field encompasses a wide range of applications, from genetic modification and cloning to the development of animal-derived products and vaccines.
Creating genetically modified animals to enhance desirable traits such as disease resistance, improved growth rates, or better nutritional profiles. Producing genetically identical animals for research or agricultural purposes.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Animal Biotechnology Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Zoetis, Inc.
- Merck Animal Health
- Elanco Animal Health Incorporated
- Boehringer Ingelheim Animal Health
- Cargill Animal Nutrition
- BASF SE
- Syngenta AG
- Thermo Fisher Scientific Inc.
- Genus PLC
- Neogen Corporation
- Alltech Inc.
- IDEXX Laboratories Inc.
- Aratana Therapeutics Inc.
- Animal Genetics Inc.
- Kemin Industries Inc.
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Analyst View:
The growth of animal biotechnology is driven by the need for more efficient agricultural practices, advancements in medical research, and the development of new biotechnological innovations that can benefit both humans and animals.
Market Dynamics:
Drivers:
Growing Demand for Sustainable Agriculture
- The need for sustainable agricultural practices is another major driver of the animal biotechnology market. As the global population continues to grow there is an increasing demand for more efficient and productive agricultural systems. Animal biotechnology offers solutions to address these challenges by enhancing the productivity and resilience of livestock.
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Market Trends:
Focus on Animal Health and Welfare
- Improving animal health and welfare is a key driver in the target market. Advances in biotechnology are being used to develop new vaccines, diagnostics, and treatments for animal diseases. This not only helps improve the health and well-being of animals but also contributes to food safety and public health.
Segmentation:
Animal Biotechnology Market is segmented based on Product Type, Application, Animal Type, End-User, and Region.
Product Type Insights
- This industry includes the following: Diagnostics Tests, Vaccines, Drugs, Reproductive and Genetic, and Feed Additives. The market growth for diagnostics tests is anticipated to be dominant as Diagnostics tests are crucial for early disease detection, which allows for timely intervention and prevention measures.
Application Insights
- Diagnosis of animal diseases is anticipated to boost the growth of the target market as the growing prevalence of animal diseases, including infectious diseases, zoonotic diseases, and chronic conditions, drives the demand for advanced diagnostic solutions.
Animal Type Insights
- Livestock is anticipated to boost the growth for the target market as the livestock segment benefits from substantial research funding and supportive regulatory environments aimed at advancing agricultural biotechnologies. Both public and private sectors make significant investments in research to create cutting-edge livestock management techniques. By accelerating the development and use of biotechnology applications, this support elevates the livestock industry to a leadership position in the target market.
End-User Insights
- Veterinary hospitals & clinics is anticipated to boost the growth of the target market as the emphasis on preventive healthcare in veterinary medicine is also contributing to the dominance of this segment. Veterinary hospitals and clinics are increasingly adopting biotechnological approaches to prevent disease outbreaks, monitor animal health proactively, and implement early intervention strategies.
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Recent Development:
- In June 2023, ISAAA, in partnership with the US Department of Agriculture (USDA) Virginia Polytechnic Institute and State University (Virginia Tech), released the Animal Biotechnology Resource. It serves as a public repository of information materials on animal biotechnology sourced from international workshops organized by ISAAA, USDA, Virginia Tech, and partners. The animal biotech resources include workshop proceedings, videos, podcasts, and presentation slides tackling the latest developments in the field as well as the regulatory approaches for consideration.
Regional Insights
- North America: The market in North America is characterized by a high adoption rate of advanced biotechnological solutions, including genetic engineering, molecular diagnostics, and biopharmaceuticals.
- Asia Pacific: A growing trend in veterinary care is the application of biotechnological breakthroughs, including as genetic testing, vaccinations, and diagnostics, throughout this region. The region's expanding veterinary infrastructure and increasing awareness of advanced animal health solutions are key factors driving market growth.
Browse Detail Report on "Animal Biotechnology Market Size, Share, 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-user (Laboratories, Point-of-Care Testing/In-house Testing, Veterinary Hospitals & Clinics, Others), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/animal-biotechnology-market-5588
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