Animal Biotechnology Market Set for 8.9% CAGR Surge, Reaching USD 57.9 Billion by 2032

Acumen Research and Consulting recently published report titled “Animal Biotechnology Market Forecast, 2023 – 2032”

LOS ANGELES, June 15, 2023 (GLOBE NEWSWIRE) — The Global Animal Biotechnology Market Size accounted for USD 24.8 Billion in 2022 and is estimated to achieve a market size of USD 57.9 Billion by 2032 growing at a CAGR of 8.9% from 2023 to 2032.

Animal Biotechnology Market Highlights and Stats:

• In 2022, the worldwide Animal Biotechnology market was valued at USD 24.8 Billion, and it is projected to expand to USD 57.9 Billion by 2032. The market is expected to experience a Compound Annual Growth Rate (CAGR) of 8.9% during this period.
• The major drivers of growth in the Animal Biotechnology market include the increasing use of biotechnology in various animal-related industries such as agriculture, veterinary medicine, and pharmaceuticals, as well as the rising demand for improved animal health and production.
• Some of the key players in the Animal Biotechnology market include Genus plc, Intrexon Corporation, Trans Ova Genetics, and Viagen Pets. These companies are actively involved in developing innovative biotechnological solutions for animal health and production.
• Animal biotechnology encompasses a wide range of applications, including genetic engineering, cloning, and reproductive technologies. These technologies have the potential to enhance animal breeding, disease resistance, and the production of valuable proteins.

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Animal Biotechnology Market Report Coverage:

Market	Animal Biotechnology Market
Animal Biotechnology Market Size 2022	USD 24.8 Billion
Animal Biotechnology Market Forecast 2032	USD 57.9 Billion
Animal Biotechnology Market CAGR During 2023 – 2032	8.9%
Animal Biotechnology Market Analysis Period	2020 – 2032
Animal Biotechnology Market Base Year	2022
Animal Biotechnology Market Forecast Data	2023 – 2032
Segments Covered	By Product Type, By Application, By Animal Type, By End-Use, And By Geography
Animal Biotechnology Market Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled	Biogénesis Bagó, Boehringer Ingelheim International GmbH, Elanco, Heska Corporation, HESTER BIOSCIENCES LIMITED, Idexx Laboratories, Indian Immunologicals Ltd., Kareo, Inc., Merck & Co., Inc., NXGN Management, LLC, Virbac, and Zoetis.
Report Coverage	Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Animal Biotechnology Market Analysis:

The Animal Biotechnology market has witnessed significant growth in recent years. This surge in the market can be attributed to the increasing adoption of biotechnological solutions in animal-related industries, including agriculture, veterinary medicine, and pharmaceuticals.

Animal biotechnology plays a crucial role in improving animal health and production. Genetic engineering techniques allow for the development of animals with desirable traits, such as disease resistance or increased productivity. Cloning and reproductive technologies enable the replication of superior animals, contributing to genetic preservation and breeding programs.

The market benefits from advancements in biotechnological tools and techniques, which have enhanced the efficiency and effectiveness of animal biotechnology applications. Furthermore, the increasing demand for animal-derived products, such as meat, milk, and eggs, has prompted the adoption of biotechnological solutions to improve animal health, productivity, and welfare.

Leading players in the Animal Biotechnology market include Genus plc, Intrexon Corporation, Trans Ova Genetics, and Viagen Pets. With the increasing demand for improved animal health and production, it is expected that the market will continue to grow, with new biotechnological applications emerging in the future.

Animal Biotechnology Market Trends:

Genetic engineering for disease resistance: Biotechnological techniques are being used to develop animals with enhanced disease resistance, reducing the need for antibiotics and improving animal welfare.

Precision breeding for improved productivity: Animal biotechnology allows for precise breeding strategies, enabling the selection of animals with desired traits for increased productivity, such as growth rate or milk yield.

Gene editing for genetic improvement: CRISPR-Cas9 technology and other gene editing tools are being utilized to make precise modifications in animal genomes, offering the potential for targeted genetic improvements.

Application of biopharmaceuticals in animal health: Biotechnological advancements have enabled the production of valuable proteins in animals, leading to the development of biopharmaceuticals for animal health and disease management.

Growth Dynamics in the Animal Biotechnology Market:

The growth of the Animal Biotechnology market is primarily driven by the need for improved animal health, production, and welfare. Biotechnological solutions offer opportunities to enhance animal genetics, disease resistance, and productivity, addressing the challenges faced by the animal-related industries.

Technological advancements in animal biotechnology, such as genetic engineering and cloning, have revolutionized breeding programs and disease management. These advancements have the potential to significantly impact animal health, food production, and sustainable agriculture.

The market also benefits from the increasing demand for animal-derived products and the growing emphasis on animal welfare. Biotechnological solutions that improve animal health and productivity contribute to the production of high-quality and sustainable animal products.

Furthermore, the adoption of animal biotechnology in veterinary medicine and pharmaceuticals is driven by the need for effective treatments and therapies for animal diseases. Biopharmaceuticals produced through animal biotechnology offer targeted and innovative solutions for veterinary healthcare.

The market growth is further supported by collaborations between academic research institutions, biotechnology companies, and animal-related industries. These partnerships facilitate knowledge exchange, technology transfer, and the development of novel biotechnological applications in animal health and production.

Animal Biotechnology Market: Reasons for Slowdown:

• The growth of the Animal Biotechnology market may face certain challenges and slowdowns.
• Firstly, regulatory frameworks and ethical considerations surrounding animal biotechnology can impose limitations on the development and commercialization of certain biotechnological products or applications.
• Secondly, public perception and concerns related to genetically modified animals and cloning may impact consumer acceptance and market demand for biotechnological products.
• Thirdly, the high costs associated with research, development, and implementation of animal biotechnology can pose barriers, particularly for smaller companies or regions with limited resources.
• Additionally, intellectual property rights and patent issues can influence market dynamics and competitiveness, potentially slowing down innovation and market growth.
• Furthermore, the complex and dynamic nature of the animal biotechnology field requires ongoing research, development, and adaptation to evolving scientific knowledge and technological advancements. The ability to stay at the forefront of biotechnological advancements can be challenging and resource-intensive for market players.

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Segmentation of the Market

By Product Type

• Drugs
• Vaccines
• Feed Additives
• Reproductive & Genetic
• Diagnostics Tests

By Application

• Treatment of Animal Diseases
• Diagnosis of Animal Diseases
• Drug Development
• Preventive Care of Animals
• Other

By Animal Type

• Livestock
• Companion

By End-Use

• Veterinary Hospitals and Clinics
• In-house Testing/Point-of-Care Testing
• Labs
• Other

Animal Biotechnology Market Regional Analysis

The North American region holds the largest market share worldwide in revenue terms, driven by the high adoption of animal biotechnology in agriculture, livestock production, and veterinary medicine. The region is home to several leading animal biotechnology companies and research institutions, contributing to market growth.

The Asia-Pacific region is experiencing rapid growth in the Animal Biotechnology market, fueled by the increasing demand for improved livestock genetics, disease management, and animal health products. The region’s large population, emerging economies, and agricultural practices drive the adoption of biotechnological solutions in animal-related industries.

Europe is a significant market for Animal Biotechnology, characterized by advanced agricultural practices, stringent regulations, and a focus on sustainable animal production. The region invests in research and development of innovative animal biotechnology applications to improve animal health and welfare.

The MEA and South American regional markets have a smaller market share but are expected to grow steadily, driven by the need to address agricultural challenges, improve livestock productivity, and enhance animal health and welfare.

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Key Players in the Animal Biotechnology Market

Genus plc, Zoetis Inc., Bayer AG (Animal Health Division), Merck & Co., Inc. (Animal Health Division), Boehringer Ingelheim International GmbH (Animal Health Division), Neogen Corporation, Thermo Fisher Scientific Inc. (Animal Health Division), Intervet Inc. (a subsidiary of MSD Animal Health, known as Merck Animal Health in the UnitedStates and Canada), Envigo and Trans Ova Genetics.

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