May 22, 2024
Global Animal Biotechnology Market

Animal Biotechnology Market Is Paving The Way For Revolutionary Advancements In Veterinary Medicine

Animal biotechnology involves the application of biotechnology techniques such as genetic engineering, reproductive, therapeutic and diagnostic technologies on animals to enhance production and growth efficiency. These technologies are enhancing disease diagnosis and vaccine development capabilities. Animal biotechnology products help prevent and treat various animal diseases while increasing livestock productivity and production.

The global animal biotechnology market is estimated to be valued at US$ 25.15 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the global animal biotechnology market are Heska Corporation, Indian Immunologicals Ltd., HESTER BIOSCIENCES LIMITED, Zoetis Inc., Boehringer Ingelheim International GmbH, Biogénesis Bagó, Merck & Co., Inc., Virbac, Elanco, Cadila Pharma, Thermo Fisher Scientific Inc., Idexx Laboratories, Randox Laboratories Ltd., Gold Standard Diagnostics., Bionote USA Inc., Meiji Holdings Co., Ltd., Kemin Industries, Inc., and Pfizer Inc.

Growing demand for animal-derived food products is driving the need for Global Animal Biotechnology Market Share that improve production efficiency of livestock and optimize quality of animal food products. Advances in reproductive and transgenic technologies are helping breed high yield dairy cows and disease resistant poultry strains to meet the rising global meat consumption.

The animal biotechnology market is expanding globally led by increasing adoption in major markets across North America, Europe, Asia Pacific and Latin America. Livestock farming is gaining traction in developing nations to fulfill the growing protein demand of large populations. This is increasing uptake of diagnostic tools, vaccines and growth hormones in regions like China, Brazil and India.

Market Key Trends

Precision animal biotechnologies focused on gene editing are gaining prominence. CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats)-Cas9 genome editing technique is enabling creation of disease resistant, climate adaptive and high milk yielding cattle genotypes. This is revolutionizing traditional animal breeding and is expected to transform livestock farming globally over the coming decade.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as biotechnology and animal biotechnology require heavy investments in R&D. Bargaining power of buyers: Large buyers in segments like veterinary diagnostics and drugs have significant bargaining power. Bargaining power of suppliers: Suppliers of raw materials and inputs have moderate bargaining power due to concentrated supply for products like pharmaceutical grade reagents. Threat of new substitutes: Threat of substitutes is moderate as new technologies can disrupt existing solutions. Competitive rivalry: Intense competition exists among major players to gain market share through new product launches and strategic expansions.

Geographical Regions

North America dominates the global animal biotechnology market in terms of value owing to high adoption of advanced animal healthcare services in countries like the US. The animal biotechnology market in Asia Pacific is poised to witness the fastest growth during the forecast period due to rising income levels, increasing awareness about animal health, and growth in the veterinary healthcare industry in emerging countries such as India and China.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.