by Animal biotechnology is a rapidly growing field that uses living organisms and biological processes to develop or modify products and processes for specific use. Products of animal biotechnology include transgenic animals that are used to produce pharmaceutical and industrial compounds, genetically engineered livestock that are disease resistant and have enhanced growth rates, genetically modified animals for basic and applied research, and diagnostic tests for animal disease detection and identification. The global animal biotechnology market is rapidly expanding due to advancements in animal healthcare including new vaccines, testing kits, and genetically engineered livestock. With rising concern for animal safety and productivity, the demand for animal biotechnology solutions is growing.
The global Animal Biotechnology Market is estimated to be valued at US$ 27.39 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the animal biotechnology market size is the development of transgenic livestock for enhanced milk production. Genetic modification is being used to develop dairy cows and goats that produce more milk and also have improved nutritional profiles. By incorporating genes from other species, biotechnologists are engineering animals with superior milking abilities and milk composition. For instance, researchers have developed transgenic cows that produce milk with higher levels of proteins through genetic modifications. Such advancements are expected to boost milk production globally and meet the growing demand for dairy products, driving the animal biotechnology market.
Porter’s Analysis
Threat of new entrants: The global animal biotechnology market has moderate threat of new entrants due to stringent regulatory policies and high initial investment costs involved in R&D activities.
Bargaining power of buyers: Buyers have low bargaining power due to availability of a wide range of pharmaceuticals and healthcare products produced using biotechnology.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and dependence on few suppliers for specialty biological materials and chemicals.
Threat of new substitutes: Threat of new substitutes is low as animal biotechnology provides unique products and services for healthcare.
Competitive rivalry: The market experiences high competitive rivalry due to presence of many global players.
Key Takeaways
The global animal biotechnology market is expected to witness high growth. Regional analysis comprises
Regional analysis: North America dominates the global animal biotechnology market due to growing expenditure on animal health. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising awareness regarding animal health.
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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
