Major players in the animal biotechnology market are Zoetis Inc., Boehringer Ingelheim International GmbH, Biogenesis Bago SA, Merck & Co Inc., Virbac, Elanco Animal Health Incorporated, IDEXX Laboratories Inc.
New York, April 26, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Animal Biotechnology Global Market Report 2023” – https://www.reportlinker.com/p06451051/?utm_source=GNW
, Heska Corporation, Bayer AG, Pfizer Inc., Sanofi S A, Santa Cruz Biotechnology Inc., Indian Immunologicals Limited, Hester Biosciences Limited, Intervet Inc., Idvet, Abbott Laboratories, Genus PLC., Ivaoes Animal Health, and Novartis AG.
The global animal biotechnology market is expected to grow from $25.53 billion in 2022 to $27.67 billion in 2023 at a compound annual growth rate (CAGR) of 8.40%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The animal biotechnology market is expected to reach $38.32 billion in 2027 at a CAGR of 8.48%.
The animal biotechnology market includes revenues earned by entities by using animal biotechnology for dogs, cats, horses, poultry, swine, cattle, sheep, goats and fish.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Animal biotechnology refers to the use of science and engineering techniques by which living organisms are modified to benefit humans and other animals. The animal biotechnology is used to modify the genome of animals, known as genetic engineering, to improve their suitability in pharmaceuticals, industrial, and agriculture applications.
North America was the largest region in the animal biotechnology market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the animal biotechnology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main type of product of animal biotechnology include diagnostics tests, vaccines, drugs, reproductive and genetic and feed additives that are animals such as companion and livestock.Diagnostics tests refer to a set of techniques that are used to diagnose a disease or condition of organisms.
Animal biotechnology is applied in diagnosis of animal diseases, treatment of animal diseases, preventive care of animals, drug development and other applications and used in laboratories, point-of-care testing/in-house testing, veterinary hospitals & clinics and other end-use.
The growing awareness regarding animal health and welfare is expected to propel the animal biotechnology market going forward.Animal health and welfare are concerned with how people interact with animals and their responsibility to ensure that the animals in their care are handled appropriately and compassionately.
In animal health and welfare, animal biotechnology helps in improving animal productivity via increasing growth, reproduction quality, nutrition, feed utilization, food safety, and others for more efficient utilization of resources. For instance, according to American Pet Products Association (APPA), a US-based trade association in the pet industry, approximately $123.6 billion was spent on pet products by United States citizens in 2021 and products include supplies, OTC Medicine, veterinary care, and others. Additionally, in July 2021, the Department of Animal Husbandry and Dairying, the India-based official department for livestock, allocated a budget of INR 54,618 crores ($106.83 million) for the development of animal husbandry and dairying across the country for the next 5 years. The schemes include livestock health and disease control, the national program for dairy development, national livestock mission, and others. Therefore, the growing awareness regarding animal health and welfare is driving the growth of the animal biotechnology market.
Product innovation is a key trend in the animal biotechnology market.Major market players are focussing their efforts on developing novel goods like virus-like particle (VLP) technology for vaccine development.
For instance, in April 2022, Cadila Pharmaceuticals, an India-based multinational pharmaceutical company, introduced a three-dose rabies vaccine prepared using virus-like particle technology for rabies known as ThRabis®.Virus-like particles (VLPs) refer to a vaccine-developing technique that uses multiprotein structures to mimic the form and size of a virus particle but lacks the viral genome that potentially yields safer and cheaper vaccine candidates.
ThRabis® consists of recombinant nanoparticle-based rabies G protein that generates antibodies against rabies G protein that neutralize the virus and impedes virus attachment to the cell to achieve protection against rabies.
In January 2020, Heska Corporation, a US-based company operating in veterinary and animal health diagnostic products acquired Scil animal care company GmbH for $125 million.Through this acquisition, Heska corporation aims to strengthen its product portfolio in animal biotechnology and its position in veterinary point of care laboratory and imaging diagnostics.
Scil animal care company GmbH is an US-based company operating in animal biotechnology.
The countries covered in the Animal Biotechnology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The animal biotechnology market research report is one of a series of new reports that provides animal biotechnology market statistics, including animal biotechnology industry global market size, regional shares, competitors with an Critical infrastructure protection market share, detailed animal biotechnology market segments, market trends and opportunities, and any further data you may need to thrive in the animal biotechnology industry. This animal biotechnology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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