Animal Health Biotechnology
The Animal Health Biotechnology industry has experienced steady growth over the five years to 2018. Rising research and development (R&D) expenditure, which grew at an annualized rate of 2.6% during the five-year period, has enabled companies to invest in and develop new products to support industry growth. Over the five years to 2023, IBISWorld expects revenue growth to remain strong and increase at an annualized rate of 1.4% to $8.7 billion. Accelerated growth in the number of pets, in addition to continued rises in per capita disposable income and shifting attitudes toward pets, will boost demand for industry products for companion animals and lead to a slight increase in profit.
The Animal Health Biotechnology industry researches, develops, tests and distributes therapeutic drugs, diagnostic tools and preventive products for livestock and companion animals. Drugs that are not developed using biological materials or processes are not included in this industry. In addition, companies provide tools that aim to improve farm animal breeding programs.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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