Animal Health Biotechnology
The Animal Health Biotechnology industry has experienced steady growth over the five years to 2019. Rising research and development (R&D) expenditure, which grew during the five-year period, has enabled companies to invest in and develop new products to support industry revenue. Industry growth was fueled by higher sales of animal health products for both companion animals and animals for consumption. In particular, increasing per capita beef, dairy and poultry consumption resulted in higher demand from agriculture producers. Consequently, growth in demand for industry products has caused revenue to increase due to a rise in the number of cats and dogs and an acceleration in R&D expenditure. Despite the large amount of revenue generated from livestock, revenue from companion animals such as cats and dogs has taken up a greater share of total revenue during the five-year period. Over the five years to 2024, accelerated growth in the number of pets, in addition to continued growth 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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