Animal Biotechnology Market - Growth, Trends, and Forecast (2020 - 2025)
A significant rise in focus toward cloning and transgenic animals is expected to propel the market growth. The Annual Statistics of Scientific Procedures on Living Animals Great Britain 2017, published by the UK Government, states that in 2017, 3.79 million procedures were carried out in the United Kingdom involving living animals, out of which, 1.89 million were carried out for experimental purposes, and 1.90 million were counted under the breeding of genetically altered animals. As per the report published by the US Food and Drug Administration (FDA), in 2017, scientists have successfully cloned many livestock species, such as cattle, swine, sheep, and goats. Globally, animal cloning has gained popularity and acceptance, as a method to produce genetically identical animals, which is expected to fuel the market growth.
In addition to the aforementioned factor, increasing R&D activities by major market players, and the rising regulatory approvals are expected to propel the market growth over the forecast period.
Key Market Trends
Vaccines Segment is Expected to Show Better Growth over the Forecast Period
Based on Product Type, it is segmented into Diagnostic Tests, Reproductive & Genetic Products, Vaccines, and Drugs. The growth of the vaccine segment is mainly attributed to the rising burden of animal diseases. These diseases are naturally transmitted from animals to humans, due to the consumption of contaminated food and water or by direct contact with infected animals or humans. Vaccination is an effective way to reduce disease burden in animals and plays an important role in preventive health and disease control. According to Veterinary Cancer Society estimates, every year more than 6 million cats and dogs are diagnosed with cancer in the United States. Moreover, the increasing demand for meat and animal-based products, rising pet adoption and increasing awareness regarding animal health are expected to fuel the growth of the vaccine segment over the forecast period.
North America is Expected to Dominate the Animal Biotechnology Market
North America is expected to dominate the animal biotechnology market over the forecast period, owing to the factors, such as the increasing animal meat consumption, growing prevalence of various animal diseases, and the rising animal healthcare expenditure. The data published by the American Pet Products Association, in 2018, states that the total pet healthcare expenditure has been estimated to be USD 72.13 billion, while that in 2017 was found to be USD 69.51 billion. In addition, the growing awareness about animal health among the pet owners, rising government initiatives, and rise in product innovation (such as new vaccine launches) are some other factors propelling the growth of the animal biotechnology market in North America.
The global players into the animal biotechnology market are Bayer AG, Biogenesis Bago, Boehringer Ingelheim GmbH, Ivaoes, LLC, Merck & Co.,Inc., Pfizer Inc., Santa Cruz Biotechnology, Inc., Virbac and Zoetis Inc.
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