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What is the Expected Growth Rate of the Animal Biotechnology Market for the Period 2024 to 2033?

The animal biotechnology market is expected to grow from $27.95 billion in 2023 to $30.58 billion in 2024, at a CAGR of 9.4%, fueled by genetic improvements, vaccines, and environmental sustainability.

The animal biotechnology market is expected to grow to $44.51 billion in 2028 at a CAGR of 9.8%. The growth is attributed to disease-resistant strains, biopharmaceutical production, cell-based meat, food security, regulatory support, and consumer acceptance. Trends include genome editing, stem cell technology, biopharmaceutical production, biobanking, CRISPR-based therapies, and disease surveillance.

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What Factors Are Responsible for the Growth of the animal biotechnology Market?

The animal biotechnology market is witnessing robust growth, driven by increasing awareness regarding animal health and welfare. As societies recognize the importance of responsible animal care, there’s a growing emphasis on leveraging biotechnological advancements to enhance animal health and productivity. This burgeoning awareness is reflected in significant spending on pet products in markets like the United States, underscoring the societal commitment to animal welfare. Additionally, government initiatives such as those by the Department of Animal Husbandry and Dairying in India further bolster the adoption of animal biotechnology for livestock development. As stakeholders prioritize animal welfare and seek innovative solutions to improve productivity, the animal biotechnology market is poised for substantial expansion. With a market size of X in 2023, it is projected to reach Y by 2028.

Which Segments Are Important for Insight into the Animal Biotechnology Market?

1) By Product Type: Diagnostics Tests, Vaccines, Drugs, Reproductive And Genetic, Feed Additives

2) By Animal Type: Companion, Livestock

3) By Application: Diagnosis Of Animal Diseases, Treatment Of Animal Diseases, Preventive Care Of Animals, Drug Development, Other Applications

4) By End-Use: Laboratories, Point-Of-Care Testing/In-house Testing, Veterinary Hospitals And Clinics, Other End-Uses

What Are the Significant Trends Reshaping the 50 Sector?

Product innovation is a major trend in the animal biotechnology market, with leading companies focusing on developing novel products like virus-like particle (VLP) technology for vaccines. For example, in April 2022, Cadila Pharmaceuticals, an Indian multinational pharmaceutical company, launched ThRabis®, a three-dose rabies vaccine utilizing VLP technology. VLPs use multiprotein structures that mimic the shape and size of a virus particle without containing the viral genome, offering safer and more affordable vaccine options. ThRabis® uses recombinant nanoparticle-based rabies G protein to generate antibodies that neutralize the virus and prevent its attachment to cells, providing protection against rabies.

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Which Regions Are Essential for the Growth of the Animal Biotechnology Market?

North America was the largest region in the animal biotechnology market in 2023. 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, Africa.

The Animal Biotechnology Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the animal biotechnology market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Animal Biotechnology Market Include

1. Animal Biotechnology Market Executive Summary

2. Animal Biotechnology Market Segments

3. Animal Biotechnology Market Size And Template Market Growth Rate

4. Key Animal Biotechnology Market Trends

5. Major Animal Biotechnology Market Drivers

……

25. Key Mergers And Acquisitions In The Animal Biotechnology Market

26. Top Animal Biotechnology Companies

27. Animal Biotechnology Market Opportunities And Strategies

28. Animal Biotechnology Market, Conclusions And Recommendations

29. Appendix

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