The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s animal biotechnology market report forecasts the animal biotechnology market size to grow to $38.32 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.

Learn More On The Animal Biotechnology Market Report 2023 – https://www.thebusinessresearchcompany.com/report/animal-biotechnology-global-market-report

Animal Biotechnology Market Size Forecast
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 size is expected to reach $38.32 billion in 2027 at a CAGR of 8.48%.

North America held the largest animal biotechnology market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Animal Biotechnology Market Driver ­– Growth In Awareness Regarding Animal Health And Welfare
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.

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Key Animal Biotechnology Market Trend – Product Innovation
Major market players are focusing 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.

Animal Biotechnology Market Segment
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

Animal Biotechnology Market Major Players and Strategies
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., Heska Corporation, Bayer AG, Pfizer Inc., Sanofi SA, Santa Cruz Biotechnology Inc., Indian Immunologicals Limited, Hester Biosciences Limited, Intervet Inc., Idvet, Abbott Laboratories, Genus PLC, Ivaoes Animal Health, and Novartis AG.

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 Animal Biotechnology Global Market Report 2023 covers regional data on animal biotechnology market size, animal biotechnology market trends and drivers, opportunities, strategies, and animal biotechnology market competitor analysis. The countries covered in the animal biotechnology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Animal biotechnology refers to the use of science and engineering techniques by which living organisms are modified to benefit humans and other animals. Animal biotechnology is used to modify the genome of animals, known as genetic engineering, to improve their suitability in pharmaceuticals, industrial, and agriculture applications.

View More Reports Related To The Animal Biotechnology Market –
Animal And Pet Food Global Market Report 2023
Animal Food Global Market Report 2023
Animal Growth Promoters And Performance Enhancers Global Market Report 2023

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