Market Size of Global Animal Biotechnology Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 4.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Animal Biotechnology Market Analysis
The global animal biotechnology market is expected to register a CAGR of 4.7% during the forecast period (2022 - 2027).
As per the data from the Centers for Disease Control and Prevention (CDC) updated in April 2022, cats, dogs, and a few other types of animals were at potential risk of acquiring the coronavirus. Furthermore, according to the study published in PLOS ONE, titled "Investigation of SARS-CoV-2 infection in dogs and cats of humans diagnosed with COVID-19 in Rio de Janeiro, Brazil" in April 2021, between May and October 2020, 39 patients' pets (29 dogs and 10 cats) were examined. SARS-CoV-2 infection or seropositivity was found in nine dogs (31%) and four cats (40%) from ten (47.6%) households. This is expected to drive the growth of the animal biotechnology market due to the adoption of vaccines for COVID-19 in animals.
Globally, biotechnology has improved animal feed, produced vaccines for livestock, and improved diagnostics for diseases such as bovine spongiform encephalopathy (BSE), foot-and-mouth disease, and salmonella. A significant rise in focus on cloning and transgenic animals is expected to propel market growth. For instance, according to the article published in IOP Science in 2020, titled "The Role of Biotechnology in Animal Production," biotechnology is widely utilized in animal production to increase not just the number of livestock animals to meet global demand for animal products but also for endangered species to improve reproduction and maintain present levels of biodiversity and genetic variation.
The rising initiative to educate on animal genetic testing is further expected to drive the growth of this market. For instance, in June 2020, the Veterinary Genetics Laboratory (VGL) at the UC Davis School of Veterinary Medicine launched an updated and advanced website along with several new tests for the veterinary community. In addition, in October 2021, Embark Veterinary, Inc., launched its DNA test for purebred dogs. The kit offers purebred owners unique, actionable health information that will help determine diagnostic, monitoring, and treatment plans that can easily be shared with a veterinarian. Such initiatives will lead to increased adoption of genetic testing for the care of animal health, thereby driving the market growth.
The market players in the animal biotechnology market are involved in various growth strategies, such as collaborations, partnerships, agreements, and mergers and acquisitions, to enhance their market presence. For instance, in January 2020, Merck Animal Health signed a partnership agreement with Automazioni VX, Inc. (US), aiming to introduce Innoject Pro, a newly designed subcutaneous chick vaccination technology. The technology will be utilized in combination with Merck Animal Health's Innovax range of vaccines, which are used for protection against infectious diseases.
In addition to the aforementioned factors, increasing R&D activities by major market players and the rising number of regulatory approvals are expected to propel the market's growth over the forecast period. However, ethical issues associated with animal biotechnology products are expected to hinder the growth of the market over the forecast period.
