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The global animal biotechnology market size is estimated to grow by USD 3.65 billion at a CAGR of 3.01% between 2023 and 2028. Market growth is driven by several factors, including the increasing implementation of growth strategies by market players, a growing focus on animal cloning, and the use of transgenic animals to produce recombinant proteins. These elements collectively fuel market expansion, reflecting advancements in biotechnology and strategic industry initiatives. The rising adoption of growth strategies by market players highlights efforts to enhance market presence and competitiveness. Simultaneously, the growing focus on animal cloning signifies the potential for genetic improvements and increased productivity in livestock. Additionally, the use of transgenic animals to produce recombinant proteins underscores the importance of innovative techniques in biopharmaceutical production. Thus, the interplay of these factors delineates the landscape for the anticipated growth of the market, presenting opportunities for stakeholders in the biotechnology and pharmaceutical sectors.
Companies in the market are increasingly focusing on strategic developments, such as product enhancements and innovations, to extend their product portfolios. This will ensure the availability of drugs, vaccines, and diagnostic tests for the detection, treatment, and prevention of infectious and parasitic diseases in animals. The key strategies adopted include the launch of new products, product approvals, joint ventures, acquisitions, partnerships, expansion projects, collaborations, and investments. For instance, in February 2021, Merck Animal Health, a division of Merck & Co., Inc., announced the acquisition of Poultry Sense Ltd., a provider of enhanced technology for poultry farmers to track and analyze health performance for the life of the flock. The technology can detect health conditions earlier in poultry that can lead to illness, thus reducing the potential for disease outbreaks. Therefore, the growing number of product developments and collaborations undertaken by the companies in the market is expected to drive the growth of the market during the forecast period.
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Animal Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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