Animal Biotechnology Market Growth & Trends
The global animal biotechnology market size is expected to reach USD 49.07 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.2% from 2022 to 2030. The major growth factors are government initiatives and campaigns, innovations and recent advances in animal health biotechnology, growing initiatives to educate regarding animal genetic testing and rising incidence of zoonotic diseases. For instance, in January 2021, the governments of Canada and Ontario are providing up to $4 million through the Canadian Agricultural Partnership to offer farmers improved access to veterinary services when and where they require it.
Due to a rise in the prevalence of COVID-19 across the world, many nations stipulated that only emergency or urgent procedures are certainly necessary for veterinary healthcare. Delays in routine care such as vaccination have led to certain serious health and welfare problems. Moreover, an excess of work after the lifting of COVID-19 restrictions has created further delays in the delivery of such services. Veterinary visits and diagnostic testing were significantly reduced in March, April, and May 2020 but started improving from the third quarter of 2020 with a high growth rate.
Major players observed growth during the pandemic despite the restriction and supply chain disruption. Consolidated revenues of Neogen Corporation were USD 418.2 million in fiscal 2020, an upsurge of 1.0% compared to 2019. Moreover, in June 2022, India’s first COVID-19 vaccine Anocovax for animals launched. Besides Anocovac, the Agriculture Minister of India unveiled the ‘CAN-CoV-2 ELISA kit’ — specific nucleocapsid protein-based indirect ELISA kit — for antibody detection against SARS-CoV-2 in canines. Thus, such developments promote overall market growth.
Other attributes contributing to the industry growth comprise improved demand for the usage of animals in agriculture, growing awareness of animal health and welfare, meat, and animal-based products, expanding role of animals in the development of pharmaceuticals for humans, growing pet adoption, and increasing R&D investments from market players. In August 2021, INDICAL BIOSCIENCE GmbH acquired the Check-Points, Dutch R&D-focused corporation.
The industry is highly competitive as major players are focusing on product innovation, new product developments, distribution agreements, and expansion strategies to improve their market penetration. In October 2021, Embark Veterinary, Inc. released its DNA test for purebred dogs. The kit offers purebred owners exclusive, actionable health information to assist in pinpoint diagnostic, treatment plans, and monitoring that can easily be shared with a veterinarian.
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Animal Biotechnology Market Report
Animal Biotechnology Market Report Highlights
- The vaccine product type segment was the largest revenue-generating segment in 2021. Vaccination is an effective way to lower the disease burden in animals, and it plays an important role in preventive healthcare and disease control. In December 2021, Indian Immunologicals Ltd. introduced Goat Pox Vaccine
- The preventive care of animals application segment accounted for the largest revenue share in 2021 due to the growing adoption of companion animals. An international survey by HABRI and Zoetis indicates a direct relationship between the human-animal bond and consistent veterinary care. Thus, such a human-animal bond advances to better preventive care
- The companion animal type segment is likely to grow lucratively during the forecast period owing to an increase in demand for efficient animal care and the pet-human bond owing to the associated health benefits=
- In the companion animal type segment, dogs held the largest revenue share in 2021. Dogs are prone to many of the same cancers that affect humans. As per the National Cancer Institute, nearly 6 million new cancer diagnoses are made in dogs every year
- In the other, end-use segment, veterinary research institutes, and universities are expected to grow at a lucrative rate over the forecast period owing to growing R&D funding to develop advanced diagnostic tools and therapeutically advanced vaccines and medicines
- North America accounted for the largest revenue share in 2021 owing to high animal awareness levels, the presence of well-established market players, and improved healthcare infrastructure. In October 2021, Zoetis Inc. expanded its manufacturing and development facility in Tullamore, Ireland
