Animal Biotechnology Market Size, Growth, Trends, Share and Analysis

Animal Biotechnology Market

Market Overview:

In the forecast period, the animal biotechnology market is expected to register a CAGR of 6.9 percent. Animal biotechnology relates to the biotechnology branch that deals with the methods of molecular biology for the production of genetically engineered animals whose genome is altered to make them appropriate for pharmaceutical, industrial or agricultural applications. Genetically altered animals have increased development rates, synthesized therapeutic proteins, and are resistant to multiple illnesses. Market growth is contributing to increased R&D by significant market players, increased legislative approvals, and increased concentrate on cloning and transgenic livestock. However, elevated research and development costs and ethical problems connected with products from animal biotechnology can adversely influence the growth of the market.

The Increasing Focus on Cloning and Transgenic Animals contributes to the Growth of the Market:

It is expected that a substantial increase in focus on cloning and transgenic animals will boost market growth. The 2017 Annual Statistics of Scientific Procedures on Living Animals Great Britain, published by the UK Government, states that in 2017, 3.79 million live animal procedures were performed in the United Kingdom, of which 1.89 million were performed for experimental purposes and 1.90 million were counted for genetically modified animal breeding. According to the U.S. Food and Drug Administration FDA report, in 2017, researchers effectively cloned many species of livestock such as cattle, swine, sheep, and goats. In farms, livestock breeding is an significant element and most farmers still prefer traditional matching. However, because traditional mating is not as effective when it comes to producing as many children as possible, and because the technique involves certain hazards, such as causing animal accidents; animal cloning has seen an increase in popularity and global recognition.

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In relation to the above-mentioned factor, it is anticipated that increased R&D by significant market players and increased regulatory approvals will boost market development over the forecast era.

Ethical Issues Associated with the Products of Animal Biotechnology Limit the Growth of the Market:

It is expected that the ethical problems associated with animal biotechnology will restrict market growth. As food products, transgenic animals may pose a danger to certain religious convictions where eating the flesh of certain animals is prohibited. Such religious feelings raise questions about the animals genetic basis or identity. The most prevalent dispute and debate connected with animal biotechnology surrounds the animals themselves, as most of the discussion takes place through the process about the potential adverse effects on animal welfare. Some biotechnology methods, for instance, are presently inefficient in generating fetuses that can survive. Even transgenic animals that have survived fail to correctly express the inserted gene, leading to physiological, anatomical, or behavioral abnormalities.

The Animal Biotechnology Market is Dominant in North America:

Due to factors such as increasing animal meat consumption, increasing prevalence of various animal diseases, and rising per capita expenditure on animal health, North America is expected to dominate the animal biotechnology market during the forecast period. According to information from the USDA US Department of Agriculture and the Livestock Marketing Information Center, the per capita pork meat spending of the United States rose from USD 286.10 in 2012 to USD 331.27 in 2014. According to data published in 2018 by the American Pet Products Association, total pet healthcare expenditure was estimated at USD 72.13 billion, whereas in 2017 it was estimated to be USD 69.51 billion.

Furthermore, increasing knowledge among pet owners and farmers about animal health, helpful public projects, excellent infrastructure, and rising product development such as fresh vaccine launches are some other factors that drive the development of the North American Animal Biotechnology Market.

Animal Biotechnology Market Trends:

In March, 2018: Zoetis introduced Fostera Gold PCV MH, which is U.S. pork industry’s first vaccine to include two genotypes of porcine circovirus type 2 PCV2 — 2a and 2b.

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Key Players in the Animal Biotechnology Market:

Boehringer Inghlem

Biogenesis Bago

Merck & Co. Inc

Pfizer Inc.

Santa Cruz Biotechnology Inc., among others.

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