Global Animal Biotechnology Market is Estimated to Witness High Growth Owing to Opportunity of Improving Animal Health

Animal biotechnology includes various modern interventions like genetic engineering, genetic diagnostics, tissue engineering and cloning to improve animal production, quality, health, and welfare. Products and technologies associated with animal biotechnology include genetically engineered vaccines, monoclonal antibodies, diagnostic tests for genetic diseases and parentage verification, reproductive technologies like artificial insemination and embryo transfer, and transgenic animals.

The global animal biotechnology market is estimated to be valued at US$ 27.39 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Improving Animal Health

One of the major opportunities in the global animal biotechnology market size is improving animal health. Animal biotechnology helps in understanding the genetic basis of animal diseases. Through genetic engineering, vaccines are being developed that provide lifetime immunity against diseases. Technologies like genetic diagnostics enable early detection of genetic diseases in animals. These allow farmers and breeders to cull disease-susceptible animals from the herd and improve the overall health of livestock. Animal biotechnology is playing a vital role in disease prevention through efficient vaccines, as well as disease diagnosis and treatment. Thus, improving animal health through application of biotechnology is a significant market opportunity over the forecast period.

Porter’s Analysis
Threat of new entrants: The global animal biotechnology market is moderately difficult to enter due to high research and development costs for new technologies and treatments. The market also requires regulatory approvals that present barriers.

Bargaining power of buyers: Buyers in this market include biopharmaceutical and pharmaceutical companies, animal owners, research institutes and laboratories. Their bargaining power is moderate as the market has several providers of animal biotechnologies and treatments.

Bargaining power of suppliers: The suppliers of biotechnology research tools, diagnostic equipment and genetic materials have moderate bargaining power due to the differentiated nature of their offerings and established buyer relationships in this market.

Threat of new substitutes: Threat is low as animal biotechnologies focus on unique veterinary and livestock applications that are difficult to substitute.

Competitive rivalry: The market experiences high competitive rivalry due to prominent global players and increasing innovation in animal diagnostics, genetic engineering and vaccine development.

SWOT Analysis
Strengths: Growing animal health expenditure and rising demand for protein have increased focus on livestock productivity and disease management. Biotechnologies offer novel tools for genetic screening, vaccinations, growth promoters and diagnostics.
Weaknesses: High R&D costs, regulatory issues and ethical concerns regarding animal welfare limit developments. Acceptance challenges exist for new treatments and genetically modified livestock.
Opportunities: Emerging markets will continue expanding as incomes rise. Technologies such as gene editing, cloning and stem cells can enhance disease resistance, feed efficiency and food safety.
Threats: Strict biosafety laws can delay market approvals and benefits. Public pushback against experimental research, high pricing and fears of GMOs in food restrict opportunities.

Key Takeaways
The global animal biotechnology market is expected to witness high growth over the forecast period of 2024 to 2031 supported by increasing meat consumption globally and growing focus on animal health and welfare. The market size for 2024 is estimated at US$ 27.39 billion.

Regionally, North America dominates the animal biotechnology market currently due to advanced research infrastructure and high spending on veterinary care and animal health. However, Asia Pacific is poised to witness the fastest growth over the coming years led by China, India, Japan and Australia where meat production and consumption are rising rapidly along with pet ownership.

Key players operating in the global animal biotechnology market are Heska Corporation, Indian Immunologicals Ltd., HESTER BIOSCIENCES LIMITED, Zoetis Inc., Boehringer Ingelheim International GmbH, Biogénesis Bagó, Merck & Co., Inc., Virbac, Elanco, Cadila Pharma, Thermo Fisher Scientific Inc., Idexx Laboratories, Randox Laboratories Ltd., Gold Standard Diagnostics., Bionote USA Inc., Meiji Holdings Co., Ltd., Kemin Industries, Inc., and Pfizer Inc. These companies offer innovative biopharmaceuticals, diagnostics, genetic modifying technologies, growth promoters and other applications to enhance animal wellbeing and productivity.