The global animal biotechnology market is poised for substantial growth, projected to reach USD 3.65 billion by 2028, expanding at a CAGR of 3.01% from 2023. Market players focus on strategic initiatives, including product enhancements and innovations, to diversify their portfolios. This approach ensures a robust supply of drugs, vaccines, and diagnostic tests for detecting, treating, and preventing infectious and parasitic diseases in animals.
Key strategies encompass new product launches, approvals, joint ventures, acquisitions, partnerships, expansions, collaborations, and investments. Merck Animal Health exemplifies this trend with its acquisition of Poultry Sense Ltd., enhancing technology for poultry farmers to monitor and analyze health performance, reducing the risk of disease outbreaks.
In this dynamic landscape, the animal biotechnology market witnesses continuous product development and collaboration, driving growth during the forecast period. Leading market players contributing to this trajectory include Bayer AG, Anicell BioTech, Biogenesis Bago SA, Boehringer Ingelheim International GmbH, Elanco Animal Health Inc., EW Group GmBH, Genus Plc, Heska Corp., Hester Biosciences Ltd., Neogen Corp., Pfizer Inc., Randox Laboratories Ltd., Santa Cruz Biotechnology Inc., Vimian Group AB, Virbac Group, and more are shaping the market landscape worldwide.
Regional analysis highlights North America's significant role, contributing 47% to global market growth. The US and Canada dominate the region, driven by rising pet adoption, heightened awareness of animal healthcare, advanced veterinary infrastructure, growing demand for animal-based products, and the presence of key market players. Initiatives by organizations like the Canadian Veterinary Medical Association (CVMA) and American Veterinary Medical Association (AVMA) further promote animal health, positively impacting the regional market and fostering demand for animal biotechnology products
.The Uncharted Future of Animal Biotechnology
As the Animal Biotechnology Market thrives with innovation, strategic initiatives, and regional dominance, its future promises sustained growth. The convergence of advanced technologies and market players' concerted efforts positions it as a dynamic force in the evolving landscape of animal health and welfare. The market, rich in innovation and strategic endeavors, holds immense potential, poised for significant growth and influence in the future. Download Animal Biotechnology Market Sample Report Now