Latest News- Animal Genetics Market: Research centers is expected to lead the End-user segment during 2024-2028

The Animal Genetics Market is being driven by Growing demand for genetic testing services for companion animals

The Animal Genetics Market is expected to grow at a CAGR of 7.45% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2.59 billion. The animal genetics market is witnessing a trend towards consolidation as companies pursue strategic mergers and acquisitions (M&A) to expand their market reach and diversify their product offerings. By acquiring complementary businesses or entering new markets, animal genetics vendors can strengthen their competitive positions and capture a larger market share. Vertical integration through M&A enables vendors to control more stages of the value chain, from breeding and genetics to the production and distribution of animal products. This integration can lead to increased efficiency, improved quality control, and enhanced supply chain management. For instance, in June 2022, Zoetis Inc. announced its acquisition of a leading animal genetics company, expanding its portfolio and enhancing its position in the global animal health market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Research centers
  • Hospitals and clinics
  • Diagnostic centers
• Solution
  • Live animal
  • Genetic testing services
  • Genetic materials
• Animal
  • Bovine
  • Porcine
  • Bovine
  • Porcine
• Technology
  • PCR
  • NGS
  • rDNA
  • Microarray Technology
  • PCR
  • NGS
  • rDNA
  • Microarray Technology
• Geography
  • North America
    • US
    • Canada
  • Europe
    • France
    • Germany
    • UK
  • Asia
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for genetic testing services for companion animals
• Investment in research and development in animal genomics
• Need for infectious disease diagnosis in animals

However, the market also witnesses some limitations, which are as follows:

• Stringent regulations on animal genetic products
• Shortage of skilled professionals to perform genetic testing
• Growing use of synthetic technologies in meat production

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Market Scope in Animal Genetics Market Research Report

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Research Analysis Overview

Animal genetics is a dynamic and innovative field that employs various technological advancements to improve the quality of livestock and companion animals. Cloning, embryo transfer, and artificial insemination using sexed semen are some of the genetic technologies used in animal breeding to produce offspring with desirable traits. These techniques enable cattle raisers to selectively breed animals with high genetic merit, leading to increased profit and improved milk production. However, the use of these technologies also presents challenges, such as the risk of genetic diseases and business loss due to clostridial disease and other cattle diseases. Veterinary research plays a crucial role in addressing these challenges and ensuring the health and wellbeing of livestock. Moreover, genetic services have expanded beyond traditional animal breeding to include the production of lab-grown meat and genetically modified animals. While these innovations offer potential benefits, they also raise ethical concerns and require careful consideration. Genetic selection is a critical aspect of animal genetics, with a focus on improving breed quality and reducing the incidence of genetic diseases. Companion animals also benefit from genetic research, with advancements in understanding their genetic makeup leading to improved health and welfare. In conclusion, animal genetics is a complex and evolving field that offers significant opportunities for improving livestock productivity and animal health. However, it also presents challenges that require careful consideration and ongoing research to ensure the sustainability and ethical implications of these technological advancements.

Market Research Overview

The animal genetics market is a significant segment of the expansive global healthcare supplies industry. According to Technavio, this market is characterized by the manufacture of medical products, encompassing a wide range of consumables and disposables. These products include safety needles, syringes, catheters, and other medical supplies. The parent healthcare supplies market, as defined by Technavio, comprises entities involved in research and development (R&D) for various product categories, spanning medical consumables utilized in the diagnosis and treatment of diverse diseases. The market size for healthcare supplies is determined by Technavio based on the consolidated revenue generated by manufacturers of medical supplies, such as syringes, drapes, gloves, and gowns.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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