Growth in size of global animal biotechnology market primarily pushed by high level of competition, which in turn favors strategic moves such as investing in R&D and mergers and acquisitions to expand product portfolios, as well as collaborations/partnerships to expand geographically and secure sizeable market share. For instance, Merck Co., Inc., is a company that has steadily focused on acquisitions, along with product launches, to maintain its status as a key market player and leverage it for further growth.
Challenges facing the animal biotechnology market majorly proceed from the particularly complex nature of biotechnological processes in animal applications owing to the inherent intricacies of genetic manipulation and the nuances of biological systems. Further challenges stem from the requisite scientific expertise characteristic of the industry’s standards of operation, the variable nature of different animal species necessitating development of tailored solutions, and the stringent regulatory environment that supervises the manufacture and marketing of animal biotechnology products. The regional variations in said regulatory environment must be accounted for and likely qualify as an additional challenge, both for companies already present and looking to expand at an international scale and those looking to foray into international markets.
The animal biotechnology market is segmented on the basis of product type, animal type, application, end-use, and region.
Based on animal type, the market is sub-segmented into companion animals and livestock. Companion animals comprise dogs, cats, horses, and others. The markets for dogs and cats in this category perform particularly well, partly owing to the close ties fostered between pets and human owners. Livestock include poultry, swine, cattle, sheep and goats, and fish. The poultry industry has been especially favored by biotechnological advancements such as the development of disease-resistant chickens through gene editing. These chickens are less susceptible to avian influenza, reducing the risk of disease outbreaks in poultry flocks.
Asia-Pacific region is anticipated to grow at the fastest rate during the forecast period.
The region represents rapid urbanization, which has led to a rise in disposable incomes. This has subsequently aided an increase in demand for animal protein, which has in turn favored biotechnological innovations focused on animal productivity and containment of potential outbreaks. With a rising number of pet owners, the region is also characterized by an increasing awareness of animal welfare. The respective regional governments have also focused on regulations that are concerned with animal health and associated industries, recognizing the significance of the global animal health and animal biotechnology markets concerning their commercial viability and the resultant regional scope for economic development and related benefits to public health.
The animal biotechnology market is highly competitive, with numerous companies strategically focused on consolidating a higher market share. Prominent players in the market include Boehringer Ingelheim, Zoetis, Virbac, Elanco, IDEXX Laboratories, Merck Co., Inc., Biogenesis Bago, Genus Plc., Heska Corporation, Randox Laboratories Ltd., and Intrexon Corporation.
