NEW YORK, Feb. 21, 2022 /PRNewswire/ — A latest report titled “Animal Biotechnology Market by Product and Geography – Forecast and Analysis 2022-2026” has been added to Technavio’s catalog. The report identifies the market to witness a YOY growth of 2.46% in 2022. The report also projects the market to witness an accelerating growth momentum at a CAGR of 2.82% during the forecast period. The report is segmented by product (drug, vaccine, diagnostic test, and others) and geography (North America, Europe, APAC, South America, and MEA).
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Vendor Insights
The animal biotechnology market is fragmented and the vendors are deploying growth strategies such as innovation to compete in the market. Market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Companies are engaging in strategic partnerships for strengthening their positions in the market. For instance, In November 2021, Bayer AG partnered with Microsoft to optimize and advance digital capabilities for the food, feed, fuel, and fiber value chain. In January 2022, the company collaborated with Mammoth Biosciences Inc. on novel gene-editing technology.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Bayer AG
- Boehringer Ingelheim International GmbH
- Heska Corp.
- Id Vet India Pvt. Ltd.
- IDEXX Laboratories Inc.
- Merck and Co. Inc.
- Pfizer Inc.
- Santa Cruz Biotechnology Inc.
- Virbac Group
- Zoetis Inc.
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Geographical Market Analysis
North America held the largest animal biotechnology market share in 2021. The region is likely to contribute 51% of the growth during the forecast period. The growth of the region can be attributed to the significant rise in pet adoption, increase in awareness regarding animal healthcare, and advanced veterinary healthcare infrastructure, increasing demand for animal-based products, and the presence of prominent vendors in the region. The demand for drugs and vaccines for animals is likely to increase in the country during the forecast period due to the increasing expenditure on animal healthcare.
Furthermore, countries such as Germany, China, Canada, and UK are expected to emerge as prominent markets for animal biotechnology market during the forecast period.
Know more about this market’s geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/animal-biotechnology-market-industry-analysis
Key Segment Analysis
The drugs segment held the largest animal biotechnology market share in 2021. The segment will account for the highest revenue during the forecast period as drugs are used to treat animal diseases such as foot and mouth disease (FMD), salmonella, swine fever, avian influenza, and bovine respiratory disease (BRD). The usage of drugs to treat a wide range of animal diseases will lead to the growth of the market segment during the forecast period.
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Key Market Drivers & Challenges:
The increasing growth strategies of market players, such as product enhancements and innovations and collaborations to extend their product portfolios. The collaborations among various companies will ensure the availability of drugs, vaccines, and diagnostic tests, for the detection, treatment, and prevention of infectious and parasitic diseases of animals. In addition, the increasing prevalence of animal diseases will also influence the market’s growth positively during the forecast period.
However, the lack of a skilled workforce to perform diagnostic tests will emerge as one of the key challenges to limit the market’s growth during the forecast period. the decrease in the number of educational programs offered to students on veterinary diagnostic techniques, inadequate facilities, and lack of availability of modern diagnostic laboratories is expected to negatively impact the market during the forecast period.
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Key Topics Covered
Animal Biotechnology Market Scope
Report Coverage
Details
Page number
120
Base year
2021
Forecast period
2022-2026
Growth momentum & CAGR
Accelerate at a CAGR of 2.82%
Market growth 2022-2026
$ 3.26 billion
Market structure
Fragmented
YoY growth (%)
2.46
Regional analysis
North America, Europe, APAC, South America, and MEA
Performing market contribution
North America at 51%
Key consumer countries
US, Germany, China, Canada, and UK
Competitive landscape
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
Bayer AG, Boehringer Ingelheim International GmbH, Heska Corp., Id Vet India Pvt. Ltd., IDEXX Laboratories Inc., Merck and Co. Inc., Pfizer Inc., Santa Cruz Biotechnology Inc., Virbac Group, and Zoetis Inc.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2021
- Market outlook: Forecast for 2021 – 2026
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Drug – Market size and forecast 2021-2026
- Vaccine – Market size and forecast 2021-2026
- Diagnostic test – Market size and forecast 2021-2026
- Others – Market size and forecast 2021-2026
- Market opportunity by Product
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2021-2026
- Europe – Market size and forecast 2021-2026
- APAC – Market size and forecast 2021-2026
- South America – Market size and forecast 2021-2026
- MEA – Market size and forecast 2021-2026
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Bayer AG
- Boehringer Ingelheim International GmbH
- Heska Corp.
- Id Vet India Pvt. Ltd.
- IDEXX Laboratories Inc.
- Merck and Co. Inc.
- Pfizer Inc.
- Santa Cruz Biotechnology Inc.
- Virbac Group
- Zoetis Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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SOURCE Technavio
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