The rising prevalence of animal diseases is perpetually contributing growth to the global animal biotechnology market says Fortune Business Insights in a report, titled “Animal Biotechnology Market Size, Share and Global Trend By Animal (Livestock , Companion), By Type of Product (Drugs, Vaccinations, Diagnostic Tests, Genetic & Reproductive Products , Others), By Application (Diagnosis of Animal Diseases, Treatment of Animal Diseases, Preventive Care of Animals, Development of Animal Pharmaceuticals), and Geography Forecast till 2026.” Increasing demand for animal meat and animal based-products is driving the animal biotechnology market.
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Major Leading Players Mentioned
- Boehringer Ingelheim International GmbH
- Bayer AG
- Intervet Inc
- Santa Cruz Biotechnology
Boehringer Ingelheim Announced the First Veterinary Vaccines
Boehringer Ingelheim, the world leader in animal health launched swine vaccine Ingelvac® PRRS MLV, which will be produced in China’s medical city Taizhou. The launch of the drug is predicted to boost the global animal biotechnology market owing to the components attributed in the drug for the treatment of PRRS (Porcine reproductive and respiratory syndrome), a common swine disease. The launch of the veterinary diagnostic instrument by leading companies is also contributing positively to the global animal biotechnology market. for instance, Zoetis Inc. announced the launch of its in-house veterinary diagnostic instrument for the high volume veterinary clinics and regional laboratories called the Carysta HVC. The aforementioned factors attributed to launches and methods by the key players is significantly aiding in the growth of the global animal biotechnology market.
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Increasing Animal Adoption to Aid Market Growth
Veterinary vaccines have key implications on human health because of the animal to human transmission of diseases such as listeriosis rabies, plaque, and query fever. These factors are likely to propel growth of the global animal biotechnology market. Rising cases of zoonotic diseases, increasing pet ownership as well as rising cases of animal diseases are some of the factors fostering the growth of the global animal biotechnology market. In a research study published in Nature, it was estimated that appendicular osteoarthritis-affected 200,000 dogs in the U.K. annually. Moreover, the increasing demand for meat and animal-based products, affordable treatment and easy accessibility and usage of animals for agricultural purposes is also aiding the growth of the animal biotechnology market. According to Animal Cancer Foundation, there are 65 million dogs and 35 million cats in the U.S., out of which every year there are 6 million new cancer diagnoses in dogs and similarly in cats too. In addition, increasing awareness of animal health and welfare and growing animal adoption is continually aiding market growth. However, the high cost of animal biotechnology and moral concern about animal biotechnology products are some factors hampering the growth of the global animal biotechnology market.
North America Leads the Global Market
Geographically, the global animal biotechnological market is segmented into North America, Europe, Asia-pacific, Latin America and Middle East & Africa. North America is dominating the global animal biotechnology market owing to increasing cases of animal diseases especially infectious and zoonotic along with rising pet adoption rates. Rising animal healthcare expenditure, increasing pool of veterinarians and increasing research &development activities by pharmaceutical companies are also propelling growth in the region. Asia Pacific is predicted to exhibit high growth rate during the forecast period due to increasing cases of animal disorders and large livestock animal pool. The growing awareness of animal welfare and introduction of government initiatives are also predicted to contribute positively to the animal biotechnology market in the region.
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