The global animal biotechnology market was surpassed at USD 22.75 billion in 2021 and is expected to hit around USD 49.3 billion by 2030, growing at a CAGR of 8.97% from 2022 to 2030
The major growth factors are government initiatives and campaigns, innovations and recent advances in animal health biotechnology, growing initiatives to educate regarding animal genetic testing and rising incidence of zoonotic diseases. For instance, in January 2021, the governments of Canada and Ontario are providing up to $4 million through the Canadian Agricultural Partnership to offer farmers improved access to veterinary services when and where they require it.
Due to a rise in the prevalence of COVID-19 across the world, many nations stipulated that only emergency or urgent procedures are certainly necessary for veterinary healthcare. Delays in routine care such as vaccination have led to certain serious health and welfare problems. Moreover, an excess of work after the lifting of COVID-19 restrictions has created further delays in the delivery of such services. Veterinary visits and diagnostic testing were significantly reduced in March, April, and May 2020 but started improving from the third quarter of 2020 with a high growth rate.
Major players observed growth during the pandemic despite the restriction and supply chain disruption. Consolidated revenues of Neogen Corporation were USD 418.2 million in fiscal 2020, an upsurge of 1.0% compared to 2019. Moreover, in June 2022, India's first COVID-19 vaccine Anocovax for animals launched. Besides Anocovac, the Agriculture Minister of India unveiled the 'CAN-CoV-2 ELISA kit' -- specific nucleocapsid protein-based indirect ELISA kit -- for antibody detection against SARS-CoV-2 in canines. Thus, such developments promote overall market growth.
Other attributes contributing to the industry growth comprise improved demand for the usage of animals in agriculture, growing awareness of animal health and welfare, meat, and animal-based products, expanding role of animals in the development of pharmaceuticals for humans, growing pet adoption, and increasing R&D investments from market players. In August 2021, INDICAL BIOSCIENCE GmbH acquired the Check-Points, Dutch R&D-focused corporation.
The industry is highly competitive as major players are focusing on product innovation, new product developments, distribution agreements, and expansion strategies to improve their market penetration. In October 2021, Embark Veterinary, Inc. released its DNA test for purebred dogs. The kit offers purebred owners exclusive, actionable health information to assist in pinpoint diagnostic, treatment plans, and monitoring that can easily be shared with a veterinarian.
Scope of The Report
|Market Size in 2021||USD 22.75 billion|
|Revenue Forecast by 2030||USD 49.3 billion|
|Growth rate from 2022 to 2030||CAGR of 8.97%
|Forecast Period||2022 to 2030|
|Segmentation||Product type, application, animal type, end-use, region
|Companies Covered||Zoetis; Boehringer Ingelheim International GmbH; Biogénesis Bagó; Merck & Co., Inc.; Virbac; Elanco; Idexx Laboratories; Heska Corporation; Indian Immunologicals Ltd.; HESTER BIOSCIENCES LIMITED|
Product Type Insights
The vaccines segment held the largest revenue share of over 25.08% in 2021. The growth of the vaccine segment is primarily attributed to the increasing burden of animal infections. These infections are naturally transmitted from animals to humans owing to contaminated food and water consumption or direct communication with infected humans or animals. Vaccination is an effective way to lower the disease burden in animals, and it plays an important role in preventive healthcare and disease control. Additionally, the increase in vaccine introductions for animals by the key market players is projected to drive the segment. In December 2021, Indian Immunologicals Ltd. introduced Goat Pox Vaccine (Raksha Goat Pox). Likewise, in May 2021, Boehringer Ingelheim India released its poultry vaccine VAXXITEK HVT+IBD. Such launches will lead to the increased adoption of vaccines, fueling segment growth.
The diagnostics tests segment is anticipated to witness exponential growth throughout the forecast period. The growth in this segment is attributed to factors, such as growing animal health expenditure, rising incidence of zoonotic diseases, increase in the number of veterinary practitioners, and increasing disposable income levels in developing territories. Besides, the overall market is determined by deeply understanding the demand for these products from veterinary hospitals, clinics, labs, etc., and increasing R&D investments from industry players. In August 2021, INDICAL BIOSCIENCE GmbH acquired the Check-Points, Dutch R&D-focused corporation. INDICAL is a global leader in the advancement of complete solutions for molecular and immunological veterinary testing.
The preventive care of animals segment held the largest revenue share of over 25.04% in 2021 due to the growing adoption of companion animals. The advent of pet parents as part of the pet humanization trend is a key revenue-generating trend in the market. Besides, an international survey by HABRI and Zoetis indicates a direct relationship between the human-animal bond and consistent veterinary care. The study including participants from the U.S., France, the U.K., Spain, Germany, Japan, Brazil, and China showed a clear global phenomenon of the improved bond between humans and pets, with 95% of respondents stating that they consider their pets to be a part of the family. Thus, such a human-animal bond advances better preventive care.
The drug development application is anticipated to witness exponential growth throughout the forecast period. Leveraging the monoclonal antibodies in animal health generated great potential to address unmet needs. For instance, in September 2021, Boehringer Ingelheim and Invetx announced that they have entered a collaboration agreement to develop innovative, species-specific monoclonal antibody biotherapeutics targeting a broad range of infections in the veterinary species, primarily focused on dogs and cats. This partnership will address Boehringer Ingelheim’s commitment to delivering unmet needs in the rapidly growing animal health biotechnology market.
Animal Type Insights
The livestock segment held the largest share of over 60.2% in 2021. Livestock is becoming increasingly vital in the growth of agriculture in developing nations. The contributions made by livestock to both agriculture and gross domestic product have risen in various nations. The demand for livestock products is a function of income in different parts of the world. The growing urban population and changes in diet and lifestyle are promoting growth in livestock production, thus contributing to the segment growth. Furthermore, government initiatives undertaken for livestock vaccinations promote market growth.
For instance, in June 2022, Indonesia launched a countrywide livestock vaccination program as the number of cattle affected with foot and mouth disease surged to more than 151,000. In the livestock segment, cattle held the largest revenue share in 2021. The U.S. is home to about 93.8 million cattle and calves as of 2020. The companion animal type segment is likely to grow lucratively during the forecast period owing to an increase in the demand for efficient animal care and the pet-human bond owing to the associated health benefits. Banfield Pet Hospital, in January 2021, confirmed a huge boom in U.S. pet ownership, thus supporting the segment growth.
The veterinary hospitals and clinics segment held the largest revenue share of over 70.16% in 2021 and is anticipated to continue leading the market over the forecast period. The availability of a wide range of treatment and diagnostic options in veterinary hospitals and clinics is a high-impact rendering growth driver for this segment. An increase in the incidence of zoonotic diseases caused by globalization and climate changes is expected to drive the demand for diagnostic procedures, which is expected to drive the point-of-care testing/in-house testing segment in the coming years.
The others segment is expected to witness the fastest growth over the forecast period. Veterinary research institutes and universities are expected to grow at a lucrative rate over the forecast period. This can be attributed to the growing R&D funding to develop advanced diagnostic tools and therapeutically advanced vaccines and medicines. Research institutes are primarily responsible for the development of these diagnostics.
North America accounted for the largest revenue share of over 30.3% in 2021 owing to the high animal awareness levels and improved healthcare infrastructure. The presence of healthcare programs and a rise in the number of initiatives to promote animal health are factors anticipated to increase the growth potential in this region. Moreover, high R&D spending in the region is anticipated to boost market growth in North America. In October 2021, Zoetis Inc. expanded its manufacturing and development facility in Tullamore, Ireland, which substantially expanded its capacity for producing veterinary monoclonal antibodies.
The Asia Pacific market is expected to witness the fastest growth over the forecast period. The rise in middle-class households, increased disposable income, acceptance of pet animals, new product launches, and high demand for animal proteins are some of the key factors expected to boost the growth of the market in the region. In June 2022, India's first COVID-19 vaccine Anocovax for animals unveiled. Besides Anocovac, the Agriculture Minister of India launched the 'CAN-CoV-2 ELISA kit' -- specific nucleocapsid protein-based indirect ELISA kit -- for antibody detection against SARS-CoV-2 in canines.
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