Market Trends of Global Animal Biotechnology Industry
This section covers the major market trends shaping the Animal Biotechnology Market according to our research experts:
Vaccines Segment is Expected to Show Significant Growth Over the Forecast Period
The vaccines segment is expected to show significant growth over the forecast period in the animal biotechnology market.
The growth of the vaccine segment is mainly attributed to the rising burden of animal diseases. These diseases are naturally transmitted from animals to humans due to contaminated food and water consumption or direct contact with infected animals or humans. Vaccination is an effective way to reduce disease burden in animals, and it plays an essential role in preventive healthcare and disease control.
According to the study published in Frontiers in Bioengineering and Biotechnology, titled 'Applications of Nanovaccines for Disease Prevention in Cattle' in December 2020, vaccines are one of the most effective strategies for preventing and controlling infectious illnesses in cattle. Nanoparticle-based vaccine platforms (nano vaccines) have recently gained traction as viable alternatives to more traditional vaccine platforms. The wide use of vaccines to prevent and control animal diseases is therefore expected to drive market growth.
In addition, the rise in vaccine launches for animals by the key market players is expected to drive this segment growth over the forecast period. In May 2021, Boehringer Ingelheim India launched its poultry vaccine VAXXITEK HVT+IBD. An innovative recombinant vaccine, VAXXITEK HVT+IBD, is a single-shot vaccine, ensuring life-long protection for all types of production chickens, namely broiler, layer, and breeder.
Moreover, in December 2021, Indian Immunologicals Ltd (IIL) launched the Goat Pox Vaccine (Raksha Goat Pox), which is expected to help Control Goat Pox disease. Such launches will lead to increased adoption of vaccines, driving this segment growth.
Therefore, the above-mentioned factors are expected to drive this segment growth over the forecast period.
North America Holds A Major Market Share And Is Expected To Do The Same Over The Forecast Period
The major factors driving the animal biotechnology market include the increase in the adoption of companion animals, the increasing prevalence of diseases such as zoonosis, the availability of advanced veterinary healthcare infrastructure in the region, and the presence of key market players in North America.
In the United States, the COVID-19 pandemic directly or indirectly disrupted activities to keep livestock animals healthy, including preventing and controlling diseases. Due to labor shortages, there was a reduced capacity to work on animal health activities such as vaccination, maintaining good biosecurity, medical treatment of sick animals, and prophylactic treatment. For instance, according to the study published in Frontiers in Veterinary Science, titled "COVID-19 Effects on Livestock Production: A One Welfare Issue" in September 2020, many processing companies in the United States (US) shut down when major outbreaks were discovered, placing pressure on the pig and poultry industries in particular.
There are also increasing initiatives and campaigns implemented by the Canadian government to promote animal health, which may boost the demand for animal diagnostics in the coming years. For instance, in January 2021, through the Canadian Agricultural Partnership, the governments of Canada and Ontario funded up to CAD 4 million to increase farmers' access to veterinary services whenever needed. Furthermore, the data published by the American Pet Products Association in 2021 stated that the total pet healthcare expenditure has been estimated to be USD 109.6 billion in 2021, while that in 2020 was found to be USD 103 billion. This will further drive the market growth due to the adoption of biotech products for pet care.
Moreover, in April 2020, Heska Corporation acquired Scil Animal Care to emerge as a global leader in veterinary point-of-care diagnostics. In addition, the growing awareness about animal health among pet owners, rising government initiatives, and rise in product innovation (such as new vaccine launches) are other factors propelling the growth of the animal biotechnology market in North America.
Therefore, owing to the aforementioned factors, the market is expected to grow over the forecast period.
