Animal Health Biotechnology

Over the next five years, the Animal Health Biotechnology market is expected to expand steadily.

Increasing R&D spending, which increased at an annualized rate of 2.8 percent over the five-year period, has allowed businesses to invest in and produce new technologies to boost business sales.

Increased sales of animal welfare goods for both companion animals and food animals fuelled industry expansion.

Increased per capita beef, dairy, and poultry intake, in particular, resulted in increased demand from agricultural producers.

Furthermore, as the number of pet animals increased, so did the market for flea and tick medicines.

According to Research, the number of pets (cats and dogs) rose at a 3.1 percent annualized pace to 190.3 million in the five years to 2020, resulting in increased demand for animal welfare supplies from veterinarians and animal hospitals.

As a result of increased demand for industry goods, revenue has increased at an annualized rate of 1.7 percent to an estimated $10.9 billion, with a 2.0 percent spike in 2020 alone due to an improvement in the number of cats and dogs and an expansion in R&D spending.

Profits for Animal Health Over the five years to 2020, the biotechnology industry in the United States grew at an annualized rate of 1.7 percent to $10.9 billion, with expansion of 2.0 percent in 2020.

Biotechnology advancements allowed farmers to genetically improve livestock, resulting in greater disease tolerance and higher meat and dairy production to satisfy increasing global agribusiness demand.

Increased demand for agriculture products resulted in increased demand for industry products used to treat and heal cattle, as livestock farmers are the industry’s main downstream market.

In addition, a growth in the number of pet animals in the United States has contributed to an increase in the use of animal welfare biotechnology products by veterinarians, who use industry products to combat companion animal diseases.

The Animal Health Biotechnology market is projected to expand rapidly over the next five years, with sales rising at an annualized 2.0 percent to $12.0 billion.

Accelerated growth in the number of pets and increasing global demand for livestock products are expected to keep industry products in demand, while technical advancements in veterinary medicine are expected to increase the average lifetime of domestic animals, fueling industry expansion.

The Animal Health Biotechnology industry conducts research, development, testing, and distribution of medicinal medications, diagnostic instruments, and prevention products for livestock and companion animals.

This sector excludes drugs that are not produced using biological materials or techniques.

Furthermore, organizations have software aimed at improving farm animal breeding systems.