WILMINGTON, Del., July 11, 2022 /PRNewswire/ -- Worldwide need for livestock improvement has spurred animal genetics research for domesticated animals in developing and developed regions. Demand for genetic testing services among pets and companion animals has gathered traction especially in Asia Pacific and Latin America. The revenues of the global animal genetics market are projected to reach US$ 8,022.7 Mn by 2026.
Continued trend of domestication of livestock over the decades has led to rise in risks of zoonotic diseases, creating a need for development of genetically improved animals. The demand for food and other animal products is likely to grow unabated, and will fuel ongoing trends of the animal genetics market development. Companies in the animal genetics market are focusing on increasing the accuracy of genetic tests.
Breeders are increasingly utilizing quantitative genetics tools for understanding genetic differences between animals for identifying the traits of interest in whole population. Expanding science of animal genetics will pave the way to new avenues in animal genetics industry development. Companies in the animal genetics market have in recent years benefitted from growing access to genomic data. Furthermore, growing spate of ontogenetic studies are enriching the value chain of players in the animal genetics market.
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Key Findings of Animal Genetics Market Study
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Animal Genetics Market: Key Drivers
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Animal Genetics Market: Regional Growth Dynamics
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Animal Genetics Market: Key Players
Some of the key players in the animal genetics market are Hendrix Genetics, Animal Genetics Inc., VetGen, Topigs Norsvin, Groupe Grimaud, Zoetis, Inc., Neogen Corporation, CRV Holding B.V., and Genus plc.
Animal Genetics Market Segmentation
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Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Research Reports by Transparency Market Research:
Genetic Testing Services Market: The global genetic testing services market was valued at US$ 41.2 Bn in 2018 and is anticipated to expand at a CAGR of 7.3% from 2019 to 2027.
Animal Health Care Market: The animal healthcare market in India is anticipated to exceed US$ 1.36 Bn by the end of 2031. The market in the country is projected to expand at a CAGR of 6.9% from 2022 to 2031.
Animal Healthcare Market: The global animal healthcare market is expected to cross the value of US$ 63.2 Bn by the end of 2028. It is estimated to expand at a CAGR of 7.2% from 2021 to 2028.
Animal Drug Compounding Market: The animal drug compounding market is projected to climb a revenue growth from US$ 1 Bn in 2019 and cross US$ 1.7 Bn by 2030.
Companion Animal Diagnostics Market: The global companion animal diagnostics market is set to expand at a high CAGR of ~9%, to be valued at ~US$ 5 Bn by the year 2027.
Animal Parasiticides Market: The global animal parasiticides market was valued at US$ 5,606.8 Mn in 2017 and is projected to surpass US$ 8,963.9 Mn by 2026, expanding at a cumulative annual growth rate (CAGR) of more than 5.5 % from 2018 to 2026.
Animal Blood Plasma Products and Derivatives Market: The global animal plasma products and derivative market was valued at US$1.04 bn in 2015 and is estimated to attain the value of US$1.92 bn by the end of 2024 at a CAGR of 7.10% over the forecast period from 2016 to 2024.
Molecular Diagnostics Market: The global molecular diagnostics market is expected to reach the value of US$ 37.19 Bn by the end of 2028. It is estimated to expand at a CAGR of 11.1% from 2021 to 2028.
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