Animal genetics market 2023-2027: Growth opportunities led by Animal Genetics Inc, Aquagen AS, Aviagen Group- Technavio
NEW YORK, Feb. 6, 2023 /PRNewswire/ -- The animal genetics market size is estimated to increase by USD 1534.79 million from 2022 to 2027, with an accelerated CAGR of 5.48%, according to a recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region.
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Chart & Data Table on 5-Year Historic (2017-2021) Market Size, Comparative Analysis of Segments, and Y-O-Y Growth of Animal genetics market
The market is segmented by solution (live animal, genetic testing services, and genetic materials), end-user (research centers, hospitals and clinics, and diagnostic centers)
Based on the solution, the live animal segment became the market's largest segment in 2022.
The growth of this segment is primarily attributed to the growing development of a DNA library to perform a genetic selection of different animal species and the increasing export of live animals.
Vendors can now offer customized live animal breeds based on the needs of livestock farmers and breeders. These factors will positively impact the growth of the market during the forecast period.
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers&Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.
Find Technavio's Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria
One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
Furthermore, market adoption rates for all regions have been covered.
The animal genetics market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below ?
Growing demand for genetic testing services to reduce livestock diseases is notably driving the animal genetics market growth
The frequency of infectious diseases such as FMD, brucellosis, porcine cysticercosis, and African swine fever is rising. To reduce the occurrence of these illnesses, there is an increasing demand for genetic testing services worldwide. Vendors are concentrating on providing genetic testing services in order to meet the rising need for infectious illness diagnostics in animals. These services provide precise illness diagnosis by locating disease-causing bacteria, aiding in the reduction of infection rates and transmission among animals. Therefore, the market will expand over the forecast period due to the rising use of genetic testing services to prevent cattle diseases. Furthermore, the growing focus on developing sustainable livestock is also boosting market growth. However, the shortage of skilled professionals to perform genetic testing is impeding the growth of the global animal genetics market.
Chart & Data Table on Historical Market Size (2017-2021, Historic Industry Size & Analysis of 15 Vendors and 7 Countries The market is segmented by region North America, Europe, Asia, and the Rest of World (ROW). An analysis of key leading countries has been included.
North America, which holds the major share of the market, is estimated to contribute 35% to the growth of the global market during the forecast period. Growth will be driven by the increasing adoption of sustainable livestock management practices in countries such as the US and Canada. In both Canada and the US, the percentage of agricultural revenue that comes from farm gate livestock receipts ranges between 40% and 50%. This revenue share is influenced by common livestock species like pigs, turkeys, broilers, sheep, and goats.
In 2020, the COVID-19 pandemic negatively impacted most North American countries, which resulted in the temporary closure of various industries, including those manufacturing animal genetics. The shutdowns adversely impacted their production and distribution activities. Also, as online channels were active even during the pandemic, there was an increased demand for animal genetics. However, in 2021, the demand for animal genetics rebounded from offline retail stores as regional activities resumed due to the COVID-19 vaccination drives and the subsequent lifting of lockdown restrictions.
Moist Wound Dressings Market by Product, End-user and Geography - Forecast and Analysis 2023-2027: The moist wound dressings market is estimated to grow at a CAGR of 5.9% between 2022 and 2027. The size of the market is forecast to increase by USD 1,365.75 million. The increasing incidence and prevalence of acute and chronic wounds are notably driving the market growth, although factors such as the high cost of wound treatment may impede the market growth.
Surgical Sutures Market by Product, End-user, and Geography - Forecast and Analysis 2023-2027: The surgical sutures market is estimated to grow at a CAGR of 4.68% between 2022 and 2027. The size of the market is forecasted to increase by USD 1,102.57 million. The increase in the number of surgeries is notably driving the market growth, although factors such as the growing preference for MIS may impede the market growth.
Exhibit 152: Vaxxinova International BV - Overview
Exhibit 153: Vaxxinova International BV - Product / Service
Exhibit 154: Vaxxinova International BV - Key offerings
12.16 Vetgen LLC
Exhibit 155: Vetgen LLC - Overview
Exhibit 156: Vetgen LLC - Product / Service
Exhibit 157: Vetgen LLC - Key offerings
12.17 Zoetis Inc
Exhibit 158: Zoetis Inc - Overview
Exhibit 159: Zoetis Inc - Business segments
Exhibit 160: Zoetis Inc - Key news
Exhibit 161: Zoetis Inc - Key offerings
Exhibit 162: Zoetis Inc - Segment focus
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 163: Inclusions checklist
Exhibit 164: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 165: Currency conversion rates for US$
13.4 Research methodology
Exhibit 166: Research methodology
Exhibit 167: Validation techniques employed for market sizing
Exhibit 168: Information sources
13.5 List of abbreviations
Exhibit 169: List of abbreviations
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