Posted 3/12/2024, 10:31:00 AM
Animal Biotech Market Poised for Nearly $20 Billion Growth by 2030 on Gene Editing and Diagnostics Demand
- Global animal biotechnology market valued at $25.15 billion in 2023, expected to reach $45.70 billion by 2030 with a CAGR of 8.9%
- Growth driven by demand for genetically modified animals, advancements in biotech techniques, and need for improved diagnostics
- Key trends include use of gene editing tools like CRISPR-Cas9 and increased focus on animal cloning
- Opportunities in diagnostics tests and diagnosis of animal diseases due to rising companion animal adoption and focus on animal health
- North America expected to dominate the market due to presence of key players and high adoption of animal biotechnology