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The future of the global animal biotechnology market looks promising with opportunities in the development of animal pharmaceuticals, food safety and drug development, diagnosis of animal diseases, treatment of animal diseases, and preventive care of animals. The global animal biotechnology market is expected to grow with a CAGR of 5%-7% from 2020 to 2025. The major growth drivers for this market are increasing regulatory approvals and increase in research and development activities related to animal biotechnology.
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In this market, vaccine is the fastest growing product type of animal biotechnology, whereas development of animal biopharmaceutical is the fastest growing application. Growth in various segments of the animal biotechnology market are given below: