Market Overview
Animal genetics can be defined as the branch of science, which involves the study of gene variation and inheritance in wild and domestic animals. It is extensively used for genetic trait testing and DNA testing. The animal genetics market is predicted to propel owing to the ingesting of animal proteins and surging urban population across the globe, which has resulted in increased demand for meat products. The global animal genetics market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 8.4% during the forecast period (2018-2023).
The animal genetics market has witnessed a tectonic surge over the past few years due to increased consumption of animal proteins and rapid growth in urban population. The improvement of animal welfare, along with the advancement of genetic technologies, are driving the market globally. The market will experience tremendous growth due to increased adoption of genetic services in order to prevent business loss and genetic diseases. Significant investments in R&D activities and expansions by industry players will influence the market growth in the coming years.
On the flipside, the lack of skilled professionals, strict regulatory framework associated with genetic engineering, and the high cost of animal testing are predicted to slow down the market growth in the years to come.
Global Animal Genetics Market: Segmental Analysis
Based on animal genetic products, the market is segmented into live animals and genetic materials. The soaring demand for animal products like mutton, pork, coupled with rapid urbanization is estimated to propel the market growth in the segment. Rising adoption of artificial insemination in sheep, cattle, goats, and pigs will further enhance the market growth in the segment.
The animal genetics market by services is segmented into DNA typing, genetic disease tests, gene trait tests, and others. Soaring awareness of animal health, coupled with the surging number of genomic disease testing in order to prevent the loss of large-scale production will offer the market lucrative growth opportunities. The rising number of several animal genetic diseases and increased incidences of the zoonotic disease will drive the demand for genetic trait tests.
The end users segment comprises diagnostic centers, veterinary hospitals & clinics, research centers and institutes, and others.
Regional Frontiers
Geographically, the animal genetics market spans across America, Asia Pacific, Europe, and the Middle East & Africa.
Considering the global scenario, the animal genetics market was dominated by America in 2017 and is estimated to retain its pole position in the years to come. The growth is credited to the increased demand for animal products like mutton and pork. Rapid urbanization in the region has further encouraged the market growth in the region. Surging adoption of artificial insemination in sheep, cattle, goats, and pigs are further estimated to influence the market in America. In this region, North America commands the largest share due to surging adoption of pet ownership, adoption of the latest diagnostic technologies, and advanced animal healthcare base. Surging demand for safe livestock production, coupled with increased investment in R&D by the key players are likely to propel the market growth in the coming years.
Europe acquired the second position in the global market due to soaring awareness regarding animal health, an increasing number of animal genetic diseases, and surging incidences of zoonotic diseases. Mounting demand for well-bred animals with good quantitative genetic characteristics, along with the soaring demand for poultry and livestock products will propel the market in Europe.
Meanwhile, the Asia Pacific will register the fastest growth due to growth in livestock population, coupled with the advancements made in genetic testing tools and DNA typing. This has further resulted in increased demand for genetic trait tests and diagnostic testing. Moreover, the development of the healthcare sector in countries like India and China will make this market highly promising.
Competitive Dashboard
The top players operating in the animal genetics market include Genus (UK), Neogen Corporation (US), EW Group (Germany), URUS (US), CRV Holding B.V. (The Netherland), Groupe Grimaud (France), Zoetis (US), Topigs Norsvin (Netherlands), Animal Genetics (US), Envigo (US) Hendrix Genetics BV (The Netherland), vetGen (US), Alta Genetics (US), and others.
REad More @ https://www.marketresearchfuture.com/reports/animal-genetics-market-7004
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