Summary
Trusted companion: accelerated growth in the number of pets will boost industry revenue growth
Abstract
Animal Health Biotechnology in the US
Animal health biotechnology companies create products – vaccines, medications and food – that safeguard animals’ health. Changing attitudes toward companion animals like dogs and cats encourage pet owners to pay premiums for these products. At the same, livestock producers see an invaluable benefit in biotech to protect their animals and investment. Innovative developments created by animal health biotechnology companies have shown the field’s potential, leading investors to flock to animal health biotechnology companies. A rapidly expanding animal health market is leading industry-wide revenue to grow at a CAGR of 2.4% over the past five years to an estimated $13.2 billion in 2023, when revenue will jump an expected 1.0%.
Animal health biotechnology companies research, develop, test and distribute therapeutic drugs, diagnostic tools and preventive products for livestock and companion animals. Drugs not developed using biological materials or processes are not included in this industry. In addition, companies provide tools that improve farm animal breeding programs.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
