Market Research Report
Animal Genetics Market Size By Animals, By Service Type, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Published by||Global Market Insights Inc.||Product code||990715|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Animal Genetics Market Size By Animals, By Service Type, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
|Published: February 22, 2021||Content info: 110 Pages||
Animal Genetics Market Size By Animals (Canine, Porcine, Poultry, Bovine), By Service Type (DNA Typing, Genetic Trait Testing, Genetic Disease Tests), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027.
The global animal genetics market is rapidly evolving and will experience unprecedented growth in the forthcoming years. Driven by ongoing technological advances in the space, the industry poised to witness some remarkable trends.
Animal genetics, one of the most important pillars of sustainable livestock development, is a wide field which involves conservation to characterization to genetic improvement. It is crucial for increasing livestock production and for the adaption of livestock populations to challenges such as emerging diseases and climate change.
Considering the type of animal, the market can be bifurcated into canine, poultry, porcine, bovine, and others. The bovine segment captured more than 15% share of the animal genetics industry in terms of revenue during 2020 and will grow substantially by 2027.
Research and development in the field are rapidly gaining momentum. Numerous research studies have been conducted over the past few years to explore the scope of genetic testing in bovine animals. Citing an instance, in January 2020, a group of scientists from the University of Nebraska Lincoln (UNL) and the USDA's Meat Animal Research Center (USMARC) managed to identify and confirm two prominent genes are known to cause bovine congestive heart failure (BCHF) in bovine animals.
The team collaborated with a team of experts from MatMaCorp to translate the information into a genetic test that is being used for informing animal health management and selective breeding.
Based on the type of service, the market is segmented into genetic trait testing, DNA typing, and genetic disease testing. The animal genetics market share from genetic disease tests is projected to grow at a CAGR of over 6.5% over 2021-2027. This can be attributed to the increasing adoption of genomic disease testing for preventing financial and productivity losses for farm owners.
In June 2018, a team of scientists had produced pigs through altering their genetic code that can resist one of the costliest animal diseases in the world called the porcine reproductive and respiratory syndrome (PRRS). Tests with the virus showed that the pigs do not get infected at all. In addition, the pigs show no signs that suggest that the alteration in their DNA has had an impact on their health or wellbeing in any way.
In the U.S. and Europe alone, PRRS costs the pig industry more than USD 2.5 billion each year in lost revenue. In terms of the geographical outlook, Latin America had accounted for a more than 7% share of the animal genetics industry in terms of revenue in 2020 and will record substantial gains by 2027 led by the growing demand for genetic testing services in the region.