Animal Biotechnology Market Market Overview: In the forecast period, the animal biotechnology market is expected to register a CAGR of 6.9 percent. Animal biotechnology relates to the biotechnology branch that deals with the methods of molecular biology for the production of genetically engineered animals whose genome is altered to make them appropriate for pharmaceutical, industrial or agricultural applications. Genetically altered animals have increased development rates, synthesized therapeutic proteins, and are resistant to multiple illnesses.
Market growth is contributing to increased R&D by significant market players, increased legislative approvals, and increased concentrate on cloning and transgenic livestock. However, elevated research and development costs and ethical problems connected with products from animal biotechnology can adversely influence the growth of the market. The Increasing Focus on Cloning and Transgenic Animals contributes to the Growth of the Market: It is expected that a substantial increase in focus on cloning and transgenic animals will boost market growth. The 2017 Annual Statistics of Scientific Procedures on Living Animals Great Britain, published by the UK Government, states that in 2017, 3.79 million live animal procedures were performed in the United Kingdom, of which 1.89 million were performed for experimental purposes and 1.90 million were counted for genetically modified animal breeding. According to the U.S. Food and Drug Administration FDA report, in 2017, researchers effectively