The growth of the global animal model market is driven by rise in usage of animal models in the pre-clinical development by several research laboratories across the globe. Furthermore, increase in innovations in animal models, and rise in importance of genetics in biomedical studies are the other factors that contribute toward the growth of the market.
The global Animal Model Market was estimated at $1.46 billion in 2020, and is anticipated to hit $2.67 billion by 2030, registering a CAGR of 6.1% from 2021 to 2030.
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Rise in usage of animal models in virology and infectious diseases, increase in adoption of CRISPR technology, and upsurge in likelihood of epidemic or pandemic outbreaks drive the growth of the global animal model market. On the other hand, regulations and laws for ethical use of animals in research restrain the growth to some extent. Nevertheless, several growth opportunities in the emerging markets have proved to be beneficial for the market.
Covid-19 scenario-
- The outbreak of COVID-19 gave way to rise in demand for large number of animal models, due to increase in R&D activities related to antiviral drugs and vaccines.
- This trend is anticipated to persist so as to verify the safety & efficacy of new entities before going for human trials.
Animal models refer to those animals on which pathological and biological experiments are performed & tested. Animal models are utilized as animals and human beings share important physiological & organic structures. In addition, some of the animal species share nearly similar genetic structure to humans. Thus, animal models are utilized by scientists and researchers to study & find a cure for diseases, test the final medicinal drugs before it is used on humans, and also to develop new products. New drugs are examined in animals for safety & efficacy before they are examined in humans. Moreover, animal models find applications in drug discovery & development, basic research, and others.
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Based on end user, the pharma and biotech companies segment contributed to around two-thirds of the total market revenue in in 2020, and is projected to rule the roost by the end of 2030. The same segment would also grow at the fastest CAGR of 6.7% from 2021-2030.
Key Findings of The Study:
- Based on animal type, the rat segment held the largest market share in 2020, and is expected to remain dominant during the forecast period.
- On the basis of application, the drug discovery & development segment held the largest market share in 2020, and is expected to remain dominant during the forecast period.
- On the basis of end user, the pharma & biotech companies segment held the largest market share in 2020, and is expected to remain dominant during the forecast period.
- Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 7.3% during the forecast period.
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