DUBLIN, May 27, 2015 /PRNewswire/ -- Research and Markets(http://www.researchandmarkets.com/research/l9dqwt/animal_genetics) has announced the addition of the "Animal Genetics Market by Products, by Testing services - Global Forecast to 2020" report to their offering.
The global animal genetics market is estimated to be worth around $2.5 billion in 2014 and grow at a CAGR of 8-9% during the forecast period of 2014 to 2020
This market is mainly driven by increasing animal protein consumption, increasing adoption of advanced genetic technologies for larger-scale production and quality breeds, and development of cutting-edge technologies in animal genetic testing. However, stringent regulations regarding animal genetic engineering, expensive and time-consuming R&D activities, high cost of animal testing, and insufficient number of skilled professionals are restraining the growth of the animal genetics market during the forecast period of 2014 to 2020.
The global animal genetics market is divided on the basis of product and testing services. Based on type of product, the market is mainly segmented into live animals and genetic materials. The live animal segment is further subsegmented into Canine, Equine, Poultry, Porcine, Bovine, and others. Genetic materials segment is subsegmented into semen and embryo. Animal genetics market is segmented into various testing services such as DNA sexing, DNA typing, genetic disease tests, and others in the report.
By region, this market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW), which is further analyzed at the country-level. The research report discusses the key market drivers and restraints of, and the opportunities in the global animal genetics market and its submarkets.
In 2014, the live animal segment accounted for the largest share of the market. The animal genetics market for live animal is primarily driven by the increasing demand of animal derived products, growing adoption of advanced genetic technologies for larger-scale production, and increasing awareness about genetic diseases and disorders.
North America represented the largest regional market in 2014, followed by Europe, Asia-Pacific, and RoW. The Asia-Pacific region represents the fastest-growing region for the animal genetics market, primarily due to the increasing population, rapid urbanization, and increased demand of animal products in this region. In addition, increased awareness towards animal welfare in developing countries and adoption of advanced technologies in animal genetic testing services are further driving the market in this region.
Major players in the global animal genetics market are Animal Genetics, Inc. (U.S.), Genus Plc (U.k.), Topigs (Netherlands), Harlan Laboratories, Inc. (U.S.), Hendrix Genetics BV (Netherlands), Aviagen Group (U.S.), Neogen Corporation (U.S.), Alta Genetics (Canada), VetGen (U.S.), and Zoetis, Inc.(U.S.) among others.
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SOURCE Research and Markets