Animal Model Market – Advanced technologies, Forecast and Winning Imperatives, 2024 – 2031
Animal Model Market business insights
The global animal model market, valued at USD 2.41 billion in 2023, is projected to expand significantly, reaching USD 4.20 billion by 2031. This growth represents a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Pune, July 27, 2024 – SNS Insider has projected substantial growth for the global animal model market, estimating its value will rise from USD 2.41 billion in 2023 to USD 4.20 billion by 2031. This anticipated expansion, with a CAGR of 7.2% during the forecast period from 2024 to 2031, underscores the increasing demand for animal models in research and development.
Estimated at USD 2.41 billion in 2023, the Animal Model Market is expected to reach USD 4.20 billion by 2031, reflecting a CAGR of 7.2% during the forecast period from 2024 to 2031. The growth is supported by the growing prevalence of chronic diseases, advancements in animal model technologies, and an expanding focus on personalized medicine and therapeutic research. These factors are contributing to the robust growth forecast for the market.
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Market Dynamics
The growth of the animal model market is driven by several key factors:
- Rising Demand for Drug Discovery and Development: The growing need for effective drug discovery and development processes is boosting the demand for animal models, which are critical for preclinical testing and research.
- Technological Advancements: Innovations in genetic engineering, biotechnology, and model development are enhancing the accuracy and relevance of animal models, contributing to their increased adoption.
- Increasing Focus on Personalized Medicine: The shift towards personalized medicine is driving the need for more specialized and tailored animal models to study individual responses to treatments.
- Growing Incidence of Chronic Diseases: The rising prevalence of chronic diseases such as cancer, diabetes, and cardiovascular conditions is fueling the need for animal models to understand disease mechanisms and develop new therapies.
Regional Insights
- North America: Leads the market due to advanced research facilities, high investments in biotechnology, and extensive use of animal models in drug development.
- Europe: Shows substantial growth driven by increasing research activities, strong regulatory frameworks, and a focus on advancing medical research.
- Asia-Pacific: Expected to experience rapid growth due to a large and growing biomedical research sector, increasing investments in healthcare infrastructure, and rising adoption of animal models.
Key Players
Major companies in the animal model market include:
- Charles River Laboratories International, Inc.
- Jackson Laboratory
- Labcorp Drug Development
- Harlan Laboratories (Envigo)
- Taconic Biosciences, Inc.
These players are focusing on expanding their product offerings, investing in R&D, and forming strategic partnerships to enhance their market presence.
Future Outlook
The animal model market is set for significant growth, driven by advancements in research technology, increasing demand for drug development, and the growing incidence of chronic diseases. Ongoing innovations and research efforts are expected to further propel market expansion and improve the efficacy of animal models in scientific studies.
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