Animal Model Market is expected to thrive at a CAGR of 6.6% during through 2028
The global Animal Model Market is expected to be worth US$ 1.7 billion in 2022, rising to US$ 2.4 billion by 2028, with a robust CAGR of 6.6% from 2022 to 2028.
According to a recently published analysis by Future Market Insights, the worldwide Animal Model Market will grow at an outstanding CAGR from 2017 to 2026. The global market for animal models is expected to generate more than $2,200 million in revenue by the end of 2026.
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Leveraging Animal Models offers Better Understanding of Different Diseases
Animals and humans have a similar biological and physiological structure. Animals have a shorter life cycle, yet they share a high genetic resemblance. In comparison to humans, controlling the animal environment is straightforward and easy.
Key Takeaways from FMI’s Report on Global Animal Model Market
North America is predicted to remain the largest and fastest growing market for animal models, with revenues exceeding US$ 800 million by the end of 2026. Between the Asia-Pacific and European animal model markets, the former will account for a greater revenue share, while the latter will expand at a faster CAGR through 2026. Despite having the smallest market revenue share, revenues in South Korea are expected to grow at a greater CAGR than those in Latin America and the Middle East and Africa (MEA) through 2026.
Revenues from rats and mice are expected to account for more than two-fifths of the market by the end of 2026. Revenues from the use of rats in animal models will grow at the fastest CAGR in the industry until 2026. Furthermore, revenue from the use of cats and monkeys in animal models will expand at about the same CAGR through 2026. During the projected period, dogs and pigs are expected to be the least profitable species employed in animal models.
Contract research organisations (CROs) and biotechnology firms are expected to continue to be the fastest growing end-users of animal models. Revenues from these two end-users are expected to exceed US$ 850 million by the end of 2026. Academic and research organisations, as well as pharmaceutical corporations, will continue to be the most profitable end-users in the worldwide animal model market.
Animal models for basic and applied research will continue to grow at the quickest rate through 2026. However, drug discovery and development will continue to be the most profitable application of animal models.
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Key companies actively contributing to growth of the global animal model market include Transposagen Biopharmaceuticals, Inc., Envigo CRS SA, Crown Bioscience, Inc., Eurofins Scientific SE, Genoway SA, Taconic Biosciences, Inc., Trans Genic Inc, The Jackson Laboratory, Horizon Discovery Group plc, and Charles River Laboratories International, Inc.
Key Segments of Animal Model Industry Research
Animal Model Market by Species:
- Guinea Pigs
- Other Species
Animal Model Market by End User:
- Academic & Research Institutions
- Pharmaceutical Companies
- Biotechnology Companies
- Contract Research Organizations (CROs)
- Other End Users
Animal Model Market by Application:
- Basic and Applied Research
- Drug Discovery/Development
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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