ROCKVILLE, Maryland, August 23, 2018 /PRNewswire/ --
With the rapid developments in the healthcare industry to arrest the prevalence of chronic diseases, there is an ever-increasing need for conducting research to deliver the best medicines and drugs. This is expected to be a key growth influencer of the animal model market. Use of animal model in biomedical research has observed a rapid rise as it helps in the development of new treatment methods for new and chronic diseases, and understand the potency of drugs with regard to the pervasive diseases.
A recent report compiled by Fact.MR projects theanimal model marketto register an impressive CAGR of over 6.0% during the period of forecast, 2017 to 2026. The healthcare sector is seen harnessing animal models, owing to which the demand for animal model is surging in the healthcare sector. The animal model is expected to outpace its alternatives such as tissues cultures and computer models as the living systems are pretty complex to further become a prime choice for biomedical research.
Viral epidemics such as Zika and Ebola, which have significant prevalence in regions such as Africa and Latin America, have placed a significant burden on the healthcare sector. Lack of understanding about host immune factors that control outcomes of these diseases has obstructed the development of effective treatment or vaccines. Effectiveness of animal models in developing and testing efficacy of vaccines and therapies, prior to their use in human candidates, is likely to augur well for growth of the animal models market.
North America is expected to remain the largest market for animal model with revenues anticipated to transcend over US$ 800 Mn by the end of period of forecast to account for the fastest growing market. Considering the Asia-Pacific market for animal model, it accounts for a larger revenue share compared to the market in Europe. The South Korean market, despite lowest market revenue share is expected to project higher CAGR, as compared to Latin America and Middle East & Africa (MEA) through 2026.
Among animal model species, rats and mice are expected to own over two-fifth share of the market along with revenue expansions by registering highest CAGR by the end of 2026. The largest share is contributed by Asia-Pacific region in rats market. However, dogs and pigs remain to be the least profitable species segments of the animal model market. Between basic and applied research and drug discovery/development animal model segment, the former is expected to register fastest expansion and outgrow the latter with exceeding CAGR. However, drug discovery/development remains to be a lucrative application of the animal model.
Sensing the surging growth in the application of animal model, key market players are contributing to the same with the rising implementation of animal model in drug development and research sectors. Eurofins Scientific SE is an analytical testing services provider for evaluating the safety, composition, authenticity, and purity of biological substances and products. They have been offering animal model through their subsidiary Eurofin- Advinus Company for the research and development of compounds in pharmaceuticals, biologics, agrochemical, and cosmetics. The company has indulged in mergers and acquisitions of laboratories and research institutes to further flourish their contribution to the growth of the animal model market. Additionally, their withstanding and strong position in the bioanalysis market gives the company a competitive edge over other market players.
The spurring need for animal models, therefore, triggers the constant strategic advancements made by these market players to outgrow amongst the rest, eventually fueling the expansion of the animal model market. Due to the continued emphasis given to biomedical research as well as the increasing application of animal model in academic and research institutions, animal modelling is sure to grow undoubtedly.
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