Aquatic Veterinary Market is expected to reach US$ 1,934.33 million by 2030

Treatment Segment to Lead Aquatic Veterinary Market Based on Type During 2022–2030

According to our new research study on “aquatic veterinary market forecast to 2030 – Global Analysis – Type, Disease Source, Route of Administration, and Geography,” the aquatic veterinary market size was worth US$ 1,450.44 million in 2022 and is projected to reach US$ 1,934.33 million by 2030; the market is estimated to record a CAGR of 3.7% from 2022 to 2030. Key factors driving the growth of the market include the initiatives taken by governments to develop their aquaculture industries and the surging demand for food products derived from aquatic animals. However, stringent regulations for the approval of vaccines hinder the overall aquatic veterinary market growth.

Development of Novel Fish Vaccines to Offer Opportunities for the Aquatic Veterinary Market

The emergence of disease outbreaks caused by parasites, viruses, and bacteria has slowed down the evolution of the global aquaculture industry for several decades. In addition to their potentially harmful effects on human health, these diseases significantly hamper aquatic animals and aquaculture businesses. Traditional vaccines have limitations and drawbacks, which bolsters the demand for the development of novel advanced products such as chimeric multiepitope vaccines. Scientific advancements have opened up newer avenues in the basic and applied research fields of aquatic vaccines. Efforts are being made to create novel aquatic vaccines with higher quality and efficiency using new approaches and strategies. Available bioinformatics tools and the modern knowledge of immunoproteomics and genomics allow researchers to identify potential targeted epitopes that can be recognized by immune cells. Further, as the cost of techniques such as whole genome sequencing continues to decline, it opens the way for species-specific vaccine development. In 2021, the Central Institute of Brackishwater Aquaculture (ICAR) launched a recombinant vaccine against viral nervous necrosis (VNN) in India. Thus, the development of an effective mucosal vaccine with robust administration processes is expected to accelerate the novel vaccine development in the coming years, thereby creating significant opportunities for the aquatic veterinary market growth.

Aquatic Veterinary Market, by Region, 2022(%)

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Source: The Insight Partners Analysis

Stringent Regulations for Vaccine Approval Hinder Market Growth

Fish vaccines developed for commercial use must be approved by an appropriate national or regional authority. Prior to the use or trade of vaccines, it is mandatory to follow specific rules and recommendations set by relevant competent authorities. The legislation, requirements, and involved regulatory bodies for authorization may vary by country. In the EU, fish vaccines cannot be authorized by a national competent authority. The European Medicines Agency authorizes them for the entire European Union. The cost of producing vaccines is high as the EU has strict guidelines for vaccine manufacturers regarding good manufacturing practices (GMP). Fish vaccines have a smaller market than other animal vaccines, and their development costs are higher than those of vaccines for other animal species. In the US, the FDA approves fish vaccines. Development of fish vaccines takes more than ten years or longer and costs nearly US$ 10–20 million. Additionally, the approval process is time-consuming, which prevents new players from entering the market. Thus, a stringent regulatory framework hinders the development and commercialization of fish vaccines, which hampers the market.

The aquatic veterinary market forecast, based on type, is bifurcated into diagnostics and treatments. In 2022, the treatment segment held a larger aquatic veterinary market share. It is expected to register a higher CAGR in the market from 2022 to 2030. Serological methods are generally antibody-based procedures employed to detect viral or bacterial proteins or the host's response to viruses, bacteria, or parasites in serum samples and are among the latest aquatic veterinary market trends. The most significant point about serological assays is that they determine whether animals have been previously exposed to a disease agent. Immunofluorescence and serum neutralization tests are the serological procedures that are commonly used for detecting fish antibodies. Other techniques, such as enzyme-linked immunosorbent assays (ELISA), are used less commonly. These factors are expected to fuel the aquatic veterinary market size over the forecast years. Molecular techniques detect disease-causing agents based on DNA or RNA content in samples. They can be employed to probe archived tissues to detect infection and analyze ante- and post-mortem samples to be collected in the future. The analysis requires small quantities of DNA molecules from cells or tissues. However, the confirmation of infection does not mean the presence of the disease-causing agents.

PCR is the most common DNA-based diagnostic assay used continually to detect bacterial pathogens affecting fish. The PCR technique can amplify the genetic material to make millions of copies of specific gene sequences from a small amount of DNA by using specific primers and DNA polymerase. DNA sequencing offers insights into ecosystem stress by detecting changes in the relative abundance or completeness of enzymatic pathways associated with chemical biodegradation or resistance. The above-mentioned factors, the molecular technique segments, are expected to fuel the aquatic veterinary market share over the forecast years.

Some of the leading companies operating in the aquatic veterinary market analysis are Esox, Zoetis, Elanco Animal Health, Merck KgaA, Virbac Animal Health, Phbro Animal Health Corporation, Aquatic Diagnostics Ltd, Thermo Fisher Scientific, Ceva, and HIPRA. Rapid growth strategies among players are some of the aquatic veterinary market trends witnessed.

The aquatic veterinary market analysis is segmented on the basis of type, disease source, species, and route of administration. Based on type, the aquatic veterinary market report is bifurcated into diagnostics and treatments. In terms of species, the market is segmented into fish, crustaceans, mollusks, and others. The aquatic veterinary market report, by disease source, is segmented into bacteria, viruses, parasites, and others. Based on the route of administration, the market is classified into water medication, medicated feed, and others.

Based on geography, the aquatic veterinary market is segmented into North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), the Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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