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Thursday, 18 April 2024
Monday, 19 Feb 2024 12:00 am

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

Aquatic veterinary market is expected to cross USD 1,934.33 million by 2030. Insights on drivers, opportunities, trends and challenges.

By The Insight Partners

Treatment Segment to Dominate Aquatic Veterinary Market 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 market is expected to grow from US$ 1,450.44 million in 2022 to US$ 1,934.33 million by 2030; it is estimated to record a CAGR of 3.7% from 2022 to 2030. Key factors bolstering the aquatic veterinary market size include the initiatives taken by governments to develop their aquaculture industries and the surging demand for food products derived from aquatic animals. Aquatic farms across the world increasingly rely on vaccinations to manage animal health. The emergence of novel pathogens with extensive antigenic diversity renders conventional vaccines less effective, which encourages researchers to look into new techniques for creating potent vaccines for aquaculture. Thus, technological advancements in fish vaccines are expected to bring significant trends in the market in the coming years. Significant aquatic veterinary market trends include the development of DNA vaccines based on recombinant DNA technology. These recombinant vaccines can closely simulate naturally occurring infections, which aids in triggering a potent immune response in the treated fish. However, stringent regulations for the approval of vaccines hinder the overall market growth.

Development of Novel Fish Vaccines to Offer Opportunities for 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 in the coming years.

Aquatic Veterinary Market, by Region, 2022 (%)

To get sample Copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00038847

Source: The Insight Partners Analysis

Esox, Zoetis, Elanco Animal Health, Merck KgaA, Virbac Animal Health, Phbro Animal Health Corporation, Aquatic Diagnostics Ltd, Thermo Fisher Scientific, Ceva, and HIPRA are among the key companies operating in the market. The companies have been implementing various strategies that contributed to their growth and led to various changes in the market. The companies implement organic strategies such as launches, expansions, and product approvals, and inorganic strategies such as collaborations and partnerships, in turn, contributing to the aquatic veterinary market growth.

The industry landscape chapter in the aquatic veterinary market report gives a brief knowledge about product developments, partnerships, mergers and acquisitions, and collaboration strategies implemented by various companies. Elanco Animal Health Inc. has been implementing organic strategies, which, in turn, have contributed significantly to the global health economics and outcomes research services \. Strategies such as new product launches allow companies to expand their geographic reach and capacity to cater to a large number of customers. During 2020–2022, Merck Animal Health implemented various inorganic strategies that have brought about remarkable developments in the aquatic veterinary market due to the involvement of major players which has led to the availability of better products in the market.

The aquatic veterinary market analysis was carried out by considering the following segments: type, disease source, species, and route of administration.

Based on type, the market is differentiated into diagnostics and treatments. The treatments segment held a larger share of the market in 2022. It is anticipated to record a higher CAGR during 2022–2030. The market for the treatment segment is further segmented into vaccines, medications, and supplements. Among these, the vaccines segment accounted for the largest market share in 2022, and it is anticipated to register the fastest CAGR during 2022–2030. Fish vaccines are advantageous over antibiotics since they are natural biological materials leaving no residues in the final product or breeding environment. Moreover, vaccines would not induce a resistant strain of disease-causing organisms. Although fish respond to vaccines the same way as other animals, the response to vaccines depends largely on the water temperature as they are cold-blooded animals. The most common fish vaccine types include bacterins, live attenuated, subunit vaccines, and toxoids. Inactivated bacterins contain inactivated or killed whole-cell fish bacterial pathogens.

By species, the market is segmented into fish, crustaceans, mollusks, and others. The fish segment held the largest aquatic veterinary market share in 2022. and is expected to register mild and moderate segmental  CAGR from 2022 to 2030.

In terms of the disease source, the aquatic veterinary market is segmented into bacteria, viruses, parasites, and others. In 2022, the bacteria segment held the largest market share. It is further anticipated to register the highest CAGR during 2022–2030.

Based on the route of administration, the market is segmented into water medication, medicated feed, and others. In 2022, the water medication segment held the largest aquatic veterinary market share. The market for this segment is anticipated to grow at the highest CAGR during 2022–2030.

The scope of the aquatic veterinary market report covers North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). North America dominated the aquatic veterinary market in 2022. According to the National Oceanic and Atmospheric Administration, aquaculture generates ~US$ 1.5 billion in revenue annually in the US. The World Bank states that the US produced ~448 thousand metric ton of products out of aquaculture. As per the same source, ~5.6 million fishes were produced by the North American aquaculture industry in 2021, of which the US accounted for the production of ~4.7 million, i.e., ~83% of the total regional fish production.

According to Fisheries and Oceans Canada (DFO), Canadian aquaculture production rose from ~50,000 metric ton in 1991 to 191,000 metric ton in 2021, while the production value surged from US$ 234 million (1991) to US$ 1.3 billion (2021). As per the same source,78% of the total production volume and 91% of the total production value in 2021 represented finfish production. Due to the increase in the prevalence of infectious diseases in finfishes during production, vaccines are administered to them to avoid the spread of diseases and maintain their production value and volume. Therefore, the increase in the production of finfish fuels the growth of the aquatic veterinary market in Canada.

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