According to our new research study on "Aquatic Veterinary Market Forecast To 2030 - Global Analysis - by Type, Disease Source, Route of Administration, and Geography," the Aquatic Veterinary 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 2022-2030. Key factors driving the aquatic veterinary market growth are the high demand for seafood and the decreasing annual catch of wild fish coupled with the increasing demand for seafood results in a greater fish supply worldwide, which, in turn, boosts the aquaculture industry.
The aquatic veterinary market, by type, is segmented into diagnostics and treatments. In 2022, the treatments segment held the largest share of the market and is anticipated to register the highest CAGR in the aquatic veterinary market during the forecast period. Fish vaccines are advantageous over antibiotics since they are natural biological materials leaving no residues in the final product or breeding environment and will not induce a resistant strain of disease organisms. The federal government commonly licenses fish vaccines, but it also closely regulated similar to all other veterinary vaccines to ensure safety, potency, and efficacy. 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. Owing to above-mentioned factors aids in fueling the growth of the segment.
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 10 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 aquatic veterinary market growth
The presence of a large number of manufacturers such as Elanco Animal Health, Merck KgaA, and others, characterizes the treatment for the aquatic veterinary market. Moreover, developments, frequent product launches, rising acceptance of technology innovations, and increasing availability of the products are among the significant factors contributing to the segment's growth. For instance, In November 2023, Elanco Animal Health Inc and Ginkgo Bioworks launched BiomEdit, discovered, developed, and introduced novel probiotics, bioactive molecules, engineered microbial medicines, and microbial monitoring services for animal health. Therefore, these factors fuel the treatment segment of the aquatic veterinary market to grow significantly in the near future.
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 leading companies operating in the aquatic veterinary market.
Aquatic Veterinary Market, by Region, 2022(%)
Source: The Insight Partners Analysis
Based on species, the aquatic veterinary market is bifurcated into fish, crustaceans, mollusca, and others. In terms of source, the Aquatic Veterinary Market is segmented into bacteria, viruses, parasites, and others. Based on route of administration, the aquatic veterinary market is segmented into water medication, medicated feed, and others. By geography, the Aquatic Veterinary Market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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