What Is The Current and Historic Market Size Analysis Of The Aquatic Veterinary Market?
The aquatic veterinary market has seen considerable growth due to a variety of factors.
• The size of the aquatic veterinary market has been consistently expanding over the years. It is projected that the market value will increase from $1.49 billion in 2024 to $1.56 billion in 2025, signifying a compound annual growth rate (CAGR) of 4.9%.
The triggers to growth in this historical timeframe are enhanced cognizance of aquatic animal health, escalating demand for seafood, alterations in regulations affecting aquatic animal health, an upward trend in aquatic diseases, the progression of diagnostic tools, and the global expansion of aquaculture.
What are the Market Size and Expected Growth Rates for the Aquatic Veterinary Template Market?
The aquatic veterinary market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the aquatic veterinary market is anticipated to consistently increase in the upcoming years, reaching a value of $1.86 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 4.5%.
This expansion during the forecast period is influenced by developments in diagnostic and treatment technologies, increased demand for sustainable seafood from consumers, growth in aquaculture industries across emerging regions, and a rise in investments dedicated to research and development. Further contributing factors include regulatory progress towards aquatic health and heightened concerns regarding the conservation of aquatic species. Major trends for the forecast period encompass the emergence of tailored medical approaches to aquatic species, a rise in the utilization of telemedicine and remote diagnostics, progress in biotechnology and genomics, an increase in integrated pest management strategies, amplified emphasis on the conservation and wellbeing of aquatic species, and the widening scope of veterinary services.
Which Key Drivers Are Propelling The Aquatic Veterinary Market's Growth?
The aquaculture industry's growth, fueled by the cultivation of aquatic life like fish, shellfish, algae, and other marine and freshwater organisms, is anticipated to stimulate the aquatic veterinary market's advancement. The burgeoning aquaculture sector is mainly a response to the rising worldwide demand for seafood, a desire to relieve the overfishing problem, and efforts to bolster food security. Aquatic veterinary services bolster this industry by looking after the health of cultivated species, tackling diseases, and refining farming techniques. For instance, the Statistics Department of Agriculture, Fisheries, and Forestry (DAFF), a government body based in Australia, revealed in January 2024 that in 2021-2022, aquaculture production accumulated to roughly 128,835 metric tons. This output accounts for 42% of the entirety of Australia's fisheries and aquaculture manufacture, implying that the growth of the aquaculture industry is boosting the aquatic veterinary market.
What Are The Key Segments Within The Global Aquatic Veterinary Market?
The aquatic veterinary market covered in this report is segmented –
1) By Type: Diagnostics And Treatments
2) By Species: Fish, Crustaceans, Mollusca, Other Species
3) By Disease Source: Bacteria, Viruses, Parasites, Other Disease Sources
4) By Route Of Administration: Water Medication, Medicated Feed, Other Routes Of Administration
5) By Distribution Channel: Distributor, Online Stores, Retail, Others Distribution Channels
Subsegments:
1) By Diagnostics: Diagnostic Imaging, PCR Testing, Blood and Tissue Analysis, Microbial Testing, Rapid Diagnostic Tests (RDTs), Histopathology, Genetic Testing
2) By Treatments: Vaccines For Aquatic Animals, Antimicrobial and Antifungal Treatments, Parasitic Treatments, Pain Management Medications, Antibiotics For Aquatic Animals, Anti-Inflammatory Treatments, Probiotics And Nutraceuticals, Surgical Interventions
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How Are New Trends Impacting The Size Of The Aquatic Veterinary Market?
Companies in the aquatic veterinary market, such as Merck Animal Health, are improving patient outcomes and enhancing veterinary care quality by creating internet-based resources, including training modules. These training modules serve as structured educational aids to provide detailed knowledge on specific topics or skills, available in both digital and physical formats. For example, in November 2023, Merck Animal Health introduced an online educational and training program, AQUA CARE365. This program gives veterinary professionals access to various interactive modules, expert knowledge, and useful tools to hone their skills in aquatic animal care, hence improving the efficiency and quality of veterinary practices.
Who Are the Key Players In The Aquatic Veterinary Market?
Major companies operating in the aquatic veterinary market are:
• Thermo Fisher Scientific Inc.
• Merck KGaA
• Zoetis Inc.
• IDEXX BioAnalytics
• Alltech Inc.
• National Oceanic and Atmospheric Administration (NOAA)
• Wildlife Conservation Society
• California Department of Fish and Wildlife
• Phibro Animal Health Corporation
• Georgia Aquarium
• World Aquatic Veterinary Medical Association
• AquaGen
• AquaBioTech Group
• The Marine Conservation Society (MCS)
• Dolphin Research Center
• Aquasol Corporation
• Aquatic Animal Health Laboratory (AAHL)
• Aquatic Diagnostic Services International (ADSI)
• Aquatic Veterinary services
• Florida Fish and Wildlife Conservation Commission
What Are The Regional Insights Into The Aquatic Veterinary Market?
North America was the largest region in the aquatic veterinary market in 2024. The regions covered in the aquatic veterinary market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
