Aquatic Veterinary Market
The aquatic veterinary medicine discipline involves complete healthcare for aquatic animals, including whales, sharks, alligators, mollusks, and penguins. The aquatic veterinary market is growing with initiatives taken by various country governments to develop their respective aquaculture industries and the surging demand for food products derived from aquatic animals. Further, ongoing efforts for the development of novel fish vaccines are expected to create ample opportunities for the aquatic veterinary market in the coming years. However, stringent regulations for vaccine approvals hinder the market growth.
Rising Demand for Seafood Propels Growth of Aquatic Veterinary Market
Fishes, crabs, mussels, and lobsters are among the aquatic animals that are used for human consumption. The increasing demand for seafood results in a greater fish supply worldwide, which, in turn, boosts the aquaculture industry. Fishes have a rich nutritional profile, including vitamins, proteins, fatty acids, vital micronutrients, and minerals. They are known as an excellent source of omega-3 fatty acids. Omrega-3 fatty acids have been studied for their association with the reduction of risk of heart attacks, prevention of childhood asthma and depression, and improvement of brain health. As per the Organization for Economic Cooperation and Development (OECD), global fish production volume is expected to reach 200 metric ton by 2029. Further, nearly 90% of the fish produced (i.e., ~180 metric ton) would be consumed as food by humans by 2029.
Significant quantities of proteins, nutrients, and minerals are found in crabs. They have little saturated fat content and are an important source of omega-3 unsaturated fats—docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA). The nutrient profile of crabs has also been studied for its effects against joint pain and high vascular stress. Other benefits of crab consumption include bone and heart health improvements, and emotional well-being. The globally increasing consumption of aquatic animals is subsequently leading to an upsurge in production. As per the Federal Agency for Fishery, crab production volume in Russia reached 93.3 thousand metric tons in 2020 from 86.3 thousand metric tons in 2017. With the increasing consumption of seafood, there is a growing need for high-quality produce, which requires proper nutrients and feeds. These nutrients and feeds can be provided by the administration of vaccines and supplements. Therefore, the growing demand for seafood products drives the aquatic veterinary market.
Government funding, grants, and subsidies for water treatment infrastructure, research and development, and environmental conservation initiatives can directly impact the growth and adoption of aquatic veterinary technologies. Political decisions related to budget allocations and funding priorities can influence the availability of financial resources for aquatic veterinary treatment and diagnosis projects. Many government and private organizations are funding various initiatives to address aquaculture-related topics such as shellfish farming, fish treatment and diagnosis, environmental monitoring, recirculating systems, alternative aquafeeds, new species research, and offshore aquaculture. A few of the competitive grant programs by the National Oceanic and Atmospheric Administration (NOAA) for aquaculture are the Sea Grant Marine Aquaculture Grant Program, NOAA Small Business Innovation Research (SBIR) Program, Saltonstall-Kennedy Grant Program, Marine Fisheries Initiative (MARFIN), and Regional Aquaculture Pilot Projects. These initiatives are economically boosting the growth of the market for aquatic veterinary diagnostics and treatments. Public awareness and concerns about water pollution and ecosystem degradation, and the importance of clean water can influence the demand for aquatic veterinary treatment solutions.
Based on disease source, the aquatic veterinary market is segmented into bacteria, viruses, parasites, and others. In 2022, the bacteria segment held the largest share of the market. It is anticipated to register the highest CAGR during 2022–2030. Bacterial epidemics are frequent in the dense populations of cultured or aquarium fishes. Poor water quality, organic matter load, improper fish handling and transport, significant temperature changes, hypoxia, or other stressful conditions are frequently linked to a predisposition to such outbreaks. Most bacterial pathogens that affect fish are gram-negative and aerobic rod-shaped bacteria (bacilli). A few of the major bacterial diseases affecting salmon are vibriosis (Listonella anguillarum and Vibrio spp.), cold water vibriosis (V. salmonicida), wound disease (Moritella viscosa), flavobacteriosis (Flavobacterium psychrophilum), bacterial kidney disease (Renibacterium salmoninarum), piscirickettsiosis (Piscirickettsia salmonis), ERM/yersiniosis (Yersinia ruckeri), and furunculosis (Aeromonas salmonicida, subsp. salmonicida).
Aquatic Veterinary Market Share 2022 and 2030, by Species
Aquatic Veterinary Market: Competitive Landscape and Key Developments
Esox, Zoetis, Elanco Animal Health, Merck KgaA, Virbac Animal Health, Phbro Animal Health Corporation, Aquatic Diagnostics Ltd, Thermo Fisher Scientific, Ceva, and HIPRA are a few of the key companies operating in the aquatic veterinary market. These companies focus on product innovation strategies to meet evolving customer demands, along with maintaining their brand name.
A few of the recent developments in the global aquatic veterinary market are mentioned below:
- In November 2022, Indian Immunologicals Ltd (IIL) collaborated with the Central Institute of Fisheries Education (CIFE) for the commercial development of India’s first fish vaccine to protect freshwater fish against common bacterial diseases.
- In July 2020, Zoetis Inc. announced a complete acquisition of Fish Vet Group, which was a part of Benchmark Holdings, PLC. The acquisition was made to add Fish Vet Group to the Pharmaq business segment of Zoetis. The strategic acquisition also allowed Pharmaq to strengthen its geographic reach, and enhance its diagnostics expertise and testing services, including environmental testing.
- In September 2020, the AKVA Group and Vikings signed a design and cooperation agreement to design several land-based salmon farms in the Middle East. AKVA Group provides extensive experience in designing, constructing, and operating modern land-based fish farming .
- In May 2020, the AKVA group acquired Sperre, located in the Notodden town of the Norwegian subsea cluster. The company has extensive experience developing and manufacturing various advanced ROV solutions for aquaculture, oil service, and marine industries.
