Aquaculture Healthcare Market: Supporting Sustainable Aquaculture Practices | Global Insight Services

The global Aquaculture Healthcare Market was valued at USD 1.3 billion in 2021 and it is anticipated to grow up to USD 1.6 billion by 2031, at a CAGR of 1.8% during the forecast period.

Aquaculture healthcare is the medical care and treatment of fish and other aquatic animals in aquaculture settings. This includes both preventive measures to maintain the health of the animals and treatment of sick or injured animals. Aquaculture healthcare is a vital part of ensuring the welfare of the animals and the quality of the products produced. Aquaculture healthcare is a growing field as the aquaculture industry continues to expand. Aquaculture facilities are found in many parts of the world and are an important source of food and income for many people. With the right care, these facilities can provide a safe and healthy environment for the animals and the people who work with them.

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Market Trends and Drivers

Rising demand for fish proteins across the world will boost the aquaculture healthcare market growth

Fish is a good source of protein and micronutrients and is consumed all over the world. For instance, in 2018, according to Food and Agriculture Organization (FAO) of the United Nations, about 88 percent of the 179 million tonnes of total fish production was utilized for direct human consumption. Thus, growing demand for quality fish has led to overfishing and depletion of wild fisheries. This is significantly increasing the demand for farmed fish produce. A growing aquaculture market is noted to increase the demand for aquaculture healthcare products in tandem.

Market Restraints and Challenges

Lack of knowledge regarding diseases in aquatic animals may slow the aquaculture healthcare market expansion

Limited awareness surrounding occurrence of diseases and benefits of aquaculture healthcare significantly impacts the industry revenue. This is estimated to be a concerning factor as it can render a sluggish rate of fish production coupled with an increasing rate of death, thereby limiting the market progression.

Global Aquaculture Healthcare Market Segmental Overview

The report analyses the global Aquaculture Healthcare Market based on Product, Species, Infections, Route of Administration, Distribution Channel, and Region

Global Aquaculture Healthcare Market by Product

Based on the product type, the Aquaculture Healthcare industry is bifurcated into drug, vaccine, and Medicated feed additives. Of these, the drug segment registered significant revenue in 2021. Consumers are increasingly relying on tablets, given their cost-effectiveness and high content of active ingredients, among other benefits, such as shelf-stability and ability to retain its potency for a longer period. Meanwhile, the ability of capsules to offer faster relief to symptoms, along with their higher bioavailability, will escalate the consumption of Aquaculture Healthcare in tablet and capsule forms.

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Global Aquaculture Healthcare Market by Species

Based on species, market is segmented into Fishes, and Crustaceans. The fishes segment dominated more than 82.4% of the market share in 2021. Owing to the increasing demand for superior fish protein and the considerable expansion of the aquaculture market, there is a massive need for aquaculture healthcare solutions, thereby fuelling the industry progression. Additionally, rising fish farming is one of the major factors contributing to the market value.

.Global Aquaculture Healthcare Market by Infection

Based on applications, the Aquaculture Healthcare industry is categorized Bacterial infections, Viral infections, Parasitic infections, and Fungal infections. The segment bacterial infection accounted for lucrative market share in 2021. Farmed fishes show an increased incidence of bacterial infections in the market. This increased incidence is the result of crowded conditions in fish farms. Furthermore, poor sanitation, poor water quality and nutritional value result in increased susceptibility to bacteria.

Global Aquaculture Healthcare Market by Route of Adminstration

Based on the route of administration, the industry is categorized into Oral, Injectable, and Topical. The injectable segment accounted for 52% of revenue share in 2021 impelled by the effectiveness of injectable therapeutics. Drug diffusion varies due to the irregularity of metabolic processes in fish credited to their poikilothermic nature and poorly vascularized tissues. Injectable products offer direct delivery of antigen into muscle or body cavity, allowing rapid stimulation of immune response.

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Major Players in the Global Aquaculture Healthcare Market

• Benchmark Holdings Plc.
• Alltech
• Elanco
• Bayer CropScience Limited
• Merck & Co. Inc.
• Virbac S.A.
• ADM
• Pfizer, Inc.
• AKVA Group
• Apex Frozen Foods Ltd.

COVID-19 Impact

The COVID-19 pandemic has negatively impacted the operations of several sectors and industries operating within, virtually resulting in an economic decline. Several fishing and aquaculture related activities we noted to be suspended considering the measure for countering the spread of COVID-19 pandemic. Thus, lowered demand of aquaculture produce limited the demand for therapeutic solutions for aquatic animals thereby, hampering the market. Moreover, several manufacturers operating in the aquaculture healthcare industry have reported significantly reduced workforce, thus negatively impacting the operational capabilities, thereby slowing down the industry growth. Furthermore, logistical challenges attributed to local and national restrictions on the movement of goods and people was noted to increase cost as well as turnaround time.

Research Scope