In a pioneering forecast, industry experts at Future Market Insights Inc. (FMI) unveil a robust future for the Global Aquaculture Therapeutics Industry, anticipating an impressive Compound Annual Growth Rate (CAGR) of 8.6% between 2023 and 2033. This groundbreaking revelation establishes the industry as a key player in the global market, with projections signaling a prosperous journey towards a market share of US$ 3.98 billion by 2033.
The aquaculture therapeutics market is poised for steady and sustainable expansion, showcasing a trajectory that promises substantial growth over the next decade. According to FMI’s comprehensive analysis, the industry is set to achieve a significant milestone in 2023, with the market value expected to reach US$ 1.74 billion.
Global Aquaculture Therapeutics Industry: Drivers and Restraints
A lot of advances are taking place in the aquaculture therapeutics as there are several diseases which are affecting the animals cultured in the aquaculture. There are several diseases which are driving the aquaculture therapeutics market. Mostly the diseases are dependent on hygiene conditions which are to be maintained. Advances in aquaculture therapeutics, and growing demand for the more effective aquaculture therapeutic drugs are the factors expected to drive the growth of aquaculture therapeutics market. More over the demand for aquaculture is growing day by day due to the decreasing number of the oceanic fishes and increasing consumption of the fishes at a global level.
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The Farming or the culturing of aquatic animals like the fishes, algae, mollusks, crustaceans, aquatic plants and other aquatic organisms in different types of water is termed as Aquaculture. The cultivation process involves nurturing of these aquatic organism in the controlled condition either in fresh or in salt water. Later on these aquatic organisms are then harvested to be served as the source of nutrition or to be used for many other purposes.
The aquatic animals are very sensitive and are prone to various epidemic diseases. Other factors affecting the aquatic cultured animals are Pathogens (e.g. bacteria, viruses, fungi and parasites) exist in all natural water bodies. At the same time crowded culture environment makes the causes high risk for infection and makes the fishes nervous. Crowding also results in fish knocking eventually leading to surface wounds which is a cause for inaction.
These can be cured using several FDA approved antibiotics and other medicines. Apart from diseases medicines are used to improve the wellbeing of the fishes in the aquaculture. The list of drugs includes chorionic gonadotropin, formalin solution, florfenicol, oxytetracycline, tricaine methane sulfonate, hydrogen peroxide, sulfadimethoxine/ormetoprim combination, acetic acid, calcium chloride, calcium oxide, carbon dioxide gas, fuller’s earth, garlic (whole form), ice, magnesium sulfate, papain, potassium chloride, povidone iodine, sodium bicarbonate, sodium chloride, sodium sulfite, thiamine hydrochloride, urea and tannic acid.
The above mentioned drugs take care of the aquatic animals fighting with several diseases which are not only harmful to the aquatic animals but are also harmful to the consumer. There are two different categories of diseases which affect the aquatic population viz. diseases due to pathogens which are indigenous to the local environment and exotic pathogens.
Global Aquaculture Therapeutics Industry: Overview
Despite the long tradition of practicing aquaculture in several countries it is still a growing and a business with great scope. The requirement of aquaculture therapeutics is increasing day by day as more and more countries have stared adopting aquaculture which is cheaper source of protein. As the fishes or the animals are consumed by the human FDA has set up certain regulatory guidelines for the drugs to be administered to the fishes in aquaculture. They are categorized as conditionally approved animal drugs and indexed animal drugs. Depending upon environmental and diseased conditions these drugs are used in the aquatic fishes.
Aquaculture Therapeutics Industry: Regional Overview
Region-wise, the global Aquaculture therapeutics market is classified into regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East and Africa. China is the leading in the aquaculture market which contributes around 61% of the global aquaculture market which is followed by Indonesia and India.
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Global Aquaculture Therapeutics Industry: Key Players
Some of the key players in the Global Aquaculture Therapeutics Industry are
- TunaTech GmbH,
- ViAqua Therapeutics Ltd,
- Alpharma, Inc.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, type of product and applications.
The report covers an exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX)
- Eastern Europe (Russia, Poland, Rest Of Eastern Europe)
- Asia Pacific Excluding Japan (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, N. Africa, Rest Of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Global Aquaculture Therapeutics Industry: Segmentation
The global Aquaculture therapeutics market has been classified based on product type, end user and geography.
Based on product type, the Global Aquaculture Therapeutics Industry is divided into following:
- Chorionic Gonadotropin
- Formalin Solution
- Florfenicol
- Oxytetracycline
- Tricaine Methane Sulfonate
- Hydrogen Peroxide
- Sulfadimethoxine/Ormetoprim combination
Based on the end user type, the Global Aquaculture Therapeutics Industry is divided into the following:
- Veterinary Pharmacies
- E commerce
- Veterinary Clinics
- Veterinary Hospitals
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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