The aquatic veterinary market share is expected to grow from US$ 1.45 billion in 2022 to US$ 1.93 billion by 2030, driven by a 3.7% CAGR. Key players like Zoetis, Merck, and Elanco are advancing veterinary solutions for aquatic animals, fueling market expansion
NEW YORK , Feb. 25, 2025 /PRNewswire/ -- According to a comprehensive report from The Insight Partners, "Aquatic Veterinary Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report"
The report provides a data-driven analysis, combining both qualitative and quantitative insights to highlight current market trends and future projections. It also offers actionable information, helping companies develop strategies to drive growth and expand in North America, Europe, or Asia-Pacific. With a global perspective, the research enables businesses to understand diverse healthcare market demands and stay ahead of the competition. A sample of the report is available for preview, providing businesses with an opportunity to evaluate the valuable insights firsthand.
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Aquatic Veterinary Market Overview of Report Findings
- Market Growth: The aquatic veterinary market is expected to reach US$ 1.93 billion by 2030 from US$ 1.45 billion in 2022, recording a CAGR of 3.7% during the forecast period. Aquatic veterinary medicine provides comprehensive care for aquatic creatures, such as penguins, whales, sharks, alligators, and mollusks. Initiatives by different governments to boost their local aquaculture industries and the rising demand for food products made from the meat of aquatic animals are key enablers of the aquatic veterinary industry's progress. Furthermore, consistent efforts being made to produce innovative fish vaccines are anticipated to help market players improve their growth prospects in the coming years.
- Increasing Government Initiatives to Develop Aquaculture Industry: Government investments in veterinarian health management are becoming crucial for productivity and sustainability as aquaculture grows to fill the void created by declining wild fish catches and burgeoning demand. In February 2021, The Foundation for Food & Agriculture Research (FFAR) raised US$ 790,326 to develop a vaccine delivery system aimed at preventing the spread of tilapia lake virus infections and other diseases in the aquaculture sector. Such initiatives taken by governments to solidify the aquaculture industry fuel the aquatic veterinary market.
- Surging Demand for Aquatic Animal Species for Consumption: Aquaculture has emerged as a crucial alternative to wild fisheries, thereby reducing the strain on wild fish supplies and improving food security amid the burgeoning demand for seafood worldwide. Aquaculture is being preferred as a source of a steady supply of fish and other aquatic animals for human consumption. This circumstance calls for improved veterinarian care to protect the well-being and health of aquatic animals raised for food. Thus, specialized veterinary care is becoming more important with the growing prevalence of illnesses and parasite infections in aquaculture systems.
- Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and APAC. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Competitive Strategy and Development
- Key Players: A few of the major companies operating in the aquatic veterinary market include Esox Biologics Ltd, Zoetis Inc, Merck KGaA, HIPRA SA, Ceva Polchem Pvt Ltd, Virbac SA, Elanco Animal Health Inc, Phibro Animal Health Corp, Aquatic Diagnostics Ltd, and Thermo Fisher Scientific Inc.
- Trending Topics: Integrated pest management, telemedicine and remote diagnostics, personalized medicine, and biotechnology and genomics in veterinary diagnostics, among others.
Global Headlines on Aquatic Veterinary
- Elanco Animal Health Inc and Ginkgo Bioworks launched BiomEdit to discover, develop, and introduce novel probiotics, bioactive molecules, engineered microbial medicines, and microbial monitoring services for animal health.
- Merck Animal Health introduces two training modules in its fish welfare series for empowering the aquaculture and conservation fish communities with training and best practices for improved fish welfare.
- MSD Animal Health has agreed to acquire the aqua business of Elanco Animal Health for US$ 1.3 billion in cash. The deal includes a portfolio of medicines, vaccines, and nutritional products for aquatic species, along with manufacturing facilities in Canada and Vietnam and a research facility in Chile.
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Market Segmentation
- The aquatic veterinary market, based on type, is segmented into diagnostics and treatments. The treatments segment held a larger share of the market in 2022.
- The aquatic veterinary market, based on type, is segmented into fish, crustaceans, mollusks, and others. The fish segment held the largest market share in 2022.
- On the basis of disease source, the aquatic veterinary market is classified into bacteria, viruses, parasites, and others. The bacteria segment held the largest market share in 2022.
- On the basis of the route of administration, the aquatic veterinary market is classified into water medication, medicated feed, and other routes of administration. The water medication segment held the largest market share in 2022.
- The aquatic veterinary market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Conclusion
In order to improve the technical performance of Mediterranean aquaculture, the European Union (EU) funded the Mediterranean Aquaculture Integrated Development (MedAID) program as part of Horizon 2020. This four-year Research and Innovation Action (RIA) project was approved in conjunction with PerformFISH under the SFS-23-2016 program. Throughout the value chain, MedAID seeks to improve the competitiveness and sustainability of the Mediterranean marine fish farming industry. Such government measures to encourage improvements in the aquaculture industry facilitate the expansion of the aquatic veterinary market. The rising demand for aquatic species for consumption also supports the market growth. Additionally, the development of innovative DNA-based vaccines against various fish infections is expected to serve as a main trend in the aquatic veterinary market in the future. In 2021, the Central Institute of Brackishwater Aquaculture (ICAR) launched a recombinant vaccine against viral nervous necrosis (VNN) in India.
The report from The Insight Partners provides several stakeholders—Manufacturers, Veterinarians, Regulatory bodies, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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