The Fish Skin Disease Market Is Estimated To Witness High Growth Owing To Increased Awareness Regarding Harmful Impact Of Fish Diseases
The fish skin disease market comprises products used to diagnose and treat various skin conditions affecting fish. Some common fish skin diseases include Columnaris, Ichthyophthirius multifiliis, or Whiite Spot Disease caused by Ich parasite, Flavobacterium columnare or Columnaris, and Aeromonas salmonicida or Furunculosis. These conditions can lead to significant economic losses for fish farmers if left untreated.
The global Fish Skin Disease Market is estimated to be valued at US$ 1.84 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased awareness regarding harmful impact of fish diseases: Growing awareness among fish farmers about the economic losses caused by untreated fish skin diseases is expected to propel growth of the market. Fish diseases can spread rapidly and wipe out entire stocks if preventive measures are not taken. This is a key driver for increased adoption of diagnostic kits and therapeutics to manage fish skin conditions.
Another major driver for the fish skin disease market is the growth of aquaculture industry globally. Fish farming is becoming an important source of protein and livelihood for many communities. Protecting farmed fish from diseases thus becomes a priority to enhance fish yields. This will drive demand for effective treatment and prevention products in the coming years.
SWOT Analysis
Strength: The fish skin disease market has a large patient pool as fish skin diseases are prevalent in aquaculture farms. Access to effective drugs can help tackle recurrent infections and losses due to mortality. Established drug makers in the veterinary pharmaceutical industry also have the manufacturing capabilities and supply chain strengths.
Weakness: However, the market relies heavily on a few key products and drug makers, resulting in supply concerns in case of regulatory issues or delays. Also, the economic returns may be limited for new drug developers given the niche nature of this veterinary market segment focused on aquaculture.
Opportunity: There is scope to develop novel drug therapies and treatment approaches targeted at specific disease indications. The market also presents opportunities to introduce preventive healthcare products and services for large commercial aquaculture farms looking to minimise losses.
Threats: Stringent regulations for veterinary drug approval poses development challenges and risks. Emerging competition from generic drug makers once key patents expire is another threat. Additionally, factors such as fluctuating fish prices and foreign trade policies can impact overall demand from aquaculture industry players.
Key Takeaways
The Global Fish Skin Disease Market Size is expected to witness high growth over the forecast period supported by a growing aquaculture industry. The global fish skin disease market is estimated to be valued at US$ 1.84 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.
Asia Pacific currently dominates the market owing to major fish farming nations such as China, India and Vietnam. Countries in the region contribute significantly to the global fish production from aquaculture.
Key players operating in the fish skin disease market are Glaxo Smith Kline PLC., Isarna Therapeutics GmbH, Aptose Biosciences Inc., Regulus Therapeutics Inc., and Rexahn Pharmaceuticals Inc. These companies have a strong presence across major markets and are focused on expanding their product portfolios through collaborations and acquisitions.
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