by Fish skin diseases limit fish production in the aquaculture industry and cause economic losses. Proper medication and treatment are required to manage fish skin diseases and prevent infection spread. Fish skin disease drugs aid in preventing infections, inflammation, and skin lesions in aquacultured fishes.
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 key trends:
The growing aquaculture industry is one of the major factors contributing to the growth of the fish skin disease market. According to the Food and Agriculture Organization, global aquaculture production reached 86.8 million tonnes in 2020, valued at USD 277 billion. Asia contributed for about 88% of the total aquaculture production in the world. With the increasing fish farming and production through aquaculture, there is a rising prevalence of various fish skin diseases which is propelling the demand for fish skin disease treatment drugs and medications. Effective treatment for fish skin diseases has become crucial for sustainable aquaculture and protein security.
SWOT Analysis
Strength: The growing aquaculture industry is driving the demand for treatment and control of fish skin diseases. Skin disease outbreaks can cause significant economic losses to fish farms.
Weakness: Limited research investment for fish disease therapies compared to human diseases. Regulatory approvals for new therapeutics also take considerable time.
Opportunity: Emerging economies in Asia Pacific are witnessing rising fish consumption which will boost aquaculture production. This increases the risk of skin disease outbreaks providing opportunities for market players.
Threats: Alternative treatment methods such as changes in water quality management and vaccination programs can limit the need for pharmaceutical interventions in the long run. Natural calamities may also disrupt fish farming.
Key Takeaways
The Global Fish Skin Disease Market Size is expected to witness high growth. 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 dominates the market currently due to massive aquaculture industry in countries such as China, India, Vietnam, Indonesia, and Bangladesh. China alone contributes over 60% of the global fish supply through intensive fish farming. Rapidly growing middle class in the region demanding affordable protein is supporting market expansion.
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 are engaged in drug development for various types of fish skin infections. Collaboration with veterinary research organizations and aquaculture industry players will help them gain deeper insights into disease management.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
