Fish Skin Disease Is Estimated To Witness High Growth Owing To Rising Awareness Regarding Skin Diseases
The Fish Skin Disease market is estimated to be valued at US$ 1.4 Bn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fish skin diseases refer to infections, allergies, and other skin conditions that affect fish. Common fish skin diseases include ich, costia, fungus, columnaris, and flukes. Pharmaceutical products used in the treatment of fish skin diseases include creams, lotions, ointments, and medications. These products help to alleviate symptoms, treat underlying infections, and prevent recurrence of skin diseases in fishes kept for commercial and recreational purposes.
Market Dynamics:
The fish skin disease market is expected to witness high growth owing to rising awareness among fish farmers and pet owners regarding fish health and various skin diseases. According to industry sources, approximately 30% of ornamental fish deaths are caused due to untreated skin diseases. This has prompted many to actively seek diagnosis and treatment options. Additionally, increasing consumption of fish and shellfish as a part of the human diet has also boosted research activities related to fish diseases. Further, growing aquaculture production globally is another factor anticipated to contribute to the market growth over the forecast period. The rising global demand for seafood is necessitating sustainable and large scale fish farming practices which require effective disease treatment and management protocols to minimize losses.
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SWOT Analysis
Strength: Some of the key strengths of fish skin disease market include growing adoption of advanced diagnostic tests, increasing research collaborations between industry players and research organisations, and growing prevalence of skin diseases in aquatic animals. The availability of effective treatment options helps drive compliance.
Weakness: The fish skin disease market faces challenges in terms of lack of awareness regarding skin diseases in aquatic animals. Further, high treatment costs also limit the adoption of advanced therapies.
Opportunity: The market players have opportunities in terms of rising production and consumption of fish worldwide. There is a scope for development of novel treatment drugs with improved efficacy and safety profiles. Untapped markets in developing regions also present lucrative growth prospects.
Threats: Stringent regulatory framework for approval of drugs and diagnostics poses challenges for market players. Threats of substitute emerging in the form of herbal and alternative therapeutic options also impact the market negatively.
Key Takeaways
The Global Fish Skin Disease Market is expected to witness high growth, exhibiting CAGR of 9.8% over the forecast period, due to increasing fish production worldwide. The growing consumption of fish and seafood has led to rising focus on the health of aquatic animals.
Regional analysis: North America dominates the global fish skin disease market owing to high research funding and growing adoption of advanced diagnostics. Asia Pacific is projected to witness fastest growth during the forecast period supported by expanding production base in major Asian countries like India, China, and Vietnam.
Key players analysis: Key players operating in the fish skin disease market are GSK Plc., AbbVie Inc., Sonnet BioTherapeutics, Krystal Biotech, LEO Pharma, GALDERMA, GLENMARK PHARMACEUTICALS LTD., Mayne Pharma Group Limited, Ortho Dermatologics, Cellegy Pharmaceuticals, Patagonia Pharmaceuticals, LLC, Crown Laboratories, Inc. Major players are focusing on new product launches, collaborations and acquisitions to strengthen their market position.
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