Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
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In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to Fish Vaccines
Aquaculture, or fish farming, is the process involving production of a large number of fish for the purpose of consumption by people. Increasing consumption of fish has led to a rapid growth of the aquaculture industry. As per the Food and Agriculture Organization of the United Nations (FAO), the global fish production rose to 171 million tonnes in 2016, out of which, 43% share was represented by aquaculture. This share went up to 53% when non-food uses of fish were excluded. Fish vaccines are given to the fish being commercially farmed in order to prevent any bacterial or viral infection among them. This is done so as to avoid the spread of various diseases among fish and to increase the quantity produced during aquaculture. Recent advancements in technology have observed a growth in research and development activities for the production of advanced vaccines which provide a faster immune response among fish, thereby enhancing their infection-resistant properties.
Market Size and Forecast
The fish vaccines market is anticipated to record a CAGR of around 6.5% over the forecast period i.e. 2019-2027. The market is segmented by vaccines, by fish species, by route of administration and by region. On the basis of route of administration, the market is further segmented into injection, oral and immersion, out of which, the immersion segment is anticipated to hold the largest share in the fish vaccines market on account of ease of administration of vaccines through the process.
Immersion vaccination is a method of mass vaccination of fish that is performed by submerging large groups of fish in the vaccine, which is then absorbed by the skin and gills of every fish, resulting in generation of vaccinated fish. Once the procedure is completed, the fish produces antibodies against various antigens present in the vaccine, thus shielding them from any future risks of infection. The process is highly favorable since it is requires less time and has high potency. The type of fish being used and its size are the aspects taken into consideration while performing vaccination through immersion procedure. These factors are anticipated to significantly increase the growth of market during the forecast period. DOWNLOAD SAMPLE REPORT HERE
Growth Drivers
Developing Aquaculture Industry To Expand The Fish Vaccines Market
Development of new and improved fish vaccines that are cost-effective is anticipated to increase the demand for vaccines used during aquaculture. The added benefits of fish vaccines including large scale production of healthy fish and higher survival rate are further estimated to increase the use of fish vaccines for the purpose of fish culture and subsequently lead to higher profits for fish farmers in the upcoming years.
Growing Demand For Vaccines To Boost The Market Growth
Rising infection followed by occurrence of diseases among fish species is a significant growth factor estimated to raise the demand for fish vaccines in the aquaculture industry. In addition, vaccines are natural biological products that do not leave any harmful residue in the environment, thereby estimated to be increasingly preferred over antibiotic drugs. Moreover, the growing development of highly advanced vaccines for the treatment of various fish diseases and infection is anticipated to further escalate the demand for effective vaccines for fish culture. These factors are anticipated to considerably drive the market growth.
Restraints
Strict Policies For Approval Of Vaccines To Restrict The Market Growth
Strict government policies regarding approval for the manufacture of vaccines limit the availability of fish vaccines in the market, thereby increasing the cost of some vaccines in the market. This is estimated to hamper the growth of fish vaccines market during the forecast period.
Market Segmentation
Our in-depth analysis of the fish vaccines market includes the following segments:
By Vaccine
By Fish Species
By Route of Administration
By Region
On the basis of regional analysis, the fish vaccines market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Fish vaccines market in Europe is anticipated to significantly grow during the forecast period as countries such as Norway are projected to grow with a substantially high CAGR. This can be attributed to the increasing consumption of fish in the region. The market in North America is estimated to hold the leading share in fish vaccine market on account of rising fish farming activities in the region, especially Canada, which raises the demand for better farming techniques and large scale fish production. According to UNESCO Institute of Statistics, the expenditure on research and development in Canada was estimated to be around 1.52% of GDP in 2017. Similarly, research and development expenditure in the United States was reported to be 2.74% of GDP in 2016. The use of fish vaccines in the region is estimated to grow substantially as a result of these factors. Fish vaccines market in Asia Pacific region is estimated to observe a notable growth rate. This can be attributed to the growing production of fish as well as increasing measures taken in order to protect them from diseases, mainly in countries such as China.
The fish vaccines market is further classified on the basis of region as follows:
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