The Global 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 disease refers to a variety of infectious and non-infectious skin conditions affecting ornamental fishes and food fishes. The fish skin disease market comprises products such as antibiotics, antifungals, steroids and antihistamines that help in treating various fish skin infections and diseases. These products provide effective treatment and protection to fishes which acts as a driving factor for the market.
Market key trends:
Growing aquaculture industry globally: The increasing global demand for seafood items has led to a rapid expansion of fish farming activities worldwide. Rising fish production has concurrently resulted in greater risk of fish skin infections and disease outbreaks, thereby necessitating effective treatment and management solutions. This is expected to propel the fish skin disease market during the forecast period.
Increasing pet fish ownership: Keeping pet fishes is a popular hobby worldwide. However, pet fishes are susceptible to various skin infections and disorders due to poor water quality, environmental stress, and lack of proper handling. With rising pet fish ownership, especially in developed regions, the demand for fish disease treatment products is witnessing steady growth.
Segment Analysis
The fish skin disease market is witnessing increasing prevalence of bacterial and viral diseases among farmed fishes. Rising seafood trade has accelerated the spread of these diseases across geographies. Moreover, fluctuating water temperatures due to climate change have negatively impacted fish immunity, making them more susceptible to infections. Advancements in molecular diagnostic techniques have enabled early and rapid detection of pathogens, which can facilitate timely treatment and control disease spread. Development of novel topical and oral medications with shorter treatment duration and higher efficacy is also driving the market.
SWOT Analysis
Strengths: Presence of major players with established distribution network and robust R&D capabilities.
Weaknesses: High costs associated with drug development and regulatory approvals. Dependence on climate and environmental conditions.
Opportunities: Growth in aquaculture industry in developing regions. Development of vaccines and feed additives.
Threats: Threat from substitute treatments such as probiotics and herbal medicines. Environmental factors beyond control.
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 farming and international fish trade. The Asia Pacific region currently dominates the market owing to large fish farming industry in countries such as China, India, and Vietnam.
Regional analysis
The Asia Pacific region is expected to maintain its dominance in the global market, growing at a CAGR of over 10% during the forecast period. This can be attributed to rising fish consumption, favorable policies supporting aquaculture, and presence of major market players in the region. China, India, and Vietnam are the top three fish producing nations globally and witness high incidence of skin infections.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
