New York City, NY, Nov. 28, 2017 (GLOBE NEWSWIRE) -- Advancements in pharmaceuticals and biologics will continue to impact global market growth through 2025
The global market for aquaculture feed and pharmaceuticals is likely to be influenced by innovations and research in biologics and pharmaceuticals in the coming years. Needless to say, the pharmaceutical and biologics segment will dominate the global aquaculture feed and pharmaceutical market in terms of value during the eight year period 2017 – 2025. Our forecasts indicate that the pharmaceutical and biologics segment will reach a market valuation in excess of US$ 800 Mn by the end of the forecast period, registering an annual growth rate of 7.4%. Advancements in biologics will have a significant impact on the global market, and hence the biologics sub-segment will outpace the other sub-segments in terms of revenue growth, recording an impressive 7.7% CAGR during the forecast period.
The pharmaceutical and biologics segment is expected to be the most lucrative among the product types, with a market attractiveness index of 1.6. The medicated feed segment is expected to be the least attractive product type segment, recording a market attractiveness index of 0.4.
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Several factors drive market growth in the pharmaceutical and biologics segment
There is an increasing demand for structured R&D in the niche field of aquaculture feed and pharmaceuticals with research in biologics being a crucial component of the R&D initiatives. This has facilitated faster entry of drugs, medicated feed, and vaccines into the regional markets, specifically in developed countries such as the U.S and Canada. This has fueled inorganic growth in the global aquaculture feed and pharmaceutical market by means of strategic partner selection for M&A initiatives among key players.
The global market for aquaculture feed and pharmaceuticals is also witnessing some key trends. For instance, in the U.S, the usage of extra label drugs is permitted in aquaculture under the guidance and supervision of a licensed veterinarian. The FDA does not object to the use of approved extra label aquaculture medicated feeds if these drugs meet the mandatory compliance conditions stated under the Compliance Policy Guide, 615.115, Extra-label Use of Medicated Feeds for Minor species. This is anticipated to broaden the horizon and scope for further development of medicated feed and pharmaceuticals for aquaculture. Further, an increasing demand for in-feed medication as a prophylactic measure is being witnessed in the global aquaculture feed and pharmaceutical market. There has been a growing adoption of in-feed medication for fish to prevent the large-scale spread of diseases. The main aim here is to medicate healthy fish and prevent any kind of contact with infected fish. The demand for medicated aquafeed is increasing in organized fishing farms across Europe, given the limited use of antibiotics across the region.
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Collaborative governmental efforts in R&D augmenting the availability of pharmaceuticals and medicated feed
The governments of various countries are initiating research and development activities in partnership with regulatory bodies in the field of aquaculture feed and pharmaceuticals. This is boosting the availability of quality medicated feed and pharmaceuticals for aquaculture. Aquaculture is becoming an important source of food for human consumption. A rise in the number of organized aquaculture facilities across the globe is influencing the need to develop safe and effective drugs to treat various types of diseases in fish.
Lack of harmonization of veterinary medicinal products and medicated feed restricting market growth over the forecast period
In developed regions such as the EU, different laws have been defined for manufacturing veterinary medicines and medicated feed. For example in Germany, totally separated production lines have to be installed for compound feed and medicated feed. Further, the level of residue of veterinary medicines allowed in feed is different across different countries. This hampers market estimation and forecast.
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