Jersey City, NJ, Jan. 24, 2024 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Veterinary Assistive Reproduction Technology Market - (By Animal Type (Bovine, Swine, Ovine, Caprine, Equine, Other Animals), By Product (Normal Semen, Sexed Semen), By Distribution Channel (Private, Public), By Conception Method (Artificial Insemination, Embryo Transfer (MOET), IVF)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Veterinary Assistive Reproduction Technology Market is valued at US$ 2.39 Bn in 2023, and it is expected to reach US$ 4.42 Bn by 2031, with a CAGR of 8.17% during the forecast period of 2024-2031.
In veterinary medicine, Assistive Reproduction Technology (ART) encompasses various methods designed to improve the likelihood of successful reproduction in animals. These technologies are utilized for a multitude of objectives, such as enhancing the efficiency of reproduction processes, safeguarding genetic material, and managing reproductive disorders. Frequently, veterinary ART employs sophisticated techniques comparable to those utilized in human reproductive medicine.
The market will likely grow due to prominent research and development efforts focused on enhancing assisted reproductive technology and significant industry players continually investing in developing new and improved products. However, Businesses are pouring a lot of money into regulatory filings and clinical trials to have their pipeline products approved. Because of this, creating new tumour ablation technologies can cost more.
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Recent Developments:
- In Feb 2022, A strategic collaboration between Zoetis, CowManager®, and Select Sires Inc. was officially initiated to integrate genomic tools and predictive sensor systems. The objective of this partnership was to generate value for cattle producers in the administration of their farms by providing enhanced guidance supported by intelligent, more precise cow data. Enhanced efficiency and well-informed decision-making by producers resulted in improved health outcomes for cows and favourable business performance.
- In September 2020, Genus Plc ("Genus"), a frontrunner in animal genetic improvement, and Tropic, an innovator in agricultural biotechnology, announced an expansion and extension of their partnership to apply Tropic's GEiGS® technology to pig and cow genetics.
List of Prominent Players in the Veterinary Assistive Reproduction Technology Market:
- Genus Plc
- URUS Group LP
- CRV
- SEMEX
- Select Sires, Inc.
- Swine Genetics International
- National Dairy Development Board
- STgenetics
- VikingGenetics
- Geno SA
- Others
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Veterinary Assistive Reproduction Technology Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2023 | USD 2.39 Bn |
| Revenue Forecast In 2031 | USD 4.42 Bn |
| Growth Rate CAGR | CAGR of 8.17 % from 2024 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
| Historic Year | 2019 to 2023 |
| Forecast Year | 2024-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Animal Type, By Product, By Distribution Channel, By Conception Method |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
Market Dynamics:
Drivers-
The growing demand for veterinary assistive reproduction technology market is fueled by noteworthy innovations in reproductive technologies, specifically embryo transfer (ET) and in vitro fertilization (IVF). Advancements in these areas help to make reproductive operations more efficient and effective, increase the number of species that may be used, and boost success rates. Improved business prospects are anticipated due to healthcare facility expansion and increasing government efforts to raise awareness about the benefits of ART.
Challenges:
The prime challenge is high cost, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the veterinary assistive reproduction technology market. Industrialized and developing countries face challenges in utilizing ART products because of their comparatively high cost compared to traditional therapies. One more thing holding the assisted reproductive technology industry back is the fact that insurance doesn't pay for or compensate for these operations. On the other hand, the government might launch programs to improve ART technology and technological advancements to sidestep this issue. The assisted reproductive technology sector took a major hit during the COVID-19 pandemic as people were understandably terrified of travelling for procedures and the associated safety concerns. Medical centres specializing in vitro fertilization saw the COVID-19 epidemic cause a steep drop in sales. Some organizations have begun to fight for reproductive health standards to be upheld.
Regional Trends:
The North American veterinary assistive reproduction technology market is anticipated to record a major market share in revenue. It is projected to grow at a high CAGR in the near future due to the growing number of couples seeking help with infertility and the appeal of fertility treatments. Besides, Asia Pacific had a considerable market share due to technological advancements and affluence. The convergence of variables, such as rising disposable income and technical sophistication, suggests consumers may see increased demand for fertility treatments.
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Segmentation of Veterinary Assistive Reproduction Technology Market-
By Animal Type-
- Bovine
- Swine
- Ovine
- Caprine
- Equine
- Other Animals
By Product-
- Normal Semen
- Sexed Semen
By Distribution Channel-
- Private
- Public
By Conception Method-
- Artificial Insemination
- Embryo Transfer (MOET)
- IVF
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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