The Fish Skin Disease Market is Estimated To Witness High Growth Owing To Rising Incidences of 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 medical conditions that affect the skin of fish. Some common fish skin diseases include bacterial infections, fungal infections, parasites, and environmental factors. Fish farmers widely use medications like antifungals, antiparasitics, and antibiotics to treat various skin diseases in fish. These drugs help improve fish health and increases fish production.

Market key trends:
One of the key trends driving the growth of the fish skin disease market is the rising incidences of various skin diseases among farmed fish worldwide. Prolonged exposure to crowded and stressful environments makes fish more susceptible to infectious diseases. Changing environmental conditions like rising water temperatures due to global warming are also aggravating skin infections in fish. According to research, bacterial and fungal infections are among the most prevalent skin diseases affecting salmon and trout farming. Increasing demand for seafood worldwide is further raising fish farming activities, which is increasing pressure on fish health. To control the spread of diseases and minimize production losses, aquaculture industry is increasingly adopting effective treatment and prevention measures using fish skin disease drugs. This rising demand from the aquaculture sector is expected to fuel the growth of the fish skin disease market during the forecast period.

Porter’s Analysis

Threat of new entrants: The fish skin disease market requires large investments and has stringent regulations. This makes entry difficult for new players.

Bargaining power of buyers: Buyers have moderate bargaining power given the availability of generic and substitutable treatment options. However, specialty drugs give buyers less negotiating power.

Bargaining power of suppliers: Established suppliers possess significant bargaining power due to their proprietary drugs and scarce manufacturing infrastructure. This empowers them to influence prices.

Threat of new substitutes: Substitutes from other treatment areas pose a medium threat given the focus on specialty therapies.

Competitive rivalry: High as leading players compete through intensive R&D and product differentiation.

SWOT Analysis

Strengths: Established product portfolios, expansive geographic presence, and significant research capabilities of major players.

Weaknesses: High costs associated with drug development and clinical trials. Dependence on limited therapeutic areas makes pipelines vulnerable.

Opportunities: Growing health expenditures, aging population susceptible to skin issues, and demand for advanced therapies in emerging nations.

Threats: Patent expiries of blockbuster drugs, pricing pressures, and stringent regulations delaying approvals.

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 pet ownership and rising fish farming. North America dominates currently due to developed healthcare infrastructure and favorable reimbursement schemes. However, Asia Pacific is likely to emerge as the fastest growing market attributed to growing healthcare spending, drug cost-effectiveness, and increasing aquaculture in China and India.

Regional analysis: Asia Pacific region is projected to grow at a CAGR of 11.2% during the forecast period. This is due rising standards of living coupled high rates of fish farming. Countries like China and India have are major fish cultivators globally experiencing growth in the industry.

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. They are focused on product innovations and partnerships.

Read More – https://www.pressreleasebulletin.com/the-development-of-new-treatment-option-is-anticipated-to-open-up-the-new-avenue-for-fish-skin-disease-market/

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