Rise in adoption of veterinary artificial insemination drives the growth of the global veterinary artificial reproduction market
PORTLAND, Ore., Oct. 26, 2021 /PRNewswire/ --Allied Market Research recently published a report, titled, "Veterinary Artificial Reproduction Market by Product (Equipment, Reagents & Kits, and Others), Technique (Artificial Insemination, In-Vitro Fertilization (IVF) Technology and Others), and End User (Veterinary Hospitals, Veterinary Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global veterinary artificial reproduction industry was pegged at $1.34 billion in 2020, and is expected to reach $2.22 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030.
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Major determinants of the market growth
Rise in adoption of veterinary artificial insemination drives the growth of the global veterinary artificial reproduction market. However, semen contamination hinders the market growth. On the contrary, government support affecting animal health services is expected to open new opportunities for the market players in the future.
Covid-19 scenario:
- The Covid-19 pandemic disrupted the supply chain and increased the prices of raw materials.
- Moreover, the prolonged lockdown across several countries created a shortage of animal health products as nutritional feeds and vaccines across the globe.
The reagents and kits segment to manifest the highest CAGR through 2030
By product, the reagents and kits segment is expected to register the highest CAGR of 5.2% during the forecast period. In addition, the segment held the lion's share in 2020, accounting for nearly one-third of the market, due to growing infectious diseases in animals and rise in awareness regarding artificial insemination among people. The report includes an analysis of other segments such as equipment and others.
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The artificial insemination segment held the lion's share
By technique, the artificial insemination segment dominated the market in 2020, contributing to more than half of the market. Moreover, the segment is expected to register the highest CAGR of 5.2% during the forecast period, owing to rise in consumption of animal protein and surge in demand for high cattle productivity & milk yield. The report includes an analysis of other segments such as in vitro fertilization technology and others.
Europe, followed by North America, to contribute the highest revenue by 2030
By region, the market across Europe held the largest share in 2020, accounting for nearly two-fifths of the market, due to rise in healthcare awareness and increase in demand for fishery and animal husbandry products. However, the market across Asia-Pacific is projected to portray the highest CAGR of 6.9% during the forecast period, due to the presence of a large livestock population in the region and rise in demand for milk and animal-based protein along with government initiatives. On the other hand, North America held the second-largest share in 2020, contributing to nearly one-third of the market.
Major market players
- Bovine Elite LLC
- Agtech Inc.
- KRUUSE
- Zoetis Inc.
- IMV Technologies
- National Meditek
- Neogen Corporation
- Select Sires Inc.
- Swine Genetics International
- SEMEX
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