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Veterinary Artificial Reproduction Market Expected to Reach $2.22 Billion by 2030—Allied Market Research

 

Report Code : A13676

quote “growth of the global veterinary artificial reproduction market is attributed to increase in demand for genetically superior breed of animals, which, in turn, propels demand for artificial reproduction procedures in animals.” quote

Onkar Sumant
Manager, Healthcare at Allied Market Research

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According to a new report published by Allied Market Research, titled, " veterinary artificial reproduction market by product, technique, end user, and region: global opportunity analysis and industry forecast, 2021–2030," the global veterinary artificial reproduction market was valued at $1.34 billion in 2020, and is estimated to reach $2.22 billion by 2030, growing at a CAGR of 5.30% from 2021 to 2030.

Artificial reproduction is a procedure by which one manually deposits a sperm suspension, fresh or frozen-thawed, into female reproductive tract to overcome logistical problems associated with natural mating.

The industry is increasing improved efficiency through use of AI (artificial insemination) technology. Furthermore, female descendants born by artificial insemination are expected to produce milk than their normal descendants. Use of antibiotic-based semen expanders also prevents bacterial infections from being transmitted. Moreover, many livestock breeds are no longer sufficient for most farms as market conditions and farmers needs change. Yet for such species, artificial reproduction is a preferable form of reproduction and enables species to be continued in-situ.

The COVID-19 pandemic has no evidence or approval that animals can spread COVID-19 to humans. The coronavirus pandemic has enfeebled supply chain and has formed a deficiency of animal health products, such as nutritional feed, across the globe. Hence, it might be comprised of animal feeding, which is expected to impact reproductive efficiency. Hence, to safeguard employees and farmers against the COVID-19, in June 2020, the Animal Husbandry Department of India launched a program. Under this program, the department offered telephonic assistance to poultry owners and farmers. In addition, artificial reproduction services were being delivered to farmers at their doorstep during the lockdown period. Thereby, such initiatives have contributed to the market growth.

Furthermore, this is further projected to increase adoption of artificial reproduction in next few years for related benefits such as increasing productivity of bull use, genetic selection, lower housing costs, handling bodies, and protection for farmers and livestock. Furthermore, increase in prices is also a crucial factor for adoption of AI technology by farmers.

Rise in demand for genetically superior species of animals and for artificial reproduction of animals propels growth of the market. Hence, to preserve their market share, industry players are actively attempting to produce new products along with collaborations, mergers & acquisitions, and regional expansions to gain maximum revenue share in the sector. For instance, in August 2020, Cogent collaborated with AB Europe, a sheep breeding company, launched a novel sexed semen service for sheep producers in the UK.

On the basis of product, the global veterinary artificial reproduction market is divided into equipment, reagents & kits, and others. The reagents & kits segment was the major revenue contributor in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to growing infectious diseases in animals and increase in awareness about artificial insemination among people.

By technique, the global veterinary artificial reproduction market is categorized into artificial insemination, in- vitro fertilization (IVF) technology, and others. The artificial insemination segment dominated the market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to increase in consumption of animal protein and growth in demand for high cattle productivity & milk yield.

Depending on end user, the global veterinary artificial reproduction market is segregated into veterinary hospitals, veterinary clinics, and others. The veterinary hospitals segment led the market in 2020, and is anticipated to maintain its lead during the forecast period. This is attributed to increase in number of hospitals performing artificial insemination techniques and rise in number of veterinarians.

Europe accounted for a major share in the veterinary artificial reproduction market in 2020, and is expected to maintain its dominance during the forecast period, owing to rise in healthcare awareness, coupled with growth in demand for fishery and animal husbandry products. Moreover, presence of major players operating in the region fuel growth of the market. However, Asia-Pacific is expected to register highest CAGR from 2021 to 2030, owing to presence of a large livestock population in this region. Increase in demand for milk and animal-based protein, along with government initiatives also propels the market growth. Furthermore, innovation and development toward artificial reproduction are anticipated to further enhance growth in this region in the future.

Key Findings Of The Study

  • By product, the reagents & kits segment was the highest contributor to the market in 2020.
  • By technique, the artificial insemination segment was the highest contributor to the market in 2020.
  • By end user, the veterinary hospitals segment is projected to grow at a significant CAGR of 5.60% from 2021 to 2030.
  • By region, Europe garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the review period.

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quote 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 quote

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