Veterinary Assistive Reproduction Technology Market Size is valued at USD 2.39 Bn in 2023 and is predicted to reach USD 4.42 Bn by the year 2031 at a 8.17% CAGR during the forecast period for 2024-2031.
Veterinary assistive reproduction technology (ART) refers to any method of treatment or procedure that alters the reproductive cycle, gametes, or embryos in some way. There have been multiple iterations of this technology designed for usage with pets. The demand for assisted reproductive treatments and products is increasing due to the rising existence of infertility among the population base, which is caused by various illnesses such as sexually transmitted infections, post-partum infections, infections after abortions, and medically iatrogenic infections. Furthermore, leading research and development initiatives aimed at improving assisted reproductive technology and substantial industry participants consistently investing in creating new, improved products are expected to boost the market's growth.
However, the market development is hampered by the high-cost criteria for the safety and health of the veterinary assistive reproduction technology market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high veterinary assistive reproduction technology, the relatively high cost of ART products, in comparison to traditional treatments, a barrier to their adoption in both developed and underdeveloped nations. The fact that insurance does not cover or reimburse these procedures is another barrier preventing the assisted reproductive technology business from growing. However, the government may initiate initiatives to enhance ART technology and technical progress to circumvent this problem. The COVID-19 epidemic hit the assisted reproductive technology industry hard because patients were afraid to travel for treatments and because of inherent safety issues. With the COVID-19 epidemic, businesses took a nosedive for medical centres focusing on in vitro fertilization. To maintain reproductive health standards, some groups have started to take action.
Competitive Landscape
Some Major Key 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
Market Segmentation:
The veterinary assistive reproduction technology market is segmented based on animal type, product, distribution channel, and conception method. According to animal type, the market is segmented into bovine, swine, ovine, caprine, equine, and other animals. By product, the market is segmented into outlook normal semen and sexed semen. The distribution channel segment includes private and public. By conception method, the market is segmented into artificial insemination, IVF and embryo transfer (MOET).
Based On The Product Outlook, The Normal Semen Veterinary Assistive Reproduction Technology Market Segment Is Accounted As A Major Contributor To The Veterinary Assistive Reproduction Technology Market.
The normal semen veterinary assistive reproduction technology market is expected to have a major global market share in 2022. Normal sperm is more affordable than sexed sperm, and the segment is very fertile. It captures a large portion of the market. Using frozen sperm, keeping bulls with high genetic value at sperm stations, and giving quality AI sperm doses all lead to better results.
Bovine Segment To Witness Growth At A Rapid Rate.
The bovine industry makes up the bulk of veterinary assistive reproduction technology usage for several reasons, including efforts by both public and private entities to promote sustainable food production, advancements in bovine reproduction technology, increased demand for dairy and beef products, and other similar aspects, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Veterinary Assistive Reproduction Technology Market Holds A Significant Revenue Share.
The North American veterinary assistive reproduction technology market is expected to record the maximum market revenue share in the near future. It can be attributed to because of the rising prevalence of infertility and the increasing popularity of fertility treatments. The combination of technological advancements and rising disposable income in North America is expected to boost demand for fertility treatments, which is good news for the regional market. In addition, Asia Pacific is projected to grow rapidly in the global veterinary assistive reproduction technology market because of the large number of animals, increasing public understanding of assisted reproductive technologies, and encouraging governmental programs.
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.
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 |
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Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Animal Type, By Product, By Distribution Channel, By Conception Method |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
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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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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