Artificial reproduction in veterinary care market to surpass $2B value
Market research analysts, Allied Market Research, forecasts that the veterinary artificial reproduction market will be worth $2.22 billion in the next 9 years. The pricing marks a CAGR increase of 5.3% during the forecast period of 2021 to 2030. The industry was previously valued at $1.34 billion in 2020.
The market includes in-vitro fertilization, artificial insemination, reagents and equipment required for procedures as well as those included in the process, such as veterinary clinics.
The sector’s growth is expected as artificial insemination practices continue to be used, and worldwide governments become more involved in animal health. At the same time, the pandemic has slowed growth temporarily as supply chain disruptions have made materials, including food and vaccines, harder to obtain.
As far as sections within the market, the reagents and related materials portion of the market is expected to grow at the highest rate. The sector is forecast to grow at a CAGR of 5.2%. In 2020, the sector held the largest market share at almost one third. When the market is divided my techniques, the leader is artificial insemination, which took half the market in 2020. The segment is expected to grow at a CAGR of 5.2% through 2030.
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