PUBLISHER: Grand View Research | PRODUCT CODE: 1405867
PUBLISHER: Grand View Research | PRODUCT CODE: 1405867
The global veterinary assistive reproduction technology market size is expected to reach USD 4.27 billion by 2030, registering a CAGR of 7.42% from 2024 to 2030, according to a new report by Grand View Research, Inc. The key factors driving market growth include increasing advancements in veterinary assistive reproduction technologies, R&D activities, demand for animal protein, and a growing focus on improving animal breeding outcomes. The cost-effectiveness of artificial insemination is further influencing adoption rates in the livestock industry, where improved reproductive outcomes directly impact profitability. According to a study published in June 2019 in the National Library of Medicine Journal, embryo production with sexed semen (X-sorted) and follicular growth-stimulated (FGS) oocytes bred female calves more efficiently than other embryo sexing methods.
The COVID-19 pandemic and African Swine Fever notably impacted the market with slow growth, supply chain challenges, and operational hurdles. These factors affected certain markets (e.g. China) during 2022-23. However, as the underlying drivers remain unchanged, the market is expected to grow at a significant CAGR over the forecast period. The market dynamics also vary across regions, with different countries experiencing varying levels of adoption based on factors, such as animal population, economic conditions, cultural attitudes towards pets & livestock, and regulatory environments. Moreover, advancements in reproductive technologies have led to improved procedure success rates. This increased efficiency is expected to drive the adoption of veterinary assistive reproduction technologies in the near future.
The livestock segment accounted for the highest revenue share in 2023 and is anticipated to maintain its dominance over the forecast period. It is because the livestock sector has been adopting reproductive technologies to enhance breeding efficiency, improve the genetic traits of livestock, and boost agricultural productivity for a long time. Furthermore, the potential of various veterinary assistive reproduction technologies is projected to propel awareness, demand, and adoption of the same in the near future. For instance, the Brazilian Agricultural Research Corporation (Embrapa) estimated the potential of reproduction techniques with artificial insemination facilitating the obtention of a calf per year. Classic Embryo Transfer (ET) was estimated to produce one calf monthly, while IVF to breed one calf per week.