Transparency Market Research finds that the global market for bovine respiratory disease treatment will grow from US$805.9 mn in 2015 to US$1543.9 mn by 2024, and projected to expand at a CAGR of 7.6% therein.
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Global Bovine Respiratory Disease Treatment Market: Snapshot
Bovine respiratory disease (BRD) is a commonly occurring respiratory disorder among cattle, which may result from a single or a number of factors combined. The disease has been gaining much attention of late as it significantly impacts the global beef industry.
As a result, the prevention as well as treatment of bovine respiratory disease is necessary in order to mitigate its impact on animal production and the overall beef industry.
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The bovine respiratory disease treatment market is projected to expand at a strong pace in terms of revenue in the coming years, thanks to rising consumption of animal protein among the human population, increasing cattle population, and a number of environmental factors.
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Veterinary Hospitals Account for Dominant Share in Bovine Respiratory Disease Treatment Market
By way of disease type, upper respiratory tract infections held the leading share in the global bovine respiratory disease treatment market in terms of revenue in 2015. The key causative agents of upper respiratory tract infections include infectious m.haemolytica, bovine rhinotracheitis, and type 1 bovine herpesvirus.
Diphtheria and lower respiratory tract infection, or pneumonia, also accounted for a prominent share that year.
Based on distribution channel, the global bovine respiratory disease treatment market includes veterinary clinics, veterinary hospitals, veterinary research institutes, and private veterinary pharmacies. Veterinary hospitals dominated the market in 2015 in terms of revenue owing to factors such as increasing population of bovine, which is likely to increase the chances of respiratory diseases among cattle.
Moreover, since most of the procedures are carried out in veterinary hospitals, this segment will continue to gain much traction.
exhibiting strong potential during the course of the forecast period is the private veterinary pharmacies segment, which is projected to register a significant CAGR through 2024, especially in most of the emerging parts of the world. In addition to this segment, the veterinary research institutes and veterinary clinics segments will also grow steadily.
Powered by U.S., North America Leads Global Market
From a geographical point of view, the bovine respiratory disease treatment market has been segmented into: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America accounts for a major share in the global market, of which around 90% is held by the U.S.
alone. The bovine respiratory disease treatment market in the U.S. is propelled by the rising domestic production, consumption, and export of bovine meat.
Europe has also been a major contributor to this market and is fueled by the growing prevalence of several causative agents for respiratory diseases among bovines, rapidly changing environmental factors, and expanding cattle population, which is driven by the rising demand for better quality bovine meat and products. Asia Pacific is likely to emerge as a highly lucrative market for bovine respiratory disease treatment as it is the leading producer of bovine livestock.
The market in Asia Pacific is projected to expand at a CAGR of 8.2% from 2016 to 2024, with the demand for bovine respiratory disease treatment products significantly high in China, India, and Australia.
Global Bovine Respiratory Disease Treatment Market Report
Bayer AG, Elanco, Vetoquinol, Merial, Zoetis Services LLC, Ceva, Boehringer Ingelheim GmbH, Merck & Co., Inc., Bimeda Animal Health, and Virbac Group are some of the top companies in this space. Despite the fact that there are a large number of players operating in the global bovine respiratory disease treatment market, the vendor landscape is highly consolidated and this has resulted in a high degree of competition.
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