The global market for bovine respiratory disease treatment is extremely consolidated in nature although a large number of players are operating in the market, states a research report by Transparency Market Research (TMR). The degree of competition in the global market is expected to remain high throughout the forecast period, thanks to the constant emergence of new drugs and therapeutics by the leading players. The leading players in the global bovine respiratory disease treatment market, namely Elanco, Merck & Co., Inc., Bayer AG, Virbac Group, and Boehringer Ingelheim GmbH are expected to account for a key share of the overall market in the near future. The rising number of mergers and acquisitions and strategic collaborations is likely to contribute extensively towards the development of the overall market.
As per the research study by Transparency Market Research, in 2015, the global market for bovine respiratory disease treatment was worth US$805.9 mn and is predicted to reach a value of US$1,543.9 mn by the end of 2024. The market is likely to exhibit a healthy 7.60% CAGR between 2016 and 2024.
North America to Retain its Leading Position in Global Market
From a geographical viewpoint, in 2015, North America led the global bovine respiratory disease treatment market and is expected to remain in the topmost position in the forecast period. As per the study, this region is estimated to register a progressive 8.60% CAGR between 2016 and 2024. The high growth of this region can be attributed to the rising number of veterinary practitioners and the presence of a large number of leading players operating in the market. In addition, the well-established healthcare market for animals is projected to encourage the growth of the North America market throughout the forecast period. Furthermore, with the rising bovine population, the Asia Pacific market for bovine respiratory disease treatment is expected to witness substantial growth in the near future.
On the basis of disease type, the upper respiratory tract infections segment is anticipated to lead the global bovine respiratory disease treatment market in the forecast period. The rising prevalence of this disease is one of the key factors expected to fuel the growth of this segment in the coming years. According to the research report, this segment is projected to account for a share of 58.1% of the global bovine respiratory disease treatment market by the end of 2024.
Increasing Consumption of Animal Protein to Supplement Market Growth
The tremendously rise in the consumption of animal protein among human population across the globe is one of the vital factors predicted to encourage the growth of the global bovine respiratory disease treatment market in the next few years. In addition, the substantial rise in epidemics of bovine respiratory diseases and the growing cattle population are some of the other key factors estimated to accelerate the growth of the overall market in the forecast period.
Furthermore, the rising awareness among consumers regarding animal health management practices and several environmental factors are likely to contribute extensively towards the development of the overall market.
Strict Government Regulations Concerning Administration of Drugs to Restrict Growth
The global market for bovine respiratory disease treatment is expected to witness several challenges in the near future, owing to the stringent government regulations related to the drugs that are used in the animal health sector. In addition, the high cost of treatment and the lack of timely diagnosis of bovine respiratory disease are estimated to curb the growth of the overall market in the coming years. Nevertheless, the rising focus of key players on research and development of effective therapeutics is expected to encourage the development of the market in the near future.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Bovine Respiratory Disease Treatment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global bovine respiratory disease treatment market has been segmented as below:
Global Bovine Respiratory Disease Treatment Market, by Treatment Type
Global Bovine Respiratory Disease Treatment Market, by Disease Type
- Upper Respiratory Tract Infections
- Pneumonia (lower respiratory tract infection)
Global Bovine Respiratory Disease Treatment Market, by Distribution Channel
- Veterinary Hospitals
- Veterinary Clinics
- Private Veterinary Pharmacies
- Veterinary Research Institutes
Global Bovine Respiratory Disease Treatment Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of APAC
- Middle East & Africa
- Saudi Arabia
- South Africa
- North Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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