Global Bovine Respiratory Disease Treatment Market: Snapshot
The global bovine respiratory disease treatment market is treading along a healthy growth path and is expected to see a promising growth rate in the next few years as well. Some of the key factors expected to drive the market are the rising consumption of animal protein across the globe, rising bovine population, and rising awareness about animal health management practices. Rising prevalence of bovine respiratory diseases and the increasing cost of treatment are also likely to boost the bovine respiratory disease treatment market in the next few years.
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According to Transparency Market Research, the global bovine respiratory disease treatment market was valued at US$805.9 mn in 2015 and is projected to expand at a CAGR of 7.6% from 2016 to 2024. If the numbers hold true, the market will reach US$1543.9 mn by 2024.
Treatment of Upper Respiratory Tract Infections to be Dominant Contributor to Market Revenue
In terms of disease type, upper respiratory tract infections dominated the global bovine respiratory disease treatment market, accounting for a share of over 50% in the global market terms of revenue in 2015. As the onset of most bovine respiratory infections begins from the upper respiratory tract, the segment is expected to emerge as the one with the most promising growth over the forecast period. TMR estimates that the segment will exhibit an 8.2% CAGR from 2016 through 2024. The segment of pneumonia (lower respiratory tract infection), which accounted for a share of 27.4% in the global market in terms of revenue in 2015, will also exhibit an equally promising but comparatively lower rate of growth over the forecast period.
Veterinary Hospitals Remain Most Preferred Treatment Network
In terms of distribution channel, the global bovine respiratory disease treatment market has been segmented into veterinary hospitals, veterinary clinics, private veterinary pharmacies, and veterinary research institutes. Of these, the segment of veterinary hospitals dominated the global market in 2015, chiefly owing to factors such as rising population of cattle and the vast rise in prevalence of bovine respiratory diseases globally. The segment held nearly 35% of the global market in terms of revenue in 2015 and is expected to retain dominance over the forecast period as well.
The segments of private veterinary pharmacies and veterinary clinics, which collectively accounted for over 50% of the overall bovine respiratory disease treatment market, are projected to exhibit growth at a promising pace over the forecast period. Demand for bovine respiratory disease drugs across these distribution channels is likely to remain strong in most of the emerging parts of the world where the penetration of these treatment centers is comparatively higher than hospitals. However, the segments of veterinary clinics and veterinary research institutes will exhibit moderate to sluggish growth owing to the high preference of animal owners to veterinary hospitals.
Market to Gain High Growth from Developed Regions; Emerging Countries to also Prove Beneficial
In terms of geography, North America dominated the global bovine respiratory disease treatment market, accounting for a 37.0% of the market in 2015. The region is expected to retain its dominance in the global market over the forecast period as well, exhibiting a CAGR of 8.6%. Well established animal health care market and an increasing number of veterinary practitioners are the major drivers of the market in North America.
Asia Pacific, owing to the high incidence of bovine respiratory diseases and the rising bovine population, is anticipated to be a lucrative market. The growth of the Asia Pacific market is expected to outpace that of the Europe market, which presently trails North America in terms of revenue contribution to the global bovine respiratory disease treatment market, over the said period.
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Key players operating in the global bovine respiratory disease treatment market are Merck & Co., Inc., Zoetis Services LLC, Bayer AG, Elanco, Merial, Boehringer Ingelheim GmbH, Virbac Group, Ceva, Vetoquinol, and Bimeda Animal Health.
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