Bovine Respiratory Disease Treatment Market | Evolving Technology, Trends and industry Analysis – 2024
The rising consumption of bovine products in emerging economies such as India, China, and Brazil, the demand for effective treatment methods for respiratory disease has considerably increased. To exploit the vast growth potential, an increasing number of companies are establishing operations in these countries. A recent example is the 2016 collaboration between Merial and Zoetis, Inc., which is expected to allow the former to effectively market and distribute its product in India. Some of the other key companies in the market are Merck & Co., Inc., Bayer AG, Elanco, Boehringer Ingelheim GmbH, and Virbac Group.
TMR estimates that the global bovine respiratory disease treatment market will exhibit a promising 7.6% CAGR from 2016 through 2024. At this rate, the market, which had a valuation of US$805.9 mn in 2015 is projected to reach US$1,543.9 mn by 2024.
Asia Pacific to Lead to Lucrative Growth Opportunities
In terms of distribution channel, the segment of veterinary hospitals dominated, accounting for nearly 35% of the global market in terms of revenue in 2015. From a geographic perspective, North America which held nearly 37% of the market in 2015, dominated the global market and is expected to easily retain its dominance over the forecast period as well. However, owing to the rising population of cattle and the rising incidences of bovine respiratory diseases, the Asia Pacific market will emerge as one of the most lucrative regional markets for bovine respiratory disease treatment methods.
Rising Consumption of Animal Protein to Remain High-impact Driver
Of the key factors driving the market, the rising consumption of beef is expected to have a prominent impact on the overall development of the market over the forecast period. According to a World Bank Group survey (2016), global human population is estimated to be 7.4 billion in 2016 and is growing at a rate of 1.8% per year. To sustain the ever rising demand for beef as well as other animal products from this mounting global population, there would be a vast rise in the world’s cattle population in the near future. According to the Food and Agriculture Organization (FAO), the global cattle population will increase by 73% between 2015 and 2050, from nearly 936 mn in 2015 to nearly 2.6 bn in 2050.
As bovine respiratory diseases account for 65% to 80% of morbidity and 45% to 75% mortality rate in livestock animals, the rising cattle population will also intensify the need for effective treatment modalities for these diseases. This will have a significant positive impact on the global bovine respiratory disease treatment market.
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Strict Government Regulations to Restrain Market
Several studies have demonstrated that bovine antibiotics can have a highly negative impact on human health. Issues such as induction of antimicrobial-resistant bacteria and disruption of normal human intestinal flora are commonly observed in individuals who consume animal products with excessive amount of antibiotics. According to The New York Times, around 2 million people in the U.S. fall sick every year and about 23,000 of them die from antibiotic-resistant infections induced due to consumption of such products.
These factors have urged government bodies to regulate the use of antibiotic therapeutics in animals too. In December 2013, the Food and Drug Administration (FDA) enforced a new policy related to the limited use of antibiotics in production animals. This is likely to hamper the growth of the bovine respiratory disease treatment market over the forecast period.
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