Bovine Respiratory Disease Treatment Market is Predicted to Reach a Valuation of US$ 1543.9 Mn By 2024
Bovine respiratory disease (BRD) refers to a commonly occurring respiratory disorder amongst cattle that might result from a single or a many number of factors combined. The disease has been gaining much traction lately as it substantially impacts the world beef industry. As a consequence, the treatment as well as prevention of bovine respiratory disease is essential in a bid to mitigate its impact on animal production and the overall beef industry.
Virbac Group, Vetoquinol, Boehringer Ingelheim GmbH, Bayer AG, Bimeda Animal Health, Zoetis Services LLC, Merck & Co., Inc., Ceva, and Elanco are some of the topnotch companies in this space. Despite the fact that there exist a large number of market players that are operating in the world bovine respiratory disease treatment market, the vendor landscape is regarded as highly consolidated and this has led to a high degree of competition.
In accordance with the research report on the world market for Bovine Respiratory Disease Treatment by Transparency Market Research (TMR), it has been anticipated that strong growth would prevail in the said market. Transparency Market Research figures out that the international market for bovine respiratory disease treatment will expand from US$ 805.9 mn in the year 2015 to US$ 1543.9 mn by 2024, and expected to expand at a CAGR of 7.6% therein.
Asia Pacific is Estimated to Continue with a High Growth Raate Over the Period of Forecast
The world market for bovine respiratory disease treatment has been regionally segmented into the geographies of South America, North America, Asia Pacific, Middle East and Africa, and Europe. From a the geographical point of view, North America which held around 37% of the said market in the year 2015, is estimated to dominate the world market and is anticipated to easily retain its dominance over the forecast period as well. However, due to the population of cattle and the rising incidences of bovine respiratory diseases, the region of Asia Pacific is anticipated to emerge as one of the very lucrative regional markets for the methods of bovine respiratory disease treatment.
Increased Population of Cattle to Encourage Growth of the Market
Of all the key factors that is driving the said market, the increasing consumption of beef is estimated to have much impact on the overall development of the market over the period of forecast. As bovine respiratory diseases account for around 65% to 80% of morbidity and 45% to 75% mortality rate amongst livestock animals, the growing population of cattle will also bolster the need for effective treatment modalities for these diseases. This is forecasted to have a significant positive impact on the world market for bovine respiratory disease treatment.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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