Treading along a strong growth tract, the global bovine respiratory disease treatment market is likely to witness promising growth over the coming years as well. Bovine respiratory disease or BRD is a complex and multifactorial disorder which is caused due to the amalgamation of one or more microbial pathogens, environmental factors, inadequate housing conditions, and impaired immunity of the host. The prime factors leading to bovine respiratory diseases are basically environmental factors, host factors, and direct impact of contagious agents such as parasites, a bacteria, and virus. According to a study conducted by the World Bank Group in 2016, it has been estimate that the global human population will cross 7 billion by the end of 2016 with a growth rate of 1.8% per year. Thus, the demand for beef has intensified owing to the growing population and rising disposable income of consumers.
The global bovine respiratory disease treatment market is likely to witness a CAGR of 7.6% between 2016 and 2024. The market is expected to rise to US$1,543.9 mn by the end of 2024 from a valuation of US$805.9 mn in 2015.
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Which factor is likely to have the maximum positive impact on the market?
The key factor that is expected to drive the growth of the global bovine respiratory disease treatment market is the mounting consumption of beef across the globe. This trend is expected to gain traction with time. With the world population reaching skyrocketing limits, the demand for beef and other animal products is gaining momentum. This expected to trigger the cattle population. According to the Food and Agriculture Organization, the global cattle population is expected to rise to approximately 2.6 billion by 2050. As a result of this, the risk of bovine respiratory diseases is also expected to rise among the livestock population as bovine respiratory diseases hold 45% to 75% in the mortality rate and 65% to 80% of morbidity in the livestock population.
Thus, many leading companies are focusing on rigorous innovation. Bayer announced the introduction of innovative key products in the animal health category to combat ecto-parasites and bovine respiratory diseases.
How is government regulation a bottleneck in the growth of the market?
Several studies suggest that bovine antibiotics can have a high negative effect on human health. Concerns such as disturbance in the normal human intestinal working and introduction of antimicrobial-resistant bacteria are found in people who consume animal food products that have excess antibiotics. As a result of this, governments have imposed stringent regulations regulating the amount of antibiotics being fed to livestock in order to cure diseases. This is expected to hinder the adoption of bovine respiratory disease treatment medications.
Which regions should be the key focus of manufacturers?
North America accounted for the leading share of 35% in 2015 and is expected to retain a high rank over the coming years. Nevertheless, with an exploding population base and rise in beef consumption, Asia Pacific is expected to present manufacturers with lucrative growth opportunities in the near future.
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