Schmallenberg virus causes fever, decreased milk production and abortions in cattle, sheep and goats. Treatments include vaccination and symptomatic relief to reduce associated symptoms.
The global Schmallenberg Virus Treatment Market is estimated to be valued at US$ 110 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing livestock health concerns has propelled the demand for effective Schmallenberg virus treatments. Farmers and livestock owners are increasingly focusing on preventive healthcare of livestock to avoid financial losses arising from diseases. The Schmallenberg virus can cause abortions, stillbirths and malformations in newborn animals. Thus, farmers are opting for vaccination programs and symptomatic treatments to curb losses from the virus. Novel vaccine formulations and therapeutics in pipeline are also expected to boost the market during the forecast period.
SWOT Analysis
Strength: The market has high growth opportunities due to increasing incidence of Schmallenberg virus infection in livestock animals.
Weakness: Lack of approved drugs and vaccines for treatment and control of Schmallenberg virus poses a major challenge.
Opportunity: Rising research funding for development of novel therapeutics presents lucrative opportunities in the market.
Threats: Stringent regulatory approval process for drugs and vaccines may hamper the market growth to some extent.
Key Takeaways
The Global Schmallenberg virus treatment market size is expected to witness high growth over the forecast period of 2023 to 2030. The global Schmallenberg Virus Treatment Market is estimated to be valued at US$ 110 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Europe dominates currently and is expected to continue its dominance during the forecast period. The rising prevalence of Schmallenberg virus infection in cattle and sheep population across various European countries such as Germany, France, Netherlands and Belgium is a major factor contributing to the large share of the European region.
Key players operating in the Schmallenberg Virus Treatment market are ABB Ltd, Toshiba International Corporation, Hitachi Ltd, Emerson Electric Company, Robert Bosch GmbH, Panasonic Corporation, Omron Corporation, Honeywell International Inc., Siemens AG, Rockwell Automation, Schneider Electric SE, and Mitsubishi Electric Corporation. These key players are involved in collaboration activities for development of innovative treatment options. For instance, in 2019, ABB Ltd collaborated with Robert Bosch GmbH to develop advanced therapeutics for veterinary use.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
