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According to The Business Research Company’s bovine mastitis market research 2020, the global bovine mastitis market size reached a value of nearly $1.51 billion in 2019, having increased at a compound annual growth rate (CAGR) of 4.5% since 2015. The market is expected to decline from $1.51 billion in 2019 to $1.32 billion in 2020 at a rate of -12.3%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 4.6% from 2021 ad reach $1.86 billion in 2023. The market is expected to reach $2.04 billion by 2025, and $2.70 billion by 2030.
Besides the COVID-19 impact through 2020, the global economy is expected to go through a continued period of steady growth during 2019–2021. Increasing economic growth is expected to increase the spending on farm animals’ protection and will drive the market in the forecast period. Increasing government spending on livestock is expected to positively affect the bovine mastitis drugs and diagnostics market as well. Governments across the globe are increasing the budget allotment to protect livestock and to support the agriculture sector. For instance, in India’s 2020 budget, the finance minister allocated INR3, 289 crores ($0.4 million) to support the animal husbandry and dairy sector, 12% higher than the budget allocation than the previous year. Increasing government and public spending to support the livestock and animal husbandry sector will help drive the market.
The Business Research Company’s report titled Bovine Mastitis Drugs And Diagnostics Global Market Report 2020-30: COVID-19 Implications And Growth covers major bovine mastitis drugs and diagnostics companies, bovine mastitis drugs and diagnostics market share by company, bovine mastitis drugs and diagnostics manufacturers, bovine mastitis drugs and diagnostics infrastructure market size, and bovine mastitis drugs and diagnostics market forecasts. The report thus covers the bovine mastitis market size, share, growth & analysis, and its segments.
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While the forecast period looks promising, the bovine mastitis market 2020 has been impacted by COVID-19 in several ways. On the supply side, animal medicine companies around the globe witnessed slightly decreased production activities during the pandemic due to lockdowns. Elanco, a leading bovine mastitis drugs and diagnostics company, focused on prioritizing the supply of required medicines. The company is also focusing on moving its non-business critical workforce to remote working globally, while still keeping manufacturing plants and R&D labs operational. Due to such restrictions in movement and adoption of safety measures, the COVID-19 outbreak has impacted the launch of new products in the bovine mastitis drugs and diagnostics market. Clients have preferred to use their actual stock – especially wholesalers, who are lowering their levels of re-ordering compared to pre-COVID times.
On the demand side, due to the impact of COVID-19, only emergency veterinary services are being offered by several countries across the world, thus limiting the growth of the market. Some veterinary practices had to defer some non-urgent procedures to preserve medical and pharmaceutical supplies. In the UK, since March 2020, all veterinary practices were required to reduce face-to-face contact immediately and only emergency cases were to be given priority.
In the US, several veterinary hospitals and clinics are only seeing an emergency and urgent cases, thus negatively impacting the demand for bovine mastitis drugs and diagnostics. However, the demand for animal medicine in general has increased as people are “panic purchasing” their animal medicine supplies to ensure that their pets are taken care of during lockdowns. The stockpiling was echoed by farmers, thus increasing demand of bovine mastitis drugs. In March 2020, in the UK, farmers were stocking up animal medicines in light of the developing COVID-19 situation, to meet the needs in case of a supply chain disruption. Due to excessive stockpiling, the Animal Medicines Training Regulatory Authority (AMTRA) had to put out a statement warning farmers against stockpiling medicines in the UK and stating that it is both illegal and counter-productive.
Bovine Mastitis Drugs And Diagnostics Global Market Report 2020-30: COVID-19 Implications And Growth is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, bovine mastitis market trends, bovine mastitis market drivers, bovine mastitis market restraints, bovine mastitis market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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Veterinary Imaging Equipment Global Market Report 2020-30: COVID-19 Growth and Change
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