The Business Research Company’s Bovine Mastitis Drugs And Diagnostics Market Report – Opportunities And Strategies – Global Forecast To 2030
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North America was the largest region in the global bovine mastitis drugs and diagnostics market, accounting for 43.8% of the total in 2019. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the bovine mastitis drugs and diagnostics market will be North America and Asia Pacific, where growth will be at CAGRs of 6.7% and 5.9% respectively. These will be followed by Africa, and the Middle East, where the markets are expected to grow at CAGRs of 5.1% and 3.9% respectively. The COVID-19 pandemic has decreased short-term potential growth opportunities for the bovine mastitis drugs industry.
The global bovine mastitis drugs market is concentrated, with a small number of large players the market. The top ten competitors in the market made up to 59.4% of the total market in 2019. Major players in the market include Zoetis Inc., Bayer AG, Elanco Animal Health, Merck and Co., and Boehringer Ingelheim GmbH.
The global bovine mastitis drugs and diagnostics market 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 $2.05 billion by 2025, and $2.71 billion by 2030.
To continue this growth, market-trend-based strategies for the bovine mastitis diagnostics tests market include investing in developing nanoparticles as substitutes of conventional drugs, focusing on the research and development of innovative mastitis diagnostic kits, focusing on the development of innovative biosensors to improve bovine mastitis diagnosis, focusing on the development of non-antibiotic therapy, and integrating machine learning. Player-adopted strategies in the bovine mastitis drugs and diagnostics market include expanding through new drugs, expanding through acquisitions, and expanding through strategic collaborations.
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