PUBLISHER: DataM Intelligence | PRODUCT CODE: 1077246
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1077246
The global equine healthcare market size was valued at US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Equine healthcare refers to treating racehorses, bet horses, competitive riders, and leisure horses. Routine veterinarian treatment, such as immunizations, parasite management, and dental care; grooming and hoof care; and protection from natural elements such as rain, wind, and snow are all included in healthcare. Other components of general care and proper feeding and exercising one's horse are required to maintain the horse healthy throughout their life. At least once a year, adult horses should undergo a thorough veterinarian examination.
The increasing prevalence of allergies, colic, and mud fever, among other frequent horse healthcare issues, is causing a surge in demand for services. Such discoveries are assisting in the expansion of the equine healthcare sector. Worm infestations, sweet itch, and back difficulties generate cash for market participants.
The Increasing prevalence of equine diseases will drive the market growth
The market's expansion is attributed to factors such as an increase in the prevalence of equine diseases, an increase in the equine population, an increase in animal health expenditure, an increase in demand for the use of horses for various purposes, an increase in advancements of equine healthcare products, an increase in public awareness of the importance and benefits of using horses, and an increase in demand for pet insurance.
Horse breeding, keeping, and overall management are all part of the equestrian industry. It has a significant impact on the economy as a whole. Veterinary physicians, equestrians, and other professionals benefit from the industry. It also includes an equine healthcare product supply and demand scenario. The worldwide equine healthcare market is likely driven by the horse industry's strong economic effect.
In the equine industry, horse breeding is a key operation. As a result, selecting breeding stock and improving breed healthcare management is critical to improving breeding operations. Equine diseases are another big source of concern for breeders. For example, Potomac horse fever is common in South America and the Caribbean.
Although the West Nile Virus infection in horses has been contained, the virus's rapid return may raise the alarm among horse owners. Tetanus and equine influenza cases have also been reported in the global horse community. As a result, the global equine healthcare market is expected to be driven by the increased frequency of equine illnesses.
Declining population of equine is likely to hamper the market growth
The worldwide equine healthcare market is inextricably linked to the world's equine population.According to a study, the horse population in the Americas has decreased by 5.37 percent over the last five years, while the horse population in Europe has decreased by 7.47 percent. As a result, the global horse population is expected to decline throughout the projected period, putting downward pressure on the global equine healthcare market.
COVID-19 Impact Analysis
During the ongoing COVID-19 pandemic, equine practitioners practice tight biosecurity at all farms, performance venues, racetracks, and other locations. It has been shown that recurrent common horse healthcare issues hamper market expansion. To lower reoccurring frequent horse healthcare problems, stakeholders in the equine healthcare market should raise knowledge about regular de-worming regimens and skilled veterinary guidance. Corticosteroids and other therapeutics are commonly utilized as joint injections. Bisphosphonates as tiludronate disodium (Tildren) and clondronate (Osphos) are approved to treat navicular syndrome symptoms. Bisphosphonate use in horses under the age of four requires further investigation.
The drugs segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The market is divided into three sections based on product type: drugs, vaccines, and medicated feed additives. In 2020, the drug segment will dominate the global equine healthcare market, which is expected to continue during the forecast period. Key factors such as an increase in demand for pet insurance, an increase in awareness of effective and advanced drugs and vaccines, and an increase in the number of cases of equine diseases may all lead to an increase in hospital admissions. The introduction of effective products that have been tested in clinical trials by companies ensures better therapeutic outcomes.
North America region holds the largest market share of the global equine healthcare market
North America is anticipated to dominate the equine healthcare market, globally. North America's bigger proportion can be linked-to reasons such as the ease with which products and services are available in emerging countries, as well as an increase in animal health expenditure. Overall, the need for equine healthcare in both developing and developed regions of North America is expected to skyrocket in the future years.
In addition, organic and inorganic strategies such as mergers and acquisitions and partnerships within key market players will strengthen their product portfolio in the studied market which will drive the market. Also, several product launches in the market will lead to lucrative growth of the market. For instance, in April 2019, In Europe, Boehringer Ingelheim launched Arti-Cell Forte, a stem cell treatment drug for horses with mild recurring lameness. Furthermore, advancements in various equine healthcare products from established key players, in the United States, are likely to drive the market growth in North America.
The equine healthcare market is highly competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Elanco Animal Health, Boehringer Ingelheim,Ceva Sante Animale, Purina Mills LLC, EQUINE PRODUCTS UK LTD, Merck & Co, Vetoquinol SA, Zoetis, among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the equine healthcare market globally. For instance, In August 2018, Core EQ Innovator, an equine vaccination against tetanus, rabies, western Equine encephalomyelitis, and two more horse diseases, has been launched by Zoetis.
Purina Animal Nutrition LLC
Purina Animal Nutrition LLC, based in Minneapolis, Minnesota, is a subsidiary of Land O'Lakes.
Purina Equine Adult Horse Feed: For horses who are sensitive to soluble carbohydrates, this feed is made without maize or molasses. More control over the carbohydrate and sugar in the horse's diet can be achieved by replacing some or all of the forage.
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