Equine Healthcare Market: Current Analysis and Forecast (2022-2028)

The equine healthcare market is expected to register a CAGR of approx. 5% over the period of 2022-2028. Equine health is an important aspect of a horse's overall well-being. Maintaining racehorse health is critical because proper management can reduce the occurrence of many disease conditions. As horses interact with their surroundings, they rely on health concerns to maintain proper performance and stability. Understanding the health of the horse can aid in its overall well-being. Routine veterinary care for vaccinations, parasite control, dental care; grooming and hoof care; and protection are all part of horse care. The growing demand for equine healthcare can be attributed to the increasing prevalence of the equine disease across the globe. For instance, according to CDC, in 2021, Eastern equine encephalitis virus disease (Neuroinvasive disease) cases rise from 6 in 2018 to 38 in 2019 and also increase deaths from 1 in 2018 to 19 in 2019. Owing to the glaring statistics, the increasing number of horses suffering from diseases is leading to the growing demand for equine healthcare and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the equine healthcare market is anticipated to grow on account of the increase in animal healthcare spending and the rise in the advancement of equine healthcare products. However, one of the major factors which restricted market growth (during the COVID pandemic) is rising unemployment rates, as, the lockdown measures led to equine welfare crisis concerns all over the world. However, the situation has improved post-COVID, and the market is anticipated to show promising growth in the coming years.

Merck & Co., Inc, Zoetis, Boehringer Ingelheim International GmbH, Ceva Sante Animale, Hallmarq Veterinary Imaging, ESAOTE SPA, Vetoquinol S.A, Thermo Fisher Scientific Inc., Bayer AG, Elanco are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst product, the drug category accounted for the significant share in the market in 2020"

Based on the product, the equine healthcare market is segmented into drugs, vaccines, medicinal feed additives, diagnostics, and others. The drug segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to a surge in awareness toward effective & advanced drugs and vaccines, and a rise in number of cases of equine diseases.

"Amongst application, the parasite control category is expected to witness considerable CAGR during the forecast period"

Based on the application, the market is fragmented into parasite control, influenza, tetanus, west Nile virus, equine infectious anemia, equine herpes virus, and others. The parasite control segment grabbed a considerable market share and is expected to grow at a significant CAGR during the forecast period. There are numerous ways to administer parasiticides, including sprays, collars, oral solutions, gels, and spot-on treatments. Ectoparasiticides are used to treat external parasites, while endoparasiticides treat internal parasites. They are also suitable for use topically, orally, or intravenously.

"Amongst distribution channel, the veterinary hospitals and clinics category is expected to witness considerable CAGR during the forecast period"

Based on the distribution channel, the market is fragmented into veterinary hospitals and clinics, retail pharmacies, and drug stores. The veterinary hospitals and clinics segment grabbed a considerable market share and is expected to grow at a significant CAGR during the forecast period. increase in the number of veterinary hospitals, clinics, and veterinarians due to an increase in equine diseases and the equine population is likely to aid the segment growth.

"North America to witness significant growth during the forecast period"

For a better understanding of the market dynamics of the equine healthcare market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the equine healthcare industry owing to the ease of availability of the products and services across developing countries, the rise in animal health expenditure, and the increase in the population of equine. For instance, according to the FAO, there were around 10.56 million horses in the U.S. in 2021, and about 10.96 million horses in the North American region.

Reasons to buy this report:

The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

The report presents a quick review of overall industry performance at one glance.

The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

Customization Options:

The global equine healthcare market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.