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    Equine Healthcare Market Growth Analysis

    Equine Healthcare Market Growth Analysis
    Report code - SR2273 Delivery - 2 Weeks
    Equine Healthcare Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Op See more...

    Market Insights

    The Equine Healthcare Market was estimated at US$ 2.3 billion in 2021 and is expected to grow at a CAGR of 6.19% during 2022-2028 to reach US$ 3.49 billion in 2028.

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    Market Dynamics

    Increasing costs for equine healthcare, market stakeholder activities, expenditure in the horse racing and sports business, and an increase in the frequency of equine diseases are some of the primary reasons driving industry growth. According to the OIE, there will be numerous cases of diseases such as equine influenza, equine infectious anaemia, rabies, West Nile fever, and Venezuelan equine encephalomyelitis in 2021. This is projected to increase demand for effective preventive and treatment measures.

    Riding classes and trail rides on horses are popular recreational activities. For example, in Minnesota, the United States, more than 10% of families participate in trail riding, while 8% take riding lessons. These activities have an impact on the amount of money spent on horse care, equipment, and activity fees. Thus, recreation generates an additional USD 341 million in economic value and 7,181 employees in Minnesota. Horses have been domesticated for a long time, and they have gradually adapted to changing human lifestyles. Sports are considered to interest 75% of people worldwide, including approximately 85% of people in Germany.

    Furthermore, the availability of equine pharmaceutical and diagnostic items, as well as the presence of large veterinary facilities, boosts market growth. The Philip Leverhulme Equine Hospital at the University of Liverpool in North West England, for example, provides cutting-edge radiography that produces 3D scans of bone and soft tissue. The new CT system is unusual in that it is the only medical-grade, big-diameter sliding rack system available in England for large animal patients. CT scanning has two distinct applications: planning reconstructive surgery and recognizing head disorders such as head shaking, dental difficulties, sinus disease, and head trauma.

    Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market:

    Government initiatives and public and private sector players are also helping to drive market expansion. The Chairman of the Dubai Equestrian Club and Dubai Racing Club announced new measures in October 2021 through the Dubai Equestrian Procurement Forum to boost Dubai's position as a regional centre for the horse racing business. As the equestrian sector recovers from the COVID-19 pandemic, the form highlighted new prospects for industry participants such as manufacturers, technology providers, and suppliers.

    The market will expand throughout the forecast period due to increased knowledge about animal healthcare. Animal health is critical for the safety and well-being of both animals and humans, as people become increasingly conscious of the value of animals in the ecosystem. Because diseases can be easily transmitted from animals to people, governments and commercial entities are investing in the development of animal healthcare infrastructure in numerous countries.

    For example, the US Department of Agriculture will invest $3 billion in September 2021 in the field of animal health and nutrition.

    Segments Analysis

    By Product Type

    The market has been segmented into vaccines, pharmaceuticals, medicinal feed additives, diagnostics, software & services, and others. The pharmaceutical segment is further divided into parasiticides, anti-infectives, anti-inflammatory & analgesics, and others. Pharmaceuticals dominated the market in 2021. Analgesics, anti-infectives, anti-inflammatory drugs, and parasiticides are examples of equine medications used to treat reproductive, metabolic, infectious, and dermatological problems in horses. Because of increased equestrian and total horse health expenses, the market for both prescription and over-the-counter drugs has grown. This is because of market participants' initiatives. For example, Zoetis supplies a wide range of drugs, including horse parasiticides such as the QUEST gel, Equest Pramox, Deosect 5% Spray Solution, and others.

    From 2022 to 2030, the others segment is predicted to increase at a significant rate. Regenerative therapies for horses, stem cell therapy, and other therapies are included in this segment. Growing R&D in horse medicine is likely to drive segment growth. In June 2021, Zoetis announced a series of devices, including the Pro-Stride APS, CenTrate BMA, and Restigen PRP, to help horses with lameness issues. The gadgets make it simple to process the horses' blood or bone marrow, removing the need for incubation or off-site preparation and allowing for rapid usage upon centrifugation.

    By Application Type

    The market has been divided into musculoskeletal disorders, parasite control, internal medicine, equine herpes virus, equine encephalomyelitis, equine influenza, west nile virus, tetanus, and others. In 2021, parasite control dominated the market. Parasiticides can be administered in a wide range of forms, such as sprays, collars, oral solutions, and gels, as well as spot-on treatments for both external and internal parasites. They are also effective when applied topically, orally, or intravenously. They help cure illnesses caused by amoebas, helminths, protozoa, and parasitic fungus.

    During the projection period, equine influenza is expected to spread at the fastest rate. This is because infectious disorders in horses are becoming more common. According to the OIE, there were over 12,000 cases of equine influenza worldwide between 2017 and 2021. The need for equine healthcare is increasing as a result of increased pressure to maintain horses healthy and in good condition.

    By Distribution Channel Type

    The market is segmented into veterinary hospitals, retail pharmacies, and online pharmaciesE-commerce provides advantages such as the ability to buy from the comfort of one's own home and a wide range of possibilities. In the near future, the online pharmacies segment is predicted to grow at the fastest CAGR. Chewy, Inc., for example, is an e-commerce site that sells a variety of horse products and services such as dewormers, parasiticides, antibiotics, vitamins, as well as electrolytes. In 2021, the others segment, which included academic and research institutes as well as manufacturers, had a significant revenue share.

    Regional Analysis

    The equine healthcare market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). During the projection period, the APAC region is expected to grow the fastest. Some of the drivers driving the market are exponential growth for horse medicinal feeds, an increase in the incidence of equine illnesses, and an increase in government actions to promote equine health. Furthermore, the presence of several industry players functioning in the equine goods market is expected to have an impact on growth over the forecast period.

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    Key Players

    The equine healthcare industry is fiercely competitive. Strategic activities such as portfolio expansion, product launches and upgrades, alliances, regional expansion, and mergers and acquisitions are being implemented by key companies and industry stakeholders.

    For example,

    • Zoetis will buy NewMetrica in September 2022. This acquisition will contribute to the company's companion animal portfolio expansion by introducing health-related quality of life devices.
    • Boehringer Ingelheim International GmbH will debut renuTend, a novel stem cell therapy, in April 2022 to promote the recovery of tendon and suspensory ligament injuries in horses.

    The overall competitive landscape has been affected due to these key moves. The following are the major players in the equine healthcare market:

    • Boehringer Ingelheim International GmbH
    • Ceva
    • Dechra Pharmaceuticals PLC
    • Hallmarq Veterinary Imaging
    • IDEXX Laboratories, Inc.
    • MERCK & CO., INC.
    • SOUND
    • Vetoquinol S.A.
    • Zoetis

    Covid-19 Impact

    The COVID-19 pandemic had a significant impact on industry growth. Participants in the global equestrian business faced a variety of constraints. Some governments forced the closure of equestrian facilities, leaving these operations with considerable ongoing costs and no source of cash.

    Furthermore, as the pandemic developed, horse veterinary practitioners were obliged to adapt telehealth-based practise paradigms. The sector also saw increased unemployment rates, raising concerns about a potential horse welfare catastrophe. However, these were only short-term effects, and the market gradually recovered.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Equine Healthcare Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The market is expected to grow at a CAGR of 6.19% during 2022-2028.

    The Equine Healthcare Market is likely to reach US$ 3.49 billion in 2028.

    During the projection period, the APAC region is expected to grow the fastest. Some of the drivers driving the market are exponential growth for horse medicinal feeds, an increase in the incidence of equine illnesses, and an increase in government actions to promote equine health.

    The major players in the equine healthcare market are Boehringer Ingelheim International GmbH, Ceva, Dechra Pharmaceuticals PLC, ESAOTE SPA, Hallmarq Veterinary Imaging, IDEXX Laboratories, Inc., MERCK & CO., INC., SOUND, Vetoquinol S.A., Zoetis.

    Increasing costs for equine healthcare, market stakeholder activities, expenditure in the horse racing and sports business, and an increase in the frequency of equine diseases are some of the primary reasons driving industry growth.

    The equine healthcare market is studied from 2016 - 2028.