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

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.

• Based on the product, the equine healthcare market is segmented into drug, 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 towards effective & advanced drugs and vaccines and a rise in number of cases of equine diseases.
• 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.
• Based on the distribution channel, the market is bifurcated into veterinary hospitals and clinics, and 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. An 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.
• For a better understanding of the market adoption of equine healthcare, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. 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.
• Some of the major players operating in Merck & Co., Inc, Zoetis, Boehringer Ingelheim International GmbH, Ceva Santé Animale, Hallmarq Veterinary Imaging, ESAOTE SPA, Vetoquinol S.A, Thermo Fisher Scientific Inc., Bayer AG, Elanco among others. Several M&A’s along with partnerships have been undertaken by these players.