The global equine healthcare market was estimated at a value of US$ 698.7 million in 2020. It is anticipated to register a 4.3% CAGR from 2021 to 2028 and by 2028; the market is likely to attain US$ 972.8 million by 2028.
Origami horse-shaped dollar bills representing value of horse healthcare market.
The introduction of new goods, technologically sophisticated products, acquisitions, and joint ventures with other businesses are the activities of major players in the global equine healthcare industry.
© 2016 by Jiri Markalous New window.
In addition to medications, vaccinations, and additives for supplemental feed, industry players are increasing research and development in equestrian sports technology, including wearables for equines. Reliable methods for monitoring healthcare indicators including temperature, heart rate, and breathing rate on a regular basis are required. Wearable technology therefore has the intriguing ability to provide these statistics.
Wearable device data may be able to provide an early warning of problems that may necessitate veterinarian examination. Med-tech businesses operating in the horse healthcare sector are benefiting from these advancements in the form of additional prospects.
Global Equine Healthcare Market: Key Players
The introduction of new goods, technologically sophisticated products, regulatory approvals, acquisitions, and joint ventures with other businesses are the activities of major players in the global equine healthcare industry.
These tactics are probably going to encourage the expansion of the global market. The following companies are well-known participants in the global equine healthcare market:
• Bayer AG (Bayer Animal Healthcare)
• Boehringer Ingelheim
• Ceva Santé Animale
• Eli Lilly and Company (Elanco)
• Equine Products UK Ltd.
• Merck & Co. (Merck Animal Healthcare)
• Sanofi (Merial)
• Purina Animal Nutrition LLC.
• Vetoquinol S.A.
• Zoetis
Key Findings of the Market Report
• The administration, upkeep, and breeding of horses are all part of the equine business.
• A number of veterinarians, riders, and other people can make money in this sector.
• It also includes a scenario of supply and demand for veterinary healthcare items.
• The global equine healthcare market is anticipated to be driven by the horse industry's substantial economic effect.
• There is a close association between the global equine population and the global equine healthcare business.
• Research indicates that during the last five years, the number of horses in the Americas has decreased by 5.37%, while the overall horse population has decreased by 7.47% over the same period.
• Throughout the projected period, a decline in the world's horse population is expected to limit the worldwide market for equine healthcare.
Market Trends for Equine Healthcare
• One of the primary activities of the equine business is horse breeding. Selecting superior breeding stock and managing breed health are essential to enhancing breeding operations. For breeders, the incidence of equine illnesses is another significant worry. For example, Potomac horse sickness is more common in the Caribbean and South America.
• Although the West Nile virus infection in horses has been contained, the unexpected appearance of the pathogen may worry horse owners. There are incidences of equine influenza and tetanus throughout the global horse population. The global equine healthcare market is expected to be driven by a high frequency of equine illnesses.
To lower the frequency of recurrent common horse healthcare issues, stakeholders in the global equine healthcare market should raise awareness about frequent de-worming regimens and expert veterinarian guidance.
Global Market for Equine Healthcare: Regional Outlook
Various reasons are propelling the growth of the equine healthcare market throughout the region. These are:
• Due to growing emphasis on preventative veterinarian care, increased knowledge of horse health, along with rising disposable wealth among horse owners, the equine healthcare industry in North America is expanding rapidly.
• The veterinary industry is growing because of technological advancements such novel treatment methods and diagnostic imaging. The need for specialist healthcare services is fueled by an increase in equestrian contests and activities, which is propelling the growth of the regional market overall.
See complete report on the growing equine healthcare market HERE
Press release by Nikhil Sawlani