USD 2.87 billion
Equine Healthcare Market Size, Share, Growth Analysis, By Product Type(Vaccines, Pharmaceuticals, Medicinal Feed Additives, Diagnostics), By Indication(Musculoskeletal Disorders, Internal Medicine, Equine Herpes Virus, Equine Encephalomyelitis), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2223 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
71
|Figures:
70
Equine Healthcare Market Insights
Global Equine Healthcare Market size was valued at USD 2.87 billion in 2022 and is poised to grow from USD 3.36 billion in 2023 to USD 11.70 billion by 2031, growing at a CAGR of 16.9% in the forecast period (2024-2031).
The equine healthcare industry is experiencing substantial growth due to various factors. These include the rising demand for equine healthcare services, proactive initiatives by industry stakeholders, investments in the equine racing and sports sector, and an increasing incidence of equine diseases. The global spread of equine diseases like equine influenza, equine infectious anemia, rabies, West Nile fever, and Venezuelan equine encephalomyelitis, as reported by the OIE in 2021, has led to a surge in the need for effective prevention and treatment solutions.
The COVID-19 pandemic had notable effects on the equine industry. Many facilities were temporarily closed due to government mandates, causing financial challenges for operators. Equine veterinary practitioners adapted to telehealth-based practices, and concerns regarding equine welfare emerged due to rising unemployment rates. However, these impacts were transient, and the market gradually rebounded.
In the forecast period, heightened awareness of animal healthcare, driven by the understanding of its importance to both animals and humans, will contribute to industry growth. Governments and commercial institutions are investing significantly in animal healthcare infrastructure to prevent disease transmission from animals to humans. For example, the U.S. Department of Agriculture invested $3 billion in animal health and nutrition.
Equines are central to recreational activities like riding lessons and trail rides, which consequently boost spending on horse care, equipment, and activity fees. These activities contribute substantially to economic value and job creation. The availability of equine medical and diagnostic products, coupled with advanced veterinary facilities, further propels market expansion. Notable institutions like the Philip Leverhulme Equine Hospital at the University of Liverpool offer state-of-the-art diagnostic capabilities, enhancing equine care and treatment options.
US Equine Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Pharmaceuticals
Fastest Growth
Pharmaceuticals
Growth Rate
16.9% CAGR
Global Equine Healthcare Market ($ Bn)
Country Share for North America Region (%)
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Equine Healthcare Market Segmental Analysis
The Global Equine Healthcare Market is segmented in terms of Product Type, Indication, Distribution Channel, and Region. Based on Product Type the market is segmented as, Vaccines, Pharmaceuticals, Medicinal Feed Additives, Diagnostics, Software & Services, and Others. Based on Indication the market is segmented as, Musculoskeletal Disorders, Internal Medicine, Equine Herpes Virus, Equine Encephalomyelitis, Equine Influenza, West Nile Virus, Tetanus, Others. Based on Distribution the market is segmented as, Veterinary Hospitals & Clinics, E-commerce, others. Based on Region the market is segmented as, North America, Europe, APAC, LATAM
Equine Healthcare Market Analysis By Product
The pharmaceuticals segment asserted its dominance in the equine healthcare market in 2022, capturing over 30.0% of the revenue share. This segment encompasses a wide array of equine pharmaceuticals, including analgesics, anti-infectives, anti-inflammatory agents, and parasiticides, which play a pivotal role in addressing various equine health concerns such as reproductive, metabolic, infectious, and dermatological disorders. The market for both prescription and over-the-counter equine medications has expanded significantly, driven by increasing investments in equestrian activities and equine health overall. Market participants like Zoetis have contributed to this growth by offering an extensive portfolio of equine pharmaceuticals, such as the QUEST gel, Equest Pramox, and Deosect 5% Spray Solution.
On the other hand, the "others" segment is anticipated to exhibit the fastest growth, projected to grow at approximately 8% from 2023 to 2030. This segment encompasses regenerative therapies like stem cell therapy for horses and other emerging treatments. The escalating research and development efforts in equine medicine are expected to propel the growth of this segment. Notably, Zoetis introduced a range of devices in June 2021, including Pro-Stride APS, CenTrate BMA, and Restigen PRP, designed to address injuries in horses causing lameness. These devices simplify the processing of blood or bone marrow, eliminating the need for off-site preparation and enabling immediate use post centrifugation.
Equine Healthcare Market Analysis By Indication
In 2022, parasite control emerged as the dominant sector in the market, capturing a substantial share of over 20.0%. Parasite control involves the use of parasiticides, which encompass both ectoparasiticides for external parasites and endoparasiticides for internal parasites. These agents are available in various forms such as sprays, collars, oral solutions, gels, and spot-on treatments, with application methods ranging from topical to oral and intravenous. They play a crucial role in treating conditions caused by amoebas, helminths, protozoa, and parasitic fungi, ensuring equine health.
Equine influenza is anticipated to exhibit the most rapid growth, with a projected CAGR of 6.0% during the forecast period. This trend is attributed to the increasing incidence of infectious diseases among horses. Over the period from 2017 to 2021, global records from the OIE indicate more than 12,000 cases of equine influenza. The demand for equine healthcare solutions is rising, driven by the imperative to maintain horses' health, especially high-performance and racehorses, while also increasing awareness about preventive measures against equine diseases.
Global Equine healthcare market By Product Type
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Equine Healthcare Market Regional Insights
In 2022, North America asserted its dominance by capturing a significant share of more than 35.0%. The region's strong hold is backed by notable statistics, as reported by the FAO, indicating around 10.56 million horses in the U.S. in 2021, with approximately 10.96 million horses across North America. The prevalence of horse farms and the bustling annual horse racing calendar contribute to the region's market share. The U.S. boasts around 300 racetracks and hosts nearly 33,567 horse races annually. The import of approximately 18,865 horses into the U.S. in 2021 further fuels the demand for equine healthcare in North America.
Meanwhile, the Asia-Pacific (APAC) region is anticipated to experience the fastest growth, projected at over 6% during the forecast period. This surge is attributed to heightened demand for horse medicinal feeds, a rise in equine disease prevalence, and the implementation of government measures to boost equine health. The presence of numerous market players operating in the equine products market is also set to play a role in shaping the region's growth trajectory in the coming years.
Global Equine healthcare market By Geography
- Largest
- Fastest
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Equine Healthcare Market Dynamics
Equine Healthcare Market Drivers
Rising Demand for Equine Well-being:
- The increasing awareness and concern for the health and well-being of equines, especially in high-performance sectors like racing, sports, and leisure, are driving the demand for advanced healthcare solutions.
Growing Equestrian Events:
- The surge in equestrian activities, horse racing, and recreational riding has led to a higher demand for equine healthcare services, as owners and trainers prioritize maintaining the health and performance of their horses.
Equine Healthcare Market Restraints
Lack of Veterinary Specialists:
- In certain areas, there may be a shortage of specialized equine veterinarians and medical facilities, affecting timely and efficient healthcare delivery.
Resistance to Change:
- Some traditional horse owners and trainers may be resistant to adopting new healthcare practices or products, limiting the adoption of innovative solutions.
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Equine Healthcare Market Competitive Landscape
The competitive landscape of the global equine healthcare market is characterized by the presence of several key players focusing on delivering a wide array of products and services catering to the diverse needs of horse owners, trainers, and veterinary professionals. Companies are actively engaged in research and development to innovate new treatment methods, medications, and diagnostic tools to address various equine health concerns. Established pharmaceutical companies, veterinary clinics, and specialized equine healthcare providers vie for market share by emphasizing the quality, effectiveness, and safety of their offerings. Collaboration with veterinarians, universities, and research institutions is common for developing advanced equine healthcare solutions.
Equine Healthcare Market Top Player’s Company Profile
- Zoetis Inc.
- Merck Animal Health
- Boehringer Ingelheim International GmbH
- Elanco Animal Health
- Bayer AG
- Ceva Santé Animale
- Virbac
- Dechra Pharmaceuticals PLC
- IDEXX Laboratories, Inc.
- Vetoquinol S.A.
- Norbrook Laboratories Limited
- EQUINE PRODUCTS UK LTD
- KRKA
- HIPRA
- Luitpold Pharmaceuticals, Inc.
Equine Healthcare Market Recent Developments
-
Neogen Corporation and TerraNova established a cooperation in December 2023. With Neogen's wide range of animal safety products and TerraNova's cutting-edge biosecurity solutions, the alliance is well-positioned to dramatically improve standards for hygiene and disease prevention in horse situations. Through their alliance, Neogen and TerraNova hope to meet the urgent demand for comprehensive and successful biosecurity procedures in the field of equine healthcare by providing unmatched expertise and solutions.
-
In June 2023, Zoetis Inc. and The United States Pony Clubs, Inc. (USPC) joined to deliver top-notch equine health products and the finest care possible for the horses.
-
Covetrus introduced SmartImmune Mushroom from SmartPak in April 2023. This innovative equestrian supplement enhances horses' innate defenses against external diseases by utilizing a potent blend of mushroom extracts.
Equine Healthcare Key Market Trends
- Personalized Healthcare Solutions: The equine healthcare market is witnessing a trend towards personalized treatment plans and solutions. Advanced diagnostics, genetic testing, and tailored treatment regimens are becoming more common to address specific health needs of individual horses.
Equine Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Equine Healthcare Market analysis; the equine healthcare market is experiencing robust growth driven by rising demand for advanced healthcare solutions for horses. The market is segmented based on product type, including pharmaceuticals, vaccines, feed additives, and diagnostic products. North America holds a significant share due to a large horse population and flourishing equestrian activities. The Asia-Pacific region is witnessing rapid growth, propelled by an increasing awareness of equine health and a growing demand for horse racing and leisure activities. Key drivers include a surge in equestrian events, growing expenditure in equine racing and sports, and rising instances of equine diseases. Additionally, technological advancements, personalized healthcare solutions, and a focus on preventive care are shaping the market's trends. The equine healthcare market's trajectory is further influenced by the adoption of natural remedies, regenerative therapies, and the incorporation of telehealth and digital solutions to enhance veterinary care accessibility and efficacy.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.87 billion |
| Market size value in 2031 | USD 11.70 billion |
| Growth Rate | 16.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Equine Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Equine Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Equine Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Equine Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Equine Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Equine Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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