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

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.