Equine Healthcare Market: Rising Growth Opportunities in North America and Europe to Remain Key in Global Market Development
Global Equine Healthcare Market: Snapshot
The global equine healthcare market is rising due to horse racing trend, global development programs for animal health, and increasing incidence of equine infections. Presence of various companies in the manufacturing of variety products in the market will boost the consumption of the equine healthcare products. The competition among the companies have led the companies to expand geographically thus, boosting the market. These market strategies will likely promote growth opportunities during the forecast period.
The trend of horse racing in various countries across the globe even after several government regulations is fueling the market. Large number of horse owners showing interest in attending equine racings, shows, and events are increasing the demand for expensive quality breed of horses that provide high returns by exporting them to locations such as China can highly fuel the market.
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Although the market is expected to face certain restrains due to decreasing number of equine species worldwide, the rise in demand for insurance of pet will potentially open new scope for global equine healthcare market in the coming years.
According to a report by Transparency Market Research, the global equine healthcare market is anticipated to rise at a healthy CAGR of 4.2% during the forecast period of 2017 and 2025. The global market was worth US$601.7 mn during 2016 and is expected to attain a valuation of US$ 862.7 mn by the end of 2025.
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Veterinary Hospitals and Clinics Remain Most Preferred Distribution Channels
The global equine healthcare market according to product type is segmented into supplemental feed additives, vaccines, and drugs. Among these, the drug segment held larger share in 2016. The rise was mainly due to high requirement of drug market for the treatment of equines. The drug type is further segmented into parasiticides, anti-inflammatory, and anti-infective. Among these drug types, anti-infective has held larger share during 2016 and is expected to rise during the forecast period. Drug segment is likely to rise due to increased incidence of infections and the need for strong efficient anti-infective drugs.
According to vaccines type, the global equine healthcare market is segmented into recombinant, inactivated, and live attenuated. Among these segments, inactivated segment held larger share in the market during 2016. The rise in this segment is mainly due to demand for safe vaccines.
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The global equine healthcare product type market according to supplemental feed additives are segmented into vitamins, enzymes, proteins and amino acids, and minerals. Among these, vitamins and minerals sub-segment has led the market in 2016 and is expected to rise in the forecast period. This segment is rising owing to high demand of nutritional supplements for equines.
The global equine healthcare market is segmented according to disease type into equine herpes virus, equine influenza, west Nile virus, equine encephalomyelitis, Potomac horse fever, equine rabies, and tetanus.
The global equine healthcare market is segmented according to channel into retail pharmacies and drug stores and veterinary hospitals and clinics. The veterinary hospitals and clinics distribution channel is expected to rise in the coming years due to vast availability of vaccines and drugs.
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Rising Growth Opportunities in North America and Europe to Remain Key in Global Market Development
The global equine healthcare market is spread across various regions such as Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. Among these, Europe and North America is leading the market by holding larger shares in the market. This region is anticipated to rise significantly during the forecast period. Equines are facing high interest in equine care, increased adoption rate of equines per household, strong business operation of brand companies, and significant expenditure in animal healthcare in these regions.
Asia pacific equine market held the next largest share in 2016 and is expected to rise in the coming years due to rising focus on healthcare of animals, emerging equine care trend, increased expenses on animal healthcare products, and rising popularity of horse racing.
Some of the leading companies operating in the global equine healthcare market are Sanofi (Merial), Zoetis, Vetoquinol S.A., Purina Animal Nutrition LLC., and Bayer AG.
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