Equine Healthcare Market: Strong Impact of the Equine Industry on the Economy is Projected to Drive the Global Market
Wilmington, Delaware, United States, Transparency Market Research Inc.: According to the report, the global equine healthcare market was valued at US$ 698.7 Mn in 2020 and is projected to expand at a CAGR of 4.3% from 2021 to 2028. Horse breeding is a core activity in the equine industry. Hence, choice of breeding stock and better healthcare management of breeds are crucial to improve breeding operations. Occurrence of equine infections is another major concern for the breeders. For instance, South America and the Caribbean have high incidence of Potomac horse fever.
The West Nile Virus infection among horses have been controlled; however, sudden emergence of the virus can cause concerns among the horse owners. Moreover, tetanus and equine influenza cases are evident among the global horse community. Hence, high incidence of equine infections is projected to drive the global equine healthcare market.
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Drugs Segment to Dominate Market
Equine drugs was the largest segment in terms of revenue in 2020. The segment is anticipated to expand at a high CAGR during the forecast period. Equine drugs comprise a range of products, including anti-inflammatory, anti-infectives, and parasiticides that are used to manage reproductive, metabolic or cardiovascular conditions. Increase in pet ownership and overall expenditure on equine healthcare care have augmented the market for both prescription as well as over-the-counter (OTC) drugs.
Veterinary Hospitals/Clinics to be Major Distribution Channel
In terms of distribution channel, the veterinary hospitals & clinics segment accounted for major share of the global equine healthcare market in 2020. The veterinary hospitals & clinics segment is anticipated to capture the largest market share by 2028. The segment is projected to register high market attractiveness during the forecast period.
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The availability of a range of equine healthcare products such as drugs, vaccines, and nutritional supplements in veterinary hospitals and clinics and authenticity of products are attributed to the segment's major market share. The recent trend of surveillance activities from the international and regional animal healthcare agencies is another factor that drives the segment.
North America to Lead Global Market
North America accounted for a significant share of the global equine healthcare market in 2020, followed by Europe. These two regions are projected to be highly lucrative markets during the forecast period. High adoption rate of horses per household, impressive animal healthcare expenditure, influence of animal welfare program, strong animal research infrastructure, and presence of key vendors can be attributed to high market share of the two regions.
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Key players in the global equine healthcare market are 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., and Zoetis.
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