Horses are considered as sports animals, companion animals, and working animals and provide employment and income in many developed and developing countries.
Horses are considered as sports animals, companion animals, and working animals and provide employment and income in many developed and developing countries. As stated by Equine Business Association of the U.K and the U.S. that are the biggest equine industries across the globe. There are houses that own equines over 446,000 in the U.K. only. Furthermore, horse clubs in China has improved almost to 1500% in the past few years which was around 90 in 2010 and now it is almost 1400 in 2017. Hence, this progress in the equine shows, horse racing, and luxury events have hit the roof of requirement for the global equine healthcare market. Also, it is expected to grow in the forthcoming years.
Horse racing trends in many economies around the world is the driving the market even after numerous government rules are present. There are many horse owners who shows their interest in appearing equine events, racings, and shows are rising the need for better breed of horses that deliver high returns by carry across to regions like China, as it can extremely drive the industry.
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Factors Driving the Equine Healthcare Market:
- Global equine healthcare market consists of leisure, horse betting and racing, and competitive riding.
- The equine healthcare market comprises diagnostic, supplement, and therapeutic products for equine.
- The contestants are fascinated by high return on investment (ROI) are important to market growth.
- Investments by several other geographical economies in horse racing is fueling the growth of the equine healthcare market.
- Accessibility of substitutes to gambling like the declining population of horses and online betting is restraining the growth of the equine healthcare market.
- The developing sub category in this market would offer opportunities for growth in the equine healthcare market.
On the basis of product type, the global equine healthcare market is categorized into supplemental feed additives, drug type, and vaccine type. On the basis of disease type, the global equine healthcare market is sectioned into equine rabies, potomac horse fever, equine herpes virus, west nile virus, and equine influenza. On the basis of distribution channel, the global equine healthcare market is divided into veterinary clinics and hospitals, and drug stores and retail pharmacies.
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Geographically, the equine healthcare market is segmented into various regions like Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. Among these, North America and Europe is dominating the market, due to by holding major shares of the equine healthcare market. These regions are expected to grow substantially in the forthcoming years. Horses are facing high interest in equine care, augmented acceptance rate of equines per household, robust business process of brand businesses, and substantial expenses in animal healthcare in these areas.
Asia pacific held the next largest share in the equine healthcare market. It is projected to grow in the forthcoming years owing to growing concentration on healthcare of animals, developing trends for equine care, augmented costs on animal healthcare products, and increasing popularity of horse racing.
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Some of the leading players working in the global equine healthcare market are Sanofi (Merial), Zoetis, Vetoquinol S.A., Purina Animal Nutrition LLC., and Bayer AG.
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