Equine Healthcare Market to Grow with a CAGR of 5.94% through 2028
Rising
participation in equestrian sports and increased awareness of preventive
healthcare is expected to drive the Global Equine Healthcare Market growth in
the forecast period, 2024-2028.
According to
TechSci Research report, “Equine Healthcare Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Equine Healthcare Market stood at USD 2.52 billion in 2022 and is
anticipated to grow with a CAGR of 5.94% in the forecast period, 2024-2028.
This can be attributed to holistic and sustainable approaches. There is a
notable shift towards holistic and sustainable approaches to equine healthcare.
Horse owners are increasingly interested in natural and eco-friendly healthcare
products and treatments that promote overall well-being while minimizing
environmental impact. This trend aligns with broader sustainability initiatives
in the animal health industry and offers new avenues for market expansion.
Moreover,
ethical and welfare concerns continue to influence the equine healthcare
market. As public awareness grows regarding issues like overbreeding, racing
practices, and animal welfare, the industry is under increased scrutiny.
Ethical considerations are driving changes in treatment approaches, management
practices, and industry standards.
The equine
healthcare industry is experiencing growth driven by several key factors,
including increasing demand for equine healthcare services, initiatives
undertaken by industry stakeholders, investment in the equine racing and sports
sector, and a rising incidence of equine diseases. According to the OIE, there
were multiple cases of diseases worldwide in 2021, such as equine influenza,
equine infectious anemia, rabies, West Nile fever, and Venezuelan equine
encephalomyelitis. These occurrences are expected to drive the demand for
effective prevention and treatment solutions. The COVID-19 pandemic had a
notable impact on the industry, as global equine operations faced various
restrictions. Some governments mandated the closure of equine facilities, leading
to significant ongoing expenses without revenue. Equine veterinary
practitioners also had to adapt to telehealth-based practice models during the
pandemic. Rising unemployment rates added concerns about equine welfare.
However, these were short-term effects, and the market gradually recovered.
Looking ahead,
the industry is poised to grow due to increasing awareness of animal
healthcare. Animal health is recognized as crucial for the safety and
well-being of both animals and humans, as people become increasingly aware of
the environment's reliance on animals. Governments and commercial institutions
are investing in animal healthcare infrastructure in various countries,
recognizing the potential transmission of diseases from animals to humans. For
instance, in September 2021, the US Department of Agriculture allocated $3
billion for animal health and nutrition.
Horses are
commonly used for recreational purposes, including riding lessons and trail
rides. For example, in Minnesota, over 10% of households participate in trail
riding, while approximately 8% take riding lessons. These activities contribute
to spending on horse care, equipment, and activity fees, adding $341 million in
incremental economic value and creating 7,181 jobs in Minnesota alone. Horses
have been domesticated for a long time and have adapted to changing human
lifestyles. Globally, a significant percentage of people, around 75%, express
interest in sports, with a particularly high interest, approximately 85%, in
Germany.
The Global Equine
Healthcare Market is segmented into product, indication, activity, distribution
channel, regional distribution, and company.
Based on its activity,
the sports and racing segment dominated the market in 2022 and is projected to
experience the most rapid growth in the forecast period. This can be attributed
to the robust equine sports and racing sector in key markets, including the
U.K., the U.S., France, Netherlands, China, and Australia. The Fédération
Équestre Internationale serves as the international governing body for
equestrian sports, recognizing approximately eight disciplines in both regular
and para-equestrian competitions under global governance. These disciplines
encompass dressage, combined driving, endurance riding, eventing, reining, and
show jumping.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Equine Healthcare Market.”
Market expansion
is further supported by initiatives from governments and stakeholders in the
public and private sectors. In October 2021, the Chairman of the Dubai
Equestrian Club and Dubai Racing Club announced new measures aimed at strengthening
Dubai's position as a regional hub for the horse racing industry through the
Dubai Equestrian Procurement Forum. This forum presented fresh opportunities
for industry participants, including manufacturers, technology providers, and
suppliers, as the equine industry strives to recover from the impacts of the
COVID-19 pandemic.
Based on distribution
channel, veterinary hospitals and clinics were the dominant sector in 2022,
primarily due to the high volume of patients they served. The market's growth is
further propelled by an increase in the number of veterinary hospitals,
clinics, and practitioners in key markets. For example, according to a report
published by the American Veterinary Medical Association, the count of
veterinarians in the United States grew from 118,624 in 2020 to 121,461 in
2021. Additionally, the number of privately-owned clinical practices increased
from 73,373 in 2019 to 75,349 in 2020. These factors are expected to underpin
the expansion of the market.
On the other
hand, the e-commerce segment is poised to experience the highest CAGR in the
near future, primarily due to the advantages it offers, such as the convenience
of shopping from home and a wide array of product choices. For example, Chewy,
Inc. is an e-commerce platform that provides a diverse range of horse-related
products and services, including dewormers, parasiticides, antibiotics,
vitamins, and electrolytes.
Major companies
operating in Global Equine Healthcare Market are:
- Zoetis Inc.
- Boehringer Ingelheim GmbH
- Merck & Co., Inc.
- Hallmarq Veterinary Imaging Ltd
- Esaote SpA
- Vetoquinol SA
- IDEXX Laboratories, Inc.
- Dechra Pharmaceuticals PLC
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The global
equine healthcare market is on the brink of significant transformation. As
technology, research, and ethical awareness continue to evolve, the industry is
responding with innovative solutions aimed at improving horse well-being,
performance, and sustainability. These upcoming trends herald a promising
future where horses receive personalized, state-of-the-art care that aligns
with the values and expectations of modern society. Stakeholders in the equine
healthcare industry, including veterinarians, researchers, and horse owners,
should closely monitor and embrace these trends to ensure the industry's
continued growth and success,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Equine Healthcare Market By Product
(Vaccines, Pharmaceuticals, Medicinal Feed Additives, Diagnostics, Software
& Services, Others), By Indication (Musculoskeletal Disorders, Parasite
Control, Internal Medicine, Equine Herpes Virus, Equine Encephalomyelitis,
Equine Influenza, West Nile Virus, Tetanus, Others), By Activity
(Sports/Racing, Recreation, Others), By Distribution Channel (Veterinary
Hospitals & Clinics, E-commerce, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Equine Healthcare Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Equine Healthcare Market.
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