NEW YORK, July 16, 2024 /PRNewswire/ — The global equine healthcare market size is estimated to grow by USD 582.4 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.78% during the forecast period. Rise in incidences of zoonotic diseases is driving market growth, with a trend towards adoption of new technologies. However, high costs associated with equine healthcare poses a challenge. Key market players include Alltech Inc., Boehringer Ingelheim International GmbH, Central Garden and Pet Co., Ceva Sante Animale, Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Equine Products UK LTD., Esaote Spa, Forte Healthcare Ltd., Hallmarq Veterinary Imaging Ltd., IDEXX LABORATORIES INC., Jacks Inc., Kemin Industries Inc., Land O Lakes Inc., Merck KGaA, Peak Equine Health, Scone Equine Group, Thermo Fisher Scientific Inc., Vetoquinol SA, and Zoetis Inc..
Technavio has announced its latest market research report titled Global equine healthcare market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Product (Pharmaceuticals, Vaccines, and Others), Distribution Channel (Offline and Online), and Geography (North America, Europe, Asia, and Rest of World (ROW)) |
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Region Covered |
North America, Europe, Asia, and Rest of World (ROW) |
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Key companies profiled |
Alltech Inc., Boehringer Ingelheim International GmbH, Central Garden and Pet Co., Ceva Sante Animale, Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Equine Products UK LTD., Esaote Spa, Forte Healthcare Ltd., Hallmarq Veterinary Imaging Ltd., IDEXX LABORATORIES INC., Jacks Inc., Kemin Industries Inc., Land O Lakes Inc., Merck KGaA, Peak Equine Health, Scone Equine Group, Thermo Fisher Scientific Inc., Vetoquinol SA, and Zoetis Inc. |
Key Market Trends Fueling Growth
The equine healthcare market is experiencing significant growth due to the adoption of new technologies by vendors and increased research and development (R&D) investments. Notable advancements include Zoetis’ expansion of its Vetscan Imagyst diagnostics platform with AI dermatology and equine FEC analysis applications in March 2023. IDEXX’s product and service improvements in January 2022, streamlining veterinary practices and offering customized support, further demonstrate this trend. These developments will drive the global equine healthcare market’s expansion during the forecast period.
The Equine Healthcare Market is experiencing significant growth due to increasing animal health spending and the need for advanced Equine care. Key trends include the use of Analgesics, Anti-inflammatory, and Antimicrobial products for treating diseases such as Equine influenza, Equine herpes, Equine encephalomyelitis, and Equine infectious anemia. Companies like Arenus Animal Health provide innovative solutions through medicinal feed additives and parasiticides. Animal insurance and Equine Health Plans are gaining popularity, ensuring horses receive proper veterinary care. Diagnostics, including CT systems and the EquiTrace platform, aid in early detection and treatment. Horse farms and racing events prioritize Equine healthcare, utilizing advanced equipment and skilled veterinarians. E-commerce platforms simplify access to Equine healthcare products, including vaccines and equine pharmaceuticals. Regenerative therapies, such as stem cell therapy, offer promising solutions for injury recovery. Horse population growth and recreational activities increase the demand for parasite control and vaccination programs. Bio Thermo microchips and other technologies enhance disease tracking and prevention. The equine industry continues to innovate, with industry participants collaborating to address challenges like Rabies and Tetanus.
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Market Challenges
The equine healthcare market faces significant challenges due to high costs, which impact the accessibility and affordability of veterinary care for horse owners. Veterinary services, medications, diagnostic tests, specialized equipment, and emergency care are key areas where costs are commonly observed. For instance, equine veterinary services involve specialized knowledge and skills, leading to higher fees for procedures like colic surgery. Medications, such as long-term use antibiotics and hormonal therapies, add to the overall costs. Advanced diagnostic tests, like X-rays, ultrasound, MRI scans, and laboratory tests, require specialized equipment and trained professionals, contributing to higher costs. Specialized equipment, such as equine dental units, are expensive to acquire, maintain, and upgrade. Emergency situations, like colic or severe injuries, necessitate intensive veterinary care, involving substantial costs for diagnostic tests, surgeries, hospitalization, and round-the-clock monitoring. These high costs can hinder the growth of the global equine healthcare market during the forecast period.
The Equine Healthcare Market faces several challenges in providing optimal health solutions for horses. Equipment and supplies, such as equine vaccines and parasiticides, are essential for equine health plans. However, diseases like Equine Herpes, Equine Infectious Anemia, Equine Influenza, Rabies, West Nile Fever, and Venezuelan Equine Encephalomyelitis pose significant threats to the equine population. Equine industry participants, including horse farms, racing events, and recreational activities, require skilled veterinarians and equine pharmaceuticals to maintain the health of their horses. Regenerative therapies, such as stem cell therapy, are emerging as potential solutions. Minnesota’s EquiTrace platform ensures disease traceability and transparency. Tetanus, EIA, and other infectious diseases require ongoing vaccination programs. Parasite control remains a challenge, with the need for effective medicinal feed additives and parasiticides. The equine industry’s success relies on addressing these challenges to ensure the health and well-being of horses.
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Segment Overview
This equine healthcare market report extensively covers market segmentation by
Product
1.1 Pharmaceuticals
1.2 Vaccines
1.3 Others
Distribution Channel
2.1 Offline
2.2 Online
Geography
3.1 North America
3.2 Europe
3.3 Asia
3.4 Rest of World (ROW)
1.1 Pharmaceuticals- The equine healthcare market’s pharmaceuticals segment held the largest share in 2023, encompassing various medications and drugs for equine disease prevention, treatment, and management. This segment includes formulations for specific health issues, such as anti-inflammatory drugs, antibiotics, dewormers, antiparasitic drugs, antifungal medications, pain relievers, hormonal therapies, and other pharmaceutical formulations. Preventive medications, like vaccines, protect horses against infectious diseases, while parasite control medications manage and prevent internal and external parasites. Respiratory medications address equine respiratory health, gastrointestinal medications handle gastrointestinal issues, and wound care and dermatological medications manage cuts, abrasions, skin infections, and dermatitis. Pharmaceuticals play a vital role in diagnosing, treating, and preventing various diseases and health conditions, ensuring the growth of the pharmaceuticals segment in the global equine healthcare market.
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Research Analysis
Equine healthcare encompasses the prevention, diagnosis, and treatment of diseases in horses. Equine diseases such as Equine Infectious Anemia (EIA), Rabies, West Nile Fever, and Venezuelan Equine Encephalomyelitis pose significant threats to the equine population. Equine industry participants, including equine veterinary practitioners, play a crucial role in safeguarding horse health. CT systems and vaccines are essential tools in equine healthcare, with animal vaccine manufacturers developing effective solutions against various equine diseases. The equine industry relies on equine healthcare products and equine vaccination programs to maintain the health of the horse population. Skilled veterinarians implement Equine Health Plans to prevent and manage diseases, while companies like Arenus Animal Health offer innovative solutions, such as Bio Thermo microchips for disease monitoring.
Market Research Overview
The equine healthcare market encompasses a range of products and services designed to promote and maintain the health of horses. Animal healthcare spending on equines continues to grow, driven by the increasing popularity of horses for recreational activities, equine racing events, and the equine industry. Key areas of focus include analgesics, anti-inflammatory, and anti-infective medications, vaccines for diseases such as equine influenza, equine herpes, rabies, and equine infectious anemia, parasiticides for parasite control, and equine veterinary practitioners for diagnosing and treating various equine diseases. Innovations in equine healthcare include CT systems, diagnostics, e-commerce platforms, equine healthcare products, equine equipment, and regenerative therapies such as stem cell therapy. Horse farms and horse owners also utilize medicinal feed additives, parasite control programs, and vaccination programs to ensure the health of their horses. Equine diseases such as equine encephalomyelitis, Venezuelan equine encephalomyelitis, West Nile fever, and tetanus continue to pose challenges, requiring ongoing research and development of new treatments and preventative measures. Skilled veterinarians play a crucial role in the equine healthcare industry, providing essential services to horse owners and participants in the equine industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Pharmaceuticals
Vaccines
Others
Distribution Channel
Offline
Online
Geography
North America
Europe
Asia
Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
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SOURCE Technavio