Equine Healthcare Market Expected to reach $2.33 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Global Equine Healthcare Market by Product Type, Disease, Distribution Channel, and Region: Global Opportunity Analysis and Industry Forecast, 2020–2030,"

The global equine healthcare market was valued at $1,206.70 billion in 2020, and is projected to reach $2,328.90 billion by 2030, registering a CAGR of 6.80% from 2021 to 2030. Horses need proper care after a hard workout to help with cool-down and recovery. There are multiple areas to pay close attention to after a ride such as body temperature, respiration, muscle care, and leg condition. Equine healthcare helps to recognize the things when it gets bad for the health of the horses. In addition to properly feeding and exercising one’s horse, other aspects of general care are needed to keep the horse healthy throughout his or her life. These include routine veterinary care for vaccinations, parasite control, and dental care; grooming and hoof care; and protection from the elements. Horses must be regularly monitored for the sign of illness that include lack of appetite, diarrhea, coughing, and sneezing, or discharge from the eyes or nose, loss of hair or itchy areas on the skin, lameness (such as not putting weight on a particular leg), and reluctance to move or head bobbing.

Rise in prevalence of equine diseases, increase in equine population, increase in animal health expenditure, rise in demand for use of horses for various purposes, increase in advancements equine healthcare products, rise in awareness among the population about the importance and benefits of horses healthcare, and increase in demand for pet insurance are some of the factors that are responsible for the growth of the equine healthcare market. However, decline in equine population is expected to hamper the growth of the equine healthcare market.

The global equine healthcare market is segmented into product type, disease, and distribution channel. Based on product type, the market is categorized into drug, vaccines, and medicated feed additives. Furthermore, drugs are classified into anti-infectives, anti-inflammatory, parasiticides, and others. Vaccines are classified into inactivated, live attenuated, recombinant, and others. Based on disease, the market is divided into influenza, tetanus, equine herpes virus, and others (equine encephalomyelitis, west nile virus, equine rabies, potomac horse fever, others). On the basis of distribution channel, it is bifurcated into veterinary hospitals and clinics and retail pharmacies and drug stores. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA

On the basis of products type, the market is categorized into drug, vaccines, and medicated feed additives. The drug segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period. The key factors, such as rise in demand for pet insurance, surge in awareness toward effective & advanced drugs and vaccines, and rise in number of cases of equine diseases may lead to increase in hospital admissions. Launch of effective products, which are tested under clinical trials by companies, ensures better therapeutic outcomes.

On the basis of disease, the market is segregated into influenza, tetanus, equine herpes virus, and others. At present, the others segment accounts for a majority of the market share, owing to rise in prevalence of equine diseases in both developed as well as developing countries and surge in demand for pet insurance that would help the segment generate higher revenue shares in the coming years.

On the basis of distribution channel, the market is segregated into veterinary hospitals and clinics and retail pharmacies and drug stores. At present, the retail pharmacies and drug stores segment accounts for the majority of market share, owing to rise in prevalence of equine diseases in both developed as well as developing countries and growing awareness among the population about the importance and benefits of horses healthcare.

North America has the highest market share of the global equine healthcare market in 2020, followed by other regions. The larger share of the North America region can be attributed to factors such as ease of availability of devices and services across developing countries and rise in health awareness among people. Overall, it is projected that the need for equine healthcare in developing and developed regions of North America would rise sharply in the coming years.

The COVID-19 pandemic affected the equine healthcare industry in a negative way similar to various other domestic industries. Some governments mandated the closure of equine facilities to reduce the spread of the virus and minimize risks of injury while others delegated responsibility to equine enterprise owners and managers. The complete closure of equine facilities has been especially damaging, as these operations bear significant ongoing expenses with no source of revenue. Increasing unemployment rates in the initial days lead to increase in problems associated with equine welfare.

Key Findings Of The Study

• By product type, the drugs segment was the highest contributor to the market, with $788.80 million in 2020, and is estimated to reach $1,515.50 million by 2030, at a CAGR of 6.70%.
• By diseases, the others segment was the highest contributor to the market, with $508.20 million in 2020, and is estimated to reach $908.80 million by 2030, at a CAGR of 5.90%.
• By distribution channel, the retail pharmacies and drug stores segment was the highest contributor to the market, with $693.60 million in 2020, and is estimated to reach $1,366.60 million by 2030, at a CAGR of 7.00%.
• North America is expected to be the fastest growing region, registering a CAGR of 5.90% during the forecast period.
• The key players operating in the global equine healthcare market include Thermo Fisher Scientific (Affymetrix), Elanco Animal Health (Bayer Animal Health), Boehringer Ingelheim, Ceva Sante Animale, Land o Lakes(Purina Mills LLC), Equine Products UK Ltd, Merck & Co.(Merck Animal Health), Sanofi S.A. (Merial), Vetoquinol S.A., and Zoetis.