NEW
YORK, July 12, 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..
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Equine Healthcare
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
6.78%
|
Market growth
2024-2028
|
USD 582.4
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
6.24
|
Regional
analysis
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Performing market
contribution
|
North America at
44%
|
Key
countries
|
US, China, Mexico, UK,
and Germany
|
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.
|
Market Driver
The equine healthcare market is experiencing significant growth
due to the adoption of new technologies by vendors and increased
research and development investments. Notable advancements include
Zoetis' expansion of its Vetscan Imagyst platform with new AI
applications for dermatology and equine feline fecal analysis in
March 2023. IDEXX's January 2022 improvements to its products and
services, streamlining veterinary practice operations and providing
better insights, also contribute to market growth. These
developments underscore the importance of innovation in addressing
the needs of the equine industry.
The Equine Healthcare Market is experiencing significant growth
due to increasing animal health spending and the expanding equine
population. Key trends include the use of analgesics,
anti-inflammatory, and anti-infective medications, as well as
vaccines for diseases such as equine influenza, equine herpes,
rabies, and equine encephalomyelitis. Animal insurance and equine
healthcare products are also gaining popularity. Companies like
Arenus Animal Health offer a range of equine health solutions.
Advanced technologies like CT systems and diagnostics are being
adopted for better equine care. E-commerce platforms and equine
equipment suppliers cater to the needs of horse farms and racing
events. Skilled veterinarians provide essential services, and
regenerative therapies like stem cell therapy are emerging.
Parasiticides and medicinal feed additives are crucial for parasite
control. EquiTrace platform ensures disease tracking and equine
vaccination programs. Equine industry participants include horse
owners, equine veterinary practitioners, and equine pharmaceutical
companies. Diseases like equine infectious anemia and Venezuelan
equine encephalomyelitis continue to pose challenges. Tetanus and
other common equine diseases require ongoing attention.
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Market Challenges
- The equine healthcare market faces significant challenges due
to high costs, which impact the affordability and accessibility of
veterinary services for horse owners. These costs stem from various
factors, including specialized expertise, advanced diagnostics,
medications, and specialized equipment. Veterinary services
encompass a range of care, from routine check-ups to complex
surgeries. The high costs result from the specialized knowledge and
skills required to diagnose and treat horses. For instance, colic
surgery involves considerable expenses, including pre-operative
evaluations, anesthesia, surgical equipment, and post-operative
care. Medications are essential for equine healthcare but can be
expensive. Long-term use or frequent administration of certain
medications, such as anti-inflammatory drugs, antibiotics, and
hormonal therapies, add to the overall costs. For example, a course
of antibiotics for a respiratory infection can result in
significant medication expenses. Diagnostic tests are crucial for
diagnosing and monitoring health conditions in horses. Advanced
imaging techniques, like X-rays, ultrasound, MRI scans, and
laboratory tests, require specialized equipment, trained
professionals, and laboratory fees, all contributing to higher
costs. For instance, a comprehensive lameness evaluation, which
includes radiographs, ultrasound scans, and joint fluid analysis,
can be quite costly. Specialized equipment is necessary for equine
healthcare, including surgical procedures, diagnostics, and
rehabilitation. The expense of acquiring, maintaining, and
upgrading this equipment is substantial and is typically passed on
to horse owners. For example, an equine dental unit with
specialized dental instruments, motorized floats, and sedation
equipment represents a considerable investment for a veterinary
practice. Emergency situations, such as colic or severe injuries,
necessitate immediate and intensive veterinary care. Emergency care
involves diagnostic tests, surgeries, hospitalization, and
round-the-clock monitoring, significantly increasing costs. For
example, emergency colic surgery requires substantial costs due to
the complexity of the procedure and the need for specialized
equipment and skilled veterinary staff. In summary, high costs
associated with equine healthcare can hinder the growth of the
global equine healthcare market during the forecast period. The
expenses stem from factors such as specialized veterinary services,
medications, diagnostic tests, specialized equipment, and emergency
care.
- The Equine Healthcare Market faces several challenges in
providing optimal care for the equine population. Equine industry
participants deal with various diseases such as Equine Herpes,
Equine Infectious Anemia, Equine Influenza, Rabies, West Nile
Fever, and Venezuelan Equine Encephalomyelitis. Equine healthcare
requires specialized equipment like equine vaccination programs,
parasite control through parasiticides, and equine pharmaceuticals.
Skilled veterinarians play a crucial role in equine healthcare,
utilizing medicinal feed additives and regenerative therapies like
stem cell therapy. Horse farms and racing events prioritize equine
health plans to ensure the well-being of their horses during
recreational activities. The EquiTrace platform facilitates disease
tracking and control. Equine industry challenges include Tetanus,
EIA, and Equine influenza outbreaks at horse farms. Minnesota and other regions grapple with
parasite control and vaccination programs. Overall, the equine
healthcare market demands continuous innovation to address these
challenges and maintain the health 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
- 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 health
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, including vaccines for infectious diseases
and parasite control agents, are crucial for disease prevention.
Gastrointestinal medications address issues like gastric ulcers,
colic, and diarrhea. Respiratory medications manage respiratory
conditions, while wound care and dermatological medications treat
cuts, abrasions, skin infections, and dermatitis. Pharmaceuticals
play a vital role in diagnosing, treating, and preventing various
diseases and health conditions, driving the growth of the
pharmaceuticals segment in the global equine healthcare market.
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analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
Equine healthcare refers to 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 (VEE), pose significant threats to the
equine population and the equine industry. Equine industry
participants, including equine veterinary practitioners, rely on
advanced technologies like CT systems and vaccines to protect
horses from these diseases. Animal vaccine manufacturers produce
effective vaccines against various equine diseases, ensuring the
health and well-being of the equine population. Skilled
veterinarians design and implement equine healthcare plans to
prevent the spread of diseases and ensure the overall health of
horses. Companies like Arenus Animal Health provide a range of
equine healthcare products, including vaccines and diagnostic
tools, to support the equine industry. Biothermo microchips are
used for temperature monitoring in horses, contributing to early
disease detection and effective treatment. Equine vaccination
programs are crucial for disease prevention and control in the
equine industry.
Market Research Overview
The equine healthcare market encompasses a range of products and
services designed to maintain the health and wellbeing of horses.
Animal healthcare spending on equines continues to grow, driven by
increasing demand for advanced diagnostics, vaccines, and
pharmaceuticals. Equine diseases such as equine encephalomyelitis,
equine herpes, equine influenza, tetanus, rabies, and Venezuelan
equine encephalomyelitis pose significant challenges, leading to a
focus on preventative measures like vaccination programs and
parasite control using parasiticides and medicinal feed additives.
Equine industry participants include horse farms, racing events,
recreational activities, and equine veterinary practitioners.
Innovations in equine healthcare include CT systems, diagnostics,
e-commerce platforms like EquiTrace, and emerging technologies like
regenerative therapies and stem cell therapy. Horses require
specialized equipment and care, and equine healthcare products
cater to these needs. Animal insurance offers financial protection
against veterinary costs. Arenus Animal Health is one of many
companies providing solutions in this market. Anti-inflammatory and
analgesic medications, anti-infectives, and bio thermo microchips
are essential components of equine healthcare.
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
-
- 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
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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