Equine Healthcare Market Is Expected To Reach USD 5.91 Billion By 2030

San Francisco, 30 Aug 2024: The Report Equine Healthcare Market Size, Share & Trends Analysis Report By Product, By Indication, By Activity (Sports/Racing, Recreation, Other Activities), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

The global equine healthcare market size is expected to reach USD 5.91 billion by 2030, registering a CAGR of 8.32% during the forecast period, according to a new report by Grand View Research, Inc. Increasing product R&D, demand for equine diagnostics, investments by key industry stakeholders, and the rising prevalence of diseases in horses are some of the major factors contributing to the market growth. For instance, in September 2021, the U.S. Department of Agriculture invested around USD 3.0 billion in the animal nutrition and health sector.

The Covid-19 pandemic had a notable impact, particularly on the horse racing/ sports sector. It led to reduced access to equine care services and the cancelation of equine shows. Teaching, training, competitions, events, tourism-related activities, and recreational activities were all discontinued as a result of COVID-19. Horse racing was adversely impacted across the world, along with the demand for horse boarding. Only Sweden continued to hold races within the EU. According to a survey conducted by Hippolia, French Equine Industry Cluster, 68.8% of respondents believed the recovery of the shortfall is impossible, and all equine competitions have been discontinued. A total of USD 385.89 million in sport horse losses were incurred as per estimates. However, the market recovered in 2021 owing to easing lockdown measures and improved access to equine healthcare.

Growing technological advancement, R&D, and initiatives by market players in equine diagnostics are key factors driving the market. For instance, according to a July 2022 article published by the American Veterinary Medical Association, a study was carried out to assess the diagnostic performance of a unique helical fan beam-based CT utilized for imaging horses with clinical head and neck complications. A total of over 120 horses were involved, and the medical records of those who had undergone head or neck CT scans at two university hospitals were examined. Age, sex, breed, the primary complaint, the amount of sedation utilized, the length of the operation, the use of any further diagnostic imaging techniques, the imaging diagnosis, the clinical diagnosis, and any imaging-related problems were all noted. The CT system proved to have short scanning times and reliable utility for regular imaging of horses' teeth and sinuses. 

Furthermore, the rising prevalence of diseases in horses is another factor propelling the market growth. West Nile Virus, for instance, was positively identified in a 10-year-old unvaccinated Quarter Horse stallion in Nevada County who was exhibiting transient fever and neurological symptoms by the California Department of Food and Agriculture in September 2022. This was the 8th confirmed case of the equine WNV in California in 2022. Other positive cases were identified in six counties: three in Kern, one in Nevada, one in Sacramento, one in San Luis Obispo, one in Tehama, and three in Tulare. This is expected to promote awareness regarding equine diseases while fueling demand for timely vaccination of horses.

Access Research Report of Equine Healthcare Market @ https://www.grandviewresearch.com/industry-analysis/equine-healthcare-market-report

Equine Healthcare Market Report Highlights

  • Based on product, the pharmaceuticals segment dominated the market with a share of over 25.96% in 2023 owing to a high uptake and wide availability of these products
  • The others product segment comprising regenerative medicine and stem cell therapy solutions is projected to be the fastest growing segment in the forecast period
  • Based on indication, parasite infections segment held the largest share of over 26.56% in 2023. It is due to the growing demand for effective parasiticides for the control of internal and external parasites
  • The sports/racing activity segment dominated the market with a revenue share of over 56.38% in 2023 and is anticipated to grow at the fastest rate during the forecast period
  • Based on distribution channel, veterinary hospitals and clinics held the largest share in 2023. The e-commerce segment is projected to expand at the fastest CAGR during the forecast period
  • North America and Europe held notable shares in 2023. The Asia Pacific is expected to witness lucrative growth in the forecast period owing to a budding equine racing/ sports sector.

Equine Healthcare Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 3.66 billion

Revenue forecast in 2030

USD 5.91 billion

Growth rate

CAGR of 8.32% from 2024 to 2030

Actual data

2018 - 2023

Forecast period

2024 - 2030

List of Key Players of Equine Healthcare Market

  • Zoetis
  • Arthrex Inc.
  • Dechra Pharmaceuticals
  • Boehringer Ingelheim International GmbH
  • Ceva Sante Animale
  • Heska Corporation
  • Merck & Co. Inc
  • Esaote SPA
  • IDEXX Laboratories, Inc.
  • Covetrus Inc.
  • Elanco
  • Cargill

Access Press Release of Equine Healthcare Market @ https://www.grandviewresearch.com/press-release/global-equine-healthcare-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon

 

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