| A00294 | Pages: 203 | Sep 2021 | 11694 Views | ||
| Author(s) : Apoorva Srivastava , Onkar Sumant | Tables: 121 | Charts: 38 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Equine Healthcare Market
Request Now !The global equine healthcare market size was valued at $1,206.70 million in 2020, and is projected to reach $2,328.90 million by 2030, registering a CAGR of 6.80% from 2021 to 2030. Equine healthcare includes healthcare services provided to the horses of racing and betting, competitive riding, and leisure. Healthcare includes the routine veterinary care for vaccinations, parasite control, and dental care; grooming and hoof care; and protection from natural elements such as rain, wind, and snow. 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. Adult horses should have a complete veterinary examination at least once a year. Geriatric horses (older than 20 years old) should see their veterinarian twice a year or more frequently as illness is more common in older animals and can be identified sooner.
The COVID-19 pandemic affected the equine healthcare industry in a negative way similar to various other domestic industries. The complete closure of equine facilities has been especially damaging, as these operations bear significant ongoing expenses with no source of revenue.
The market growth is attributed to factors such as 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 of equine healthcare products, rise in awareness among the population about the importance and benefits of using horses, and surge in demand for pet insurance. However, decline in equine population is expected to hamper the equine healthcare market growth.
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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, and potomac horse fever). On the basis of distribution channel, it is bifurcated into veterinary hospitals and clinics and retail pharmacies and drug stores. Region-wise, the equine healthcare market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on product type, the market is categorized into drug, vaccines, and medicated feed additives. The drug segment dominated the global equine healthcare 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 the companies, ensures better therapeutic outcomes.
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On the basis of disease, the market is segregated into influenza, tetanus, equine herpes virus, and others. At present, the others 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 surge in demand for pet insurance.
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On the basis of distribution channel, the equine healthcare 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 horse healthcare.
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North America is constituted to have the highest market share of the equine healthcare market in 2020, followed by other sectors. The larger share of North America can be attributed to the factors such as ease of availability of the products and services across developing countries and rise in animal health expenditure. 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.
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Key Benefits For Stakeholders
Key Market Segments
Key Market Players
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Horse is a majestic animal and a responsible owner should provide it with quality care and attention. Many horse owners think of consulting veterinarian only in emergency situations and don’t consider obtaining information or advice regarding day-to-day health care, including nutrition and medication. All horses need vaccinations and regular deworming. Vaccination recommendations vary based on age, the amount the horse travels, and location. The equine industry focuses on the needs of horse healthcare for horse owners and caretakers ranging from leisure horses to Olympic competitors. The equine healthcare market is expected to grow during the forecast period, owing to rise in prevalence of equine diseases, increase in equine population, surge in animal health expenditure, surge in demand for use of horses for various purposes, increase in advancements of equine healthcare products, rise in awareness among the population about the importance and benefits of horses healthcare, and escalation in demand for pet insurance. However, decline in equine population is expected to hamper the market growth.
The use of equine healthcare is highest in North America, owing to factors such as rise in health awareness among population and ease of availability of veterinary services. Although the use of equine healthcare in Europe and LAMEA is low, the adoption rate is expected to increase, owing to increase in target population and launch of new products.
A. The total market value of Equine Healthcare market is $2,329 million in 2030.
A. The forcast period for Equine Healthcare market is 2020 to 2030
A. The market value of Equine Healthcare market in 2020 is $1,207 million.
A. The base year is 2020 in Equine Healthcare market
A. Top companies such as Boehringer Ingelheim, EQUINE PRODUCTS UK LTD, Zoetis, Elanco Animal Health (Bayer Animal Health), Land O'Lakes, Inc.(Purina Mills LLC) held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.
A. Drugs segment is the most influencing segment owing to rise in demand for pet insurance, surge in awareness towards effective & advanced drugs and vaccines, rise in number of cases of equine diseases may lead to increase in hospital admissions, and the launch of effective products, which are tested under clinical trials by the companies, ensure better therapeutic outcomes.
A. New product launch and companies acquisions owing to rise in demand for pet insurance, surge in awareness towards effective & advanced drugs and vaccines, rise in number of cases of equine diseases may lead to increase in hospital admissions, and the launch of effective products, which are tested under clinical trials by the companies, ensure better therapeutic outcomes.
A. North America has the highest growth rate in the market which is growing due to increase in healthcare expenditure and surge in patient population in the region contribute toward the growth of the market.
A. Yes, the Equine Healthcare Market company is profiled in the report.
A. Yes, the Equine Healthcare Market report provides PORTER Analysis
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