PUBLISHER: Acute Market Reports | PRODUCT CODE: 1422168
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1422168
The equine healthcare market is expected to grow at a CAGR of 6.1% during the forecast period of 2024 to 2032, driven by key drivers such as preventive healthcare measures, advancements in diagnostics and treatment, and the rising focus on equine sports and recreation. However, challenges related to cost and accessibility pose constraints. Market segmentation underscores the dominance of specific product categories and indications, while geographic trends highlight regional variations in market dynamics. The competitive landscape emphasizes the strategic efforts of key players to navigate this dynamic market and capitalize on emerging opportunities. As the industry evolves, addressing accessibility issues and fostering innovation will be crucial for sustained success in the equine healthcare market.
The equine healthcare market is experiencing a notable boost due to the rising emphasis on preventive healthcare measures for horses. Horse owners and caretakers are increasingly recognizing the importance of vaccines and medicinal feed additives to prevent diseases and maintain the overall health of equines. This trend is evidenced by a substantial increase in the adoption of preventive healthcare practices in the equine community.
Advancements in equine diagnostics and pharmaceuticals have significantly contributed to the market's growth. The development of sophisticated diagnostic tools and effective pharmaceuticals for musculoskeletal disorders, internal medicine, and viral infections like Equine Herpes Virus and Equine Influenza has enhanced the ability to diagnose and treat various health conditions in horses. This trend is substantiated by the increasing use of advanced diagnostics and pharmaceuticals in equine veterinary practices.
The growing popularity of equine sports and recreational activities is driving the demand for healthcare products and services tailored to the unique needs of performance horses. This includes specialized treatments for musculoskeletal disorders and parasite control, as well as the adoption of software and services for comprehensive healthcare management. The increasing engagement of horses in various competitive and leisure activities is a key driver influencing market dynamics.
Despite the positive trends, the equine healthcare market faces a notable restraint related to cost and accessibility. The high cost of advanced diagnostics, pharmaceuticals, and specialized healthcare services poses a challenge for horse owners, especially in regions where accessibility to equine healthcare resources is limited. This constraint hinders the widespread adoption of advanced healthcare solutions in certain segments of the equine community.
The equine healthcare market is segmented into vaccines, pharmaceuticals, medicinal feed additives, diagnostics, software & services, and others. In 2023, the highest revenue was generated by pharmaceuticals, driven by the demand for effective treatments for various equine health conditions. However, the highest CAGR during the forecast period (2024-2032) is expected in the software & services segment, as equine healthcare management systems gain traction and become integral to overall equine welfare.
The indication-based segmentation includes musculoskeletal disorders, parasite control, internal medicine, Equine Herpes Virus, Equine Encephalomyelitis, Equine Influenza, West Nile Virus, Tetanus, and others. In 2023, musculoskeletal disorders and parasite control recorded the highest revenue, reflecting the prevalent health concerns among horses. However, the highest CAGR during the forecast period is expected in the Equine Herpes Virus and Equine Influenza segments, indicating a shifting landscape of health priorities in the equine community.
The equine healthcare market exhibits diverse geographic trends, with varying revenue contributions and CAGR across regions. North America emerged as the region with the highest revenue in 2023, driven by a well-established equine industry and a high level of awareness regarding equine healthcare. However, the region with the highest CAGR during the forecast period is anticipated to be Asia-Pacific, reflecting a growing interest in equine sports and recreation and an increasing focus on equine health in this region.
The equine healthcare market features intense competition among key players, including Zoetis Inc., Boehringer Ingelheim, Merck & Co., Ceva, Sound, Hallmarq Veterinary Imaging, Esaote SPA, Vetoquinol S.A., IDEXX Laboratories, Inc., Dechra Pharmaceuticals PLC, and others. These companies employ strategies such as product innovation, collaborations, and acquisitions to strengthen their market position. In 2023, the total market revenues for these players were [provide actual revenue figures], with an expected increase during the forecast period from 2024 to 2032.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation ofEquine Healthcare market are as follows:
Micro and macro environment factors that are currently influencing the Equine Healthcare market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
TABLE 3 Global Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 8 North America Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 13 U.S. Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 18 Canada Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 23 Rest of North America Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 28 UK and European Union Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 33 UK Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 38 Germany Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 43 Spain Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 48 Italy Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 53 France Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 58 Rest of Europe Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 63 Asia Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 68 China Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 73 Japan Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 78 India Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 83 Australia Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 88 South Korea Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 93 Latin America Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 98 Brazil Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 103 Mexico Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 108 Rest of Latin America Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 113 Middle East and Africa Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 118 GCC Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 123 Africa Equine Healthcare Market By Indication, 2022-2032, USD (Million)
TABLE 128 Rest of Middle East and Africa Equine Healthcare Market By Indication, 2022-2032, USD (Million)
FIG. 11Market Positioning of Key Equine Healthcare Market Players, 2023
FIG. 12Global Equine Healthcare Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032