PUBLISHER: Grand View Research | PRODUCT CODE: 1493190
PUBLISHER: Grand View Research | PRODUCT CODE: 1493190
The Europe equine healthcare market size is estimated to reach USD 1.88 billion by 2030 and is projected to register a CAGR of 6.87% from 2024 to 2030, according to a new report by Grand View Research, Inc. The region is experiencing a dynamic growth in the field of equestrian activities. As per February 2024 data by Global Pet Industry, Europe has over 6 million equine population, and the use of these horses for sporting purposes is gaining popularity. As per 2024 estimates by the European Equestrian Business Association (EEBA), equestrian activities in the region generate over USD 111 billion in revenue and employ over 400,000 people. Equestrianism is believed to contribute to society in general in terms of maintaining physical & mental health.
Equestrian activities are an inherent part of the cultural traditions in the region. Moreover, the pandemic further boosted the various types of equine products (health and other products) due to horse owners being restricted to their homes during the global lockdown. This led to increased use of equine companions by owners to distract themselves from the global crisis. Naturally, awareness of these owners about the health of their horses increased. These equine health products were over-ordered but understocked due to a huge surge in demand.
Furthermore, according to the European Federation of Thoroughbred Breeders Association (EFTBA), Europe is estimated to be home to approximately 22% of the world's gallop/racing horses. In addition, thoroughbred horses from Europe are recognized as the best horses for racing/sports activities worldwide. According to EFTBA, over 23,000 thoroughbred breeders from the region have been acclaimed internationally for the quality of their horses. It is estimated that over 100,000 hectares of land have been separately assigned for the breeding activities of horses. These activities naturally lead to the need to diagnose and treat these horses to maintain a healthy race/sports horse.
The equine-assisted therapy has been gaining popularity in recent years. Professionals guide individuals to overcome their own physical or mental health conditions by using specially trained horses. This therapy usually works in tandem with cognitive behavioral therapy and experiential therapy. Equine-assisted therapies offer many benefits for individuals suffering from conditions like behavioral problems, grief, anxiety, depression, Attention-deficit/Hyperactivity Disorder (ADHD), and addictions. These therapies also offer specialized riding programs that help patients enhance their balance, strength, endurance, agility, and spatial awareness.
The adoption of orthobiologics in equine health has been on the rise globally. Orthobiologics help repair, replace, regenerate, and restore tissues, cells, etc., in horses. Platelet-rich Plasma (PRP) and stem cell therapies are the most widely used orthobiologics in the equine population, but many are currently under development. The development of innovative products like extracellular-vesicle-based products, bone marrow aspirate concentrate, autologous bone marrow monocellular fraction, and liquid amnion allograft are being explored by researchers to treat various conditions in horses. Such research developments promote the discovery of innovative ways to treat health conditions among the equine population effectively.
Various digital technology advancements have impacted the equine healthcare market. Veterinary software companies from the region are collaborating with institutions to advance the digital footprint of equine health-related data. For instance, in April 2023, The Ballindenisk International, an equestrian facility based in Ireland, collaborated with an Ireland-based company, Equine MediRecord, to help enhance the bio-security of horses and athletes participating in various equestrian events. All the vaccines, as well as other health-related records of the horses, were checked and secured in advance to avoid disease outbreaks during the previous year's event.
Furthermore, manufacturers, as well as educational & research institutions, are also contributing toward advancing the equine health industry in the region by developing novel technologies that are unique for horses. For example, the Royal Veterinary College (RVC), in July 2023, launched the UK's first Computed Tomography scanner (CT scanner), designed specifically for application in horses to improve the accuracy of diagnostic examinations and treatment.
In addition, Hungary-based Control-X Medical Zrt, in October 2022, launched the world's first Radiography & Fluoroscopy Diagnostic Imaging System (R&F System) for horses. This product has applications in gastrointestinal examinations and diagnosis of unique joint conditions.