PUBLISHER: Polaris Market Research | PRODUCT CODE: 1566371
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1566371
The global equine healthcare market size is expected to reach USD 6.65 billion by 2032, according to a new study by Polaris Market Research. The report "Equine Healthcare Market Size, Share, Trends, Industry Analysis Report - By Product (Vaccines, Pharmaceuticals, Medicinal Feed Additives, Orthobiologics, Diagnostics, Software, and Others), Indication, Activity, Distribution Channel, and Region; Market Forecast, 2024-2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising population of horses worldwide propels the global equine healthcare market. A larger horse population results in various health issues such as diseases, injuries, and persistent conditions. As a result, there is a growing requirement for diagnostic services, treatments, and specialized care, creating an increased demand for equine healthcare professionals and facilities.
The increasing focus on research and development is driving the equine healthcare market. Research and development activities can result in the creation of new treatments, therapies, and diagnostic equipment for equine well-being. As these advancements become accessible, horse owners and veterinarians are more inclined to pursue them, leading to a higher demand for equine healthcare services.
By indication, the parasite infections segment accounted for the largest market share in 2023, owing to the widespread impact of parasites on horse health. Additionally, increased awareness among horse owners about the importance of regular parasite management drives segment dominance.
The e-commerce segment, in terms of distribution channel, is expected to witness the highest growth during the forecast period, owing to the increasing adoption of online platforms for purchasing equine health products and medications.
The veterinary hospitals & clinics segment accounted for the largest market share in 2023, owing to their essential role in delivering comprehensive care for horses. The extensive infrastructure, specialized staff, and advanced equipment available at these institutions further contributed to their dominance.
North America is projected to register the fastest growth over the study period, owing to the advanced veterinary infrastructure, high level of investments in equine health, and the significant presence of major pharmaceutical and biotechnology companies.
The market in Asia Pacific is estimated to expand at a significant CAGR during the forecast period owing to the increasing investments in equine health infrastructure, rising awareness of animal welfare, and the expanding equestrian industry in countries such as China and Australia.
Zoetis Services LLC; Arthrex Inc.; Dechra; Ceva Sante Animale; Merck & Co., Inc.; Heska Corporation; Hallmarq Veterinary Imaging; ESAOTE SPA; Vetoquinol S.A.; IDEXX Laboratories, Inc.; Elanco; Covetrus Inc.; Cargill; and Biosig Instruments Inc. are among the global players in the equine healthcare market.
Polaris Market Research has segmented the equine healthcare market report on the basis of product, indication, activity, distribution channel, and region: