According to a November 28 press release from Transparency Market Research, the global equine health care market—estimated at a value of US $698.7 million in 2020—is anticipated to register a 4.3% compound annual growth rate (CAGR) from 2021 to 2028, with the market likely to attain US$ 972.8 million by 2028.
This is expected to occur despite a recent decline in the world’s horse population—driven in part, the report says, by advances in veterinary technology and a growing emphasis on preventative care and specialist services.
Equestrian sports tech on the rise
In addition to medications, vaccinations and supplements, industry players are increasing research and development in equestrian sports technology, including wearables for equines. Reliable methods for monitoring health care indicators including temperature, heart rate and breathing rate are required on a regular basis. Wearable technology therefore has the intriguing ability to provide these statistics.
Wearable device data may be able to provide an early warning of problems that may necessitate veterinarian examination. Med-tech businesses operating in the horse health care sector are benefiting from these advancements in the form of additional prospects.
Key market players
The introduction of new goods, technologically sophisticated products, regulatory approvals, acquisitions and joint ventures with other businesses are the activities of major players in the global equine health care industry.
These tactics are probably going to encourage the expansion of the global market. The following companies are well-known participants in the global equine health care market:
- Bayer AG (Bayer Animal Healthcare)
- Boehringer Ingelheim
- Ceva Santé Animale
- Eli Lilly and Company (Elanco)
- Equine Products UK Ltd.
- Merck & Co. (Merck Animal Healthcare)
- Sanofi (Merial)
- Purina Animal Nutrition LLC
- Vetoquinol S.A.
Key findings of the market report
- The administration, upkeep and breeding of horses are all part of the equine business.
- A number of veterinarians, riders and other people can make money in this sector.
- It also includes a scenario of supply and demand for veterinary health care items.
- The global equine health care market is anticipated to be driven by the horse industry’s substantial economic effect.
- There is a close association between the global equine population and the global equine health care business.
- Research indicates that during the last five years, the number of horses in the Americas has decreased by 5.37%, while the overall horse population has decreased by 7.47% over the same period.
- Throughout the projected period, a decline in the world’s horse population is expected to limit the worldwide market for equine health care.
Market trends for equine healthcare
- One of the primary activities of the equine business is horse breeding. Selecting superior breeding stock and managing breed health are essential to enhancing breeding operations. For breeders, the incidence of equine illnesses is another significant worry. For example, Potomac Horse Fever is more common in the Caribbean and South America.
- Although the West Nile virus infection in horses has been contained, the unexpected appearance of the pathogen may worry horse owners. There are incidences of equine influenza and tetanus throughout the global horse population. The global equine health care market is expected to be driven by a high frequency of equine illnesses.
Various reasons are propelling the growth of the equine health care market throughout the region. These are:
- Due to a growing emphasis on preventative veterinarian care, increased knowledge of horse health, along with rising disposable wealth among horse owners, the equine health care industry in North America is expanding rapidly.
- The veterinary industry is growing because of technological advancements such as novel treatment methods and diagnostic imaging. The need for specialist health care services is fueled by an increase in equestrian contests and activities, which is propelling the growth of the regional market overall.
Some key developments by the players in this market:
|Merck & Co. (Merck Animal healthcare)
|Research endeavors of Merck & Co. (Merck Animal Healthcare) are dedicated to utilizing the latest technologies. Their goal is to advance veterinary medicine by developing innovative approaches in important therapeutic areas.
|Bayer Animal healthcare
|Equine pioneer Bayer Animal Health provides innovative therapies that benefit pet owners, farmers and veterinarians globally. The business produces and distributes medications, vaccinations and other items for use with agricultural and companion animals.
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, provides custom research and consulting services. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.