The latest market report published by Credence Research, Inc. “Equine Healthcare Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global equine healthcare market was valued at US$ 626.2 Mn in 2017 expanding at a CAGR of 4.0% from 2018 to 2026.
Horses are considered as sports animals, companion animals, and working animals and provide employment and income in many developed and developing countries. According to Equine Business Association (EBA), the U.S. and U.K are the biggest equine industries in the world. There are more than 446,000 horse-owning households in the U.K. itself. Moreover, in China horse clubs has increased around 1500% in recent years from 90 in 2010 to 1400 in 2017. Thus, this growth in the horse racing and equine shows and leisure events have skyrocketed the demand for equine healthcare market and projected to grow during the forecast period. Presence of major pharmaceutical players in the market such as Boehringer Ingelheim, Bayer AG, Merck & Co., Zoetis have made the market highly competitive by continuous innovation in the products. Moreover, growing demand for equine insurance in the developed countries will further drive the market. However, legislation on horse racing will hinder the market during the forecast period. In terms of disease type the market is segmented into West Nile Virus, Potomac horse fever, equine rabies, tetanus, equine influenza, and equine herpes virus. Tetanus and West Nile Virus are some of the most prevalent diseases and expected to account for high market share in the market. Growing incidences of equine influenza, equine herpes virus and rabies during the forecast period will further provide market growth.
In terms of geography, North America held the largest share in the global equine healthcare market. Increasing popularity for horse racing, high equine adoption rate in household and substantial spending in animal healthcare is the major growth factors. Around 7 million Americans are directly involved in equine industry and more than 2 million are horse owners. Europe emerged as the second largest equine healthcare market due to mounting demand for equine healthcare products in the region. Asia Pacific is projected to grow at fastest growth rate during the forecast period. Growing focus of animal care in the region, rising affordability and awareness of equine healthcare products in the countries such as China, India, and Australia would boost the market. The key players currently engaged in equine healthcare market include Zoetis, Bayer AG, Boehringer Ingelheim (Merial), Vetoquinol S.A., Purina Animal Nutrition LLC, Merck & Co. (Merck Animal Health) among others. In January 2017, Boehringer Ingelheim and Sonofi exchanged Boehringer Ingelheim’s consumer healthcare (CHC) business and Sanofi’s animal health business (Merial) with each other to gain market dominance in respective fields.
Browse full report at https://www.credenceresearch.com/report/equine-healthcare-market
Key Market Movements:
• Growing popularity of horse racing in developed and developing regions
• Growing awareness and affordability of equine healthcare products
• Strict regulations associated to horse racing and horse breeding activities
• Dominance of North America and Europe in equine healthcare market