Equine Veterinary Therapeutics Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Drugs (Anti-Inflammatory, Anti-Infective, Parasiticides, Others), By Route of Administration (Oral, Parental, Topical), By Distribution Channel (Veterinary Hospital, Veterinary Clinics, Pharmacies and drug stores, E-commerce, Other), By Region and Competition, 2019-2029F
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationEquine Veterinary Therapeutics Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Drugs (Anti-Inflammatory, Anti-Infective, Parasiticides, Others), By Route of Administration (Oral, Parental, Topical), By Distribution Channel (Veterinary Hospital, Veterinary Clinics, Pharmacies and drug stores, E-commerce, Other), By Region and Competition, 2019-2029F
| Forecast Period | 2025-2029 |
| Market Size (2023) | USD 1109.05 million |
| Market Size (2029) | USD 1622.68 million |
| CAGR (2024-2029) | 7.21% |
| Fastest Growing Segment | Anti-Inflammatory |
| Largest Market | North America |
Market Overview
Global Equine Veterinary Therapeutics Market was valued at USD 1109.05 million in 2023 and is anticipated to project impressive growth in the forecast period with a CAGR of 7.21% through 2029. The Global Equine Veterinary Therapeutics Market is experiencing significant growth and evolution as it addresses the diverse healthcare needs of horses. This market, driven by the expanding equine industry and the increasing awareness of equine health, encompasses a broad spectrum of therapeutic interventions tailored specifically for horses. The market's growth is underpinned by a rising demand for advanced veterinary treatments, preventive care, and a surge in equine sporting events. Therapeutics in this context include medications, vaccines, and rehabilitation services designed to manage various health conditions in horses. One key driver is the heightened emphasis on performance enhancement and preventive healthcare in the equine sector. With a growing number of horse owners and enthusiasts prioritizing the well-being and longevity of their animals, there is an increased demand for veterinary therapeutics that address not only diseases but also support overall health and performance. Moreover, the globalization of equine sporting events and competitions contributes to the expansion of the market.
Key Market Drivers
Growing Equine Industry
Emphasis on Preventive Healthcare
Rise in Equine Sporting Events
The Global Equine Veterinary Therapeutics Market is experiencing a significant upswing propelled by the burgeoning rise in equine sporting events globally. The expansion of horse racing, show jumping, dressage, and other equestrian competitions has created a heightened demand for specialized veterinary care and therapeutics. Horses participating in these events undergo rigorous training and face unique health challenges, necessitating advanced healthcare interventions to enhance their performance and ensure their overall well-being. As the equine sporting industry continues to grow, the market for veterinary therapeutics is witnessing a surge in demand for medications, performance-enhancing supplements, and rehabilitation services tailored to the specific needs of these high-performance animals. The nature of equine sports places exceptional demands on the health and fitness of participating horses, leading to an increased focus on injury prevention, recovery, and optimal performance. Veterinary therapeutics, ranging from anti-inflammatory drugs to regenerative medicine, play a crucial role in addressing the unique healthcare requirements of sport horses. This trend aligns with the broader recognition of horses as valuable athletes, prompting owners, trainers, and event organizers to prioritize top-tier veterinary care to ensure the welfare of the competing animals. As the popularity and economic significance of equine sporting events continue to grow, the Global Equine Veterinary Therapeutics Market is poised for sustained expansion. This trend not only reflects the evolving healthcare needs of performance horses but also underscores the market's responsiveness to the dynamic landscape of the global equine industry.
Key Market Challenges
Regulatory Compliance
Limited Research Funding
Limited research funding poses a significant challenge to the Global Equine Veterinary Therapeutics Market, impeding the progress of innovative solutions and hindering the industry's ability to address emerging health issues in the equine population. In the realm of veterinary medicine, where research and development are crucial for advancing therapeutic interventions, the availability of funding plays a pivotal role in shaping the trajectory of scientific breakthroughs.
Key Market Trends
Increasing Adoption of Biologics
Globalization of Equine Therapeutics Market
The Global Equine Veterinary Therapeutics Market is undergoing a transformative phase marked by the globalization of its landscape. The equine industry's increasing internationalization and the global movement of horses have significantly influenced the dynamics of the therapeutics market. This trend is propelled by the growing participation of horses in various global events, such as equestrian sports competitions, breeding programs, and international trade. As horses traverse borders for racing, breeding, and leisure, there is a heightened demand for standardized and internationally recognized equine veterinary therapeutics. The globalization of the equine therapeutics market has implications for regulatory harmonization and the development of consistent treatment protocols. Regulatory frameworks are evolving to accommodate the cross-border movement of horses, necessitating alignment and collaboration between regulatory bodies worldwide. This shift facilitates a more seamless introduction of equine veterinary therapeutics in different regions, ensuring that products meet standardized safety and efficacy requirements. Moreover, the sharing of knowledge, research findings, and best practices on a global scale is fostering collaboration between veterinarians, researchers, and pharmaceutical companies. This exchange of information contributes to the development of innovative solutions that cater to the diverse healthcare needs of horses across different geographical locations. The globalization trend not only expands market opportunities for equine veterinary therapeutics but also underscores the need for a comprehensive and interconnected approach to equine healthcare on a global scale. As the equine industry continues to transcend borders, the Global Equine Veterinary Therapeutics Market is poised to benefit from increased collaboration, regulatory alignment, and the development of universally applicable therapeutic solutions for horses worldwide.
Segmental Insights
Drugs Insights
Based on Drugs, anti-Inflammatory segment dominated the Global Equine Veterinary Therapeutics Market in 2023. This is ascribed due to
Regional Insights
North America is the dominant region in the global Equine Veterinary Therapeutics market. This is because the region showcases a robust equine industry, with a large population of horses engaged in various activities, including sports and leisure. High awareness among horse owners and veterinary professionals regarding the importance of equine healthcare, coupled with substantial investments in research and development, positions North America at the forefront of veterinary therapeutics innovation. Additionally, the region benefits from advanced veterinary infrastructure, well-established regulatory frameworks, and a higher disposable income, enabling widespread adoption of veterinary therapeutics. These factors collectively contribute to the region's leadership in offering effective and advanced treatments for equine health, solidifying its dominance in the global market.
Recent Development
- In January 2023, ZoetisInc. launched Apoquel Tablets for treating atopic dermatitis in dogs and cats.By inhibiting interleukin-13, a protein associated with allergic skinirritation, Apoquel offers relief from this condition in pets.
- In April 2023, ElancoAnimal Health introduced Convenia Injectable Suspension to address respiratorydiseases in horses. This potent antibiotic targets various bacteria linked torespiratory infections, effectively alleviating equine respiratory ailments.
Key Market Players
- Merck & Co., Inc.
- Thermo Fisher Scientific Inc (Affymetrix)
- Elanco Animal Health Inc.
- Zoetis Services LLC
- Farnam Companies, Inc.
| By Drugs | By Route of Administration | By Distribution Channel | By Region |
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