Global Equine Healthcare Market Size By Type of Healthcare Treatments, By Application Areas, By End Users, By Geographic Scope And Forecast
Published on: 2024-08-08 | No of Pages : 320 | Industry : latest updates trending Report
Publisher : MIR | Format : PDF&Excel
Global Equine Healthcare Market Size By Type of Healthcare Treatments, By Application Areas, By End Users, By Geographic Scope And Forecast
Equine Healthcare Market Size and Forecast
Equine Healthcare Market size was valued at USD 1.5 billion in 2023 and is projected to reach USD 3.37 billion by 2030, growing at a CAGR of 5.02% during the forecasted period 2024 to 2030.
Global Equine Healthcare Market Drivers
The growth and development of the Equine Healthcare Market drivers. These factors have a big impact on how Equine Healthcare are demanded and adopted in different sectors. Several of the major market forces are as follows
- Raising Awareness of Equine Health One major motivator has been the growing understanding among equestrians, trainers, and veterinarians of the significance of preserving the health and welfare of horses. Preventive healthcare practices and routine veterinarian examinations are becoming more and more important.
- Growing Equine Population WorldwideVarious factors, including recreational horse ownership, equestrian sports, and therapeutic riding programmes, have contributed to the growth of the horse population worldwide. There is a growing need for healthcare goods and services because to the growing number of horses.
- Veterinary Medicine breakthroughsThe equine healthcare industry is growing as a result of continuous veterinary medicine breakthroughs in diagnostic tools, therapies, and medications. Market increase is driven by better medical alternatives for ailments like lameness, respiratory problems, and infectious infections.
- Growth in Equestrian Sports and EventsEquestrian sports and events, including rodeo, dressage, show jumping, and horse racing, have been more and more popular around the world. The need for specialised healthcare services and products to maintain sport horses’ performance and fitness is being driven by this trend.
- Increasing Investments in Equine ResearchResearch on the health and welfare of horses has seen a rise in funding, which has aided in the creation of novel and more efficient medical treatments. This covers investigations on equine illnesses, dietary practices, and medical advancements.
- Attention on Preventive HealthcareThe equine sector is placing an increasing amount of attention on preventive healthcare practices. This covers immunisation campaigns, routine dental care, parasite prevention, and dietary supervision. Preventive measures lower the incidence of diseases and improve the general health of horses.
- Growth of the Market for Supplements and Equine TherapeuticsThe market has grown for supplements and equine therapeutics, which include anti-inflammatory and anti-infective medications. The market is growing because owners and trainers are looking for items that improve their horses’ longevity, health, and performance.
- Increasing Disposable Income and Spending on PetsThe cost of healthcare goods and services has gone up as a result of rising disposable income and shifting attitudes about pets, particularly horses. Owners of horses are more likely to spend money on good feeding, veterinarian care, and other medical requirements.
- Technological Advancements in Equine Health Monitoring Wearable technology and digital health monitoring options for horses are just two examples of how technology is enabling new approaches to tracking and managing equine health. These developments aid in the early identification of health problems and improved equine welfare management.
- Globalisation of the Equine SectorThe movement of horses across borders for breeding, competitions, and sales has led to a rise in the danger of disease transmission in the equine sector. Strict health regulations are required as a result, which increases demand for horse healthcare services and supplies.
Global Equine Healthcare Market Restraints
The Global Equine Healthcare Market has a lot of room to grow, but there are several industry limitations that could make it harder for it to do so. It’s imperative that industry stakeholders comprehend these difficulties. Among the significant market limitations are
- High Cost of Specialised Healthcare ServicesAdvanced diagnostic tests, surgery, and specialised therapies are just a few of the expensive specialised healthcare services available for horses. The high price of these services could be a deterrent, especially for business owners with tight budgets.
- Limited Knowledge in Some AreasThere can be a lack of knowledge and instruction on horse healthcare procedures in some areas. This ignorance may make it more difficult to implement veterinary care and preventative measures, which could have an adverse effect on horses’ general health.
- Tight Regulatory EnvironmentThe equine healthcare market may face difficulties due to tight restrictions governing the use of specific drugs, therapies, and medical supplies for horses. Regulatory compliance may come with extra expenses and complications.
- Lack of Skilled Veterinary ProfessionalsIn some areas, there may be a deficiency in knowledgeable and experienced veterinary practitioners who specialise in treating horses. For horses to remain healthy, access to high-quality veterinary care is essential, and a lack of veterinary services can restrict the market’s expansion.
- Resistance to Antibiotics and medicinesEffective illness management is hampered by the establishment of antibiotic resistance and resistance to some medicines in horses. To meet changing health hazards, ongoing research and development may be necessary.
- Economic Downturns Affecting discretionary Income Horse owners’ discretionary income may be impacted by economic downturns or uncertainties. Owners might reduce spending on luxuries such as premium horse supplies and medical treatment during hard economic times.
- Biosecurity Issues and Disease OutbreaksThe equine healthcare sector may be significantly impacted by both biosecurity issues and disease outbreaks. Contagious disease outbreaks may result in travel bans, quarantine regulations, and a reduction in equestrian-related activities.
- Limited Insurance CoverageOne of the main sources of constraints for horse healthcare services and treatments is limited insurance coverage. Owners’ desire to invest in certain healthcare measures may be constrained by their inability to pay for unforeseen medical expenses.
- Cultural and Regional Variances Disparities in perspectives towards horses and their medical treatment between cultures and regions may have an impact on market dynamics. The adoption of contemporary veterinary care methods may be impacted in some areas by customs or cultural norms.
- Ethical and Welfare Considerations Discussions and disputes may arise around the usage of performance-enhancing medicines or other medical treatments in horses as well as ethical issues surrounding these interventions. Market dynamics and regulatory actions may be impacted by ethical considerations.
Global Equine Healthcare Market Segmentation Analysis
The Equine Healthcare Market is segmented on the basis of Type of Healthcare Treatments, Application Areas, End Users, And Geography.
By Type of Healthcare Treatments
- Veterinary Services This section covers a variety of veterinary treatments from equine veterinarians, including routine checkups, immunisations, dental care, surgical operations, and emergency care.
- DiagnosticsTo diagnose a range of equine health issues, diagnostic services employ laboratory testing in addition to cutting-edge imaging technology (including MRIs, ultrasounds, and X-rays).
- TherapeuticsTo manage and treat certain horse health conditions, therapeutic services include medication administration, physical therapy, rehabilitation, and other therapies.
- Reproductive Health ServicesThese encompass monitoring, artificial insemination, and breeding programmes pertaining to horse reproduction.
- Dental CareComprehensive dental care services, such as regular examinations, tooth whitening, and treatment of dental problems, are provided for horses.
By Application Areas
- Sport HorsesProducts and services for equine healthcare intended for performance horses competing in several sports, such as rodeo, dressage, racing, and show jumping.
- Companion Horses Goods and Services for Equines Maintained for Pleasure, Companionship, and Rehabilitation.
- Working HorsesMedical care for equines utilised in law enforcement, agriculture, and other physically demanding jobs.
- Horse Breedingspecialised medical services and supplies, such as support and monitoring for reproductive health, are available for horse breeding.
- Therapeutic HorsesProducts and services related to equine healthcare that are utilised in therapeutic riding programmes, where horses help people with special needs with their mental and physical therapy.
By End Users
- Veterinary Clinics and HospitalsProducts and services related to equine healthcare are used by veterinary clinics and hospitals that treat horses.
- Equestrian Centres These establishments offer a variety of equine healthcare services and goods to equestrians, trainers, and horse owners.
- Horse Owners and Trainers This category consists of individual horse owners and trainers looking for healthcare solutions, such as treatment and preventive care, for their horses.
- Academic and Research InstitutionsOrganisations that do equine-related research, teach, and train students, thereby advancing equine healthcare.
By Geography
- North AmericaThis region, which consists of the US and Canada, has a developed equestrian sector and a growing number of people who own horses for pleasure, which raises the need for equine healthcare.
- EuropeThis sector covers the broad equine healthcare industry in Europe, which includes nations like the United Kingdom, Germany, and France.
- Asia-Pacific This region includes nations like China, Japan, and Australia where equine healthcare is becoming more and more popular and the equine sector is expanding.
- Latin America This section examines the equine healthcare market in the region, which includes nations in Central and South America.
- Middle East and AfricaThe market dynamics for equine healthcare are influenced by cultural and economic variables in this region, which is the emphasis of this section.
Key Players
The major players in the Equine Healthcare Market are
- Zoetis
- Boehringer Ingelheim Animal Health
- Merck Animal Health
- Ceva Santé Animale
- Merial (now part of Boehringer Ingelheim)
- Purina Animal Nutrition LLC (Land o’ Lakes)
- Carrington Animal Health
- Nutrena (Cargill)
- Kentucky Performance Products
- Pro Equine
Report Scope
REPORT ATTRIBUTES | DETAILS |
---|---|
STUDY PERIOD | 2020-2030 |
BASE YEAR | 2023 |
FORECAST PERIOD | 2024-2030 |
HISTORICAL PERIOD | 2020-2022 |
UNIT | Value (USD Billion) |
KEY COMPANIES PROFILED | Zoetis, Boehringer Ingelheim Animal Health, Merck Animal Health, Ceva Santé Animale, Merial (now part of Boehringer Ingelheim), Purina Animal Nutrition LLC (Land o’ Lakes), Carrington Animal Health, Nutrena (Cargill), Kentucky Performance Products, Pro Equine |
SEGMENTS COVERED | Type of Healthcare treatments, Application Areas, End Users, And Geography |
CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
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