Equine Healthcare Market: By Product Type (Drugs, Vaccines, Supplemental Feed Additives), By Disease Type (West Nile Virus, Equine Rabies, Potomac Horse Fever, Tetanus, Equine Influenza, Equine Herpes Virus, and Equine Encephalomyelitis), By Distribution Channel (Veterinary Hospitals & Clinics, Retail Pharmacies, and Drugs Stores) and Geography
Equine Healthcare Market size was valued at USD 3,432.9 million in 2022 and is poised to grow at a CAGR of 6.8% from 2023 to 2029. An increase in the incidence of various equine diseases such as Merial and West Nile virus coupled with the rise in R&D for the development and launch of newer therapeutics and vaccines is anticipated to boost the market over the forecast years. For instance, Boehringer Ingelheim focuses on the research and development of innovative medicines and therapies for equines. Such innovative equine products are Arti-Cell Forte and Aservo EquiHaler as a result, the company expands its market share in Australia. Moreover, in 2020, company spent USD 51.05 Mn on research and development platforms. It was more than 7% compared with 2019 The growth of the market is attributed to factors such as growing demand for equine animals, rising animal healthcare expenditure, surge in prevalence of equine diseases, rise in demand for horses for various purposes including horse racing, increase in adoption of equine nutritional supplements are significant drivers for the growth of the equine healthcare market over the forecast years.
Equine Healthcare Market Key Developments:
In December 2020, the Zoetis company invested USD 563 million for R&D activities, up by USD 106 million from the previous year 2019 and Merck & Co. company registered R&D investment at USD 13,558 million, up by USD 3,686 million from the previous year 2019.
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An increase in the prevalence of equine diseases is a key factor for the growth of the equine healthcare market over the forecast years. For instance, in 2022, the Equine Herpes Virus-1 (EHV-1) outbreaks have been reported in several counties in California and 26 horses have been confirmed positive in this region. Three EHM cases (EHV-1 positive with neurologic signs) and 23 EHV-1 fever-only cases have been confirmed. Moreover, in 2022, deadly viral outbreak of EHV-1 in Europe ravages European horses. At least 17 animals have since died and others have had abortions or needed surgery to repair organ damage. Increasing R&D for the development of novel therapeutics for such kind of diseases enhances the growth of the market.
The Equine Healthcare market in North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America expected to hold the highest share in 2021. North America is expected to grow at a significant rate in the coming years due to the increase in equine adoption rate coupled with rise in investments by market players for research & development activities. The growing demand from veterinary clinics, animal science research institutes, and increasing investments from local companies, which are venturing into new products development activities at a rapid pace for them to expand their client base. Europe held the significant share in 2021 and the market is expected to burgeon over the forecast years especially in Germany, France, Spain, UK, and Italy.
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2021 is the base year and 2028 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.