Equine Healthcare Market Price, Revenue, Supply, Import, Consumption, Capacity, Production, Trends and Forecast to 2026
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 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 has 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 herpesvirus 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 a household and substantial spending on animal healthcare are the major growth factors. Around 7 million Americans are directly involved in the 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. The Asia Pacific is projected to grow at the fastest growth rate during the forecast period. The growing focus on animal care in the region, rising affordability and awareness of equine healthcare products in 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.
Key Market Movements:
- The growing popularity of horse racing in developed and developing regions
- Growing awareness and affordability of equine healthcare products
- Strict regulations associated with horse racing and horse breeding activities
- The dominance of North America and Europe in the equine healthcare market
Key questions answered in this report
- How the global equine healthcare market will perform during the forecast period from 2018 to 2026?
- What are the latest trends in the equine healthcare market and valuable opportunities for key players?
- Who are the leading players in the global equine healthcare market?
- Which is the leading/and fastest region in the global equine healthcare market?
- What are the drivers and restraints governing the global equine healthcare market?
Browse the full report at https://www.credenceresearch.com/report/equine-healthcare-market
l am Rananjay Parmar and l work with Credence Research Limited is a marketing consulting and research Agency that is focused on the United States market and the United Kingdom. We are specialized in primary data collection and offer our clients relevant information and advice through the help of adequate research analysis and conclusions.