Equine Healthcare Market Size, Share, Growth 2023
The global equine healthcare market size was valued at USD 1,265.7 million in 2021 and is poised to grow at a significant CAGR of 6.3% during the forecast period 2022-28. An increase in the prevalence of equine diseases such as equine influenza, rhinopneumonitis/equine herpesvirus, and other equine diseases are anticipated to propel the growth of the equine healthcare market over the forecast years. Moreover, rise in R&D for the development of novel therapeutics, vaccines, and nutritional supplements are anticipated to burgeon the growth of the market over the forecast years.
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The global equine healthcare market is segmented into the following:
1) By Product Type: Vaccines, Anti-Infectives, Anti-Parasites, Anti-Inflammatory, Supplemental Feed Additives, Others.
2) By Dosage Form: Injectables, Inhalations/Oral Solution, Tablets, Others
3) By Application: Inflammatory Diseases, Infectious Diseases, Asthma, Parasites, Others.
Feed Additives Dominate the Equine Healthcare Market
Feed Additives dominate the market share and it is expected to grow with a CAGR 5.2% from 2022-2028. Feed Additives are expected to grow drastically. Feed additives are some additives that contain antibiotics or other drugs that help livestock farmers to reduce the chances of their livestock becoming infected. It can also aid in growth and weight gain. Minerals play a pivotal role in the health of livestock and can improve weaning and conception rates, immune system response, and overall health. All these benefits add up to a more valuable livestock investment. considering these benefits every livestock farmer tends to buy feed additives which can lead to the growth of global equine healthcare market.
North America held the market share of x% in the global equine healthcare market and the market is expected to grow at significant CAGR during the forecast period due to the increasing equine adoption rate in USA and Canada. Moreover, increase in prevalence of chronic diseases coupled with rapid vaccination in North America countries impel the growth of market. Asia Pacific region expected to record a significant growth rate over the forecast years owing to grow in horse racing industry in APAC countries such as Australia.
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The global equine healthcare market key players are Thermo Fisher Scientific (Affymetrix), Elanco Animal, Health (Bayer Animal Health), Boehringer Ingelheim, Ceva Santé Animale, Land o Lakes (Purina Mills LLC), EQUINE PRODUCTS UK LTD, Merck & Co. (Merck Animal Health), Sanofi (Merial), Vetoquinol S.A., Zoetis.
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