Press release
Equine Healthcare Market Expected to Achieve 6.4% CAGR by 2029: Growth Forecast Insights
Equine Healthcare
What Will the Equine Healthcare Industry Market Size Be by 2025?
Over the past few years, there has been significant growth in the equine healthcare market size. It is projected to increase from $1.41 billion in 2024 to $1.49 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%. Factors such as an aging equine population, implementation of preventive healthcare measures, the popularity of equestrian sports and activities, growing awareness among owners, and measures to control disease outbreaks have contributed to the growth observed during the historical period.
What's the Long-Term Growth Forecast for the Equine Healthcare Market Size Through 2029?
In the forthcoming years, a significant growth is anticipated in the equine healthcare market, with the market size predicted to expand to $1.91 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. Factors contributing to this growth in the predicted period include genetic testing and personalized medicine, wellness programs for horses, the internationalization of equine events, preparedness for diseases that can transfer from animals to humans, and adhering to anti-doping laws. Key trends projected for this period consist of remote monitoring and telemedicine, wearable tech for horses, physical therapy, and rehabilitation for horses, services related to equine dental care and dentistry, as well as herbal and alternative treatments.
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What Are the Key Growth Drivers Fueling the Equine Healthcare Market Expansion?
The anticipated growth of the equine healthcare market is bolstered by an increasing awareness for animal healthcare. Public understanding of how integral animals are to our ecosystem is escalating, as is recognition that their central role necessitates prioritizing their health and safety, not just for their own benefit but for human safety and well-being too. Given the propensity for animal-borne diseases to impact humans, both governmental and private entities are channeling investments towards ameliorating animal healthcare infrastructures globally. For instance, as noted in the Voice of the Consumer: Health and Nutrition Survey carried out by the UK-based firm Euromonitor International Ltd. in February 2023, daily or almost daily pet treatments have jumped from 26% in 2021 to 29% in 2023. This increase suggests consumers are moving beyond indulgence and focusing more on their pets' health by providing appropriate and beneficial treats. It is expected that this rising consciousness about animal healthcare will bolster the growth of the equine healthcare market throughout the projected period.
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What Are the Key Trends Driving Equine Healthcare Market Growth?
Principal firms in the equine healthcare sector are executing measures to present preventative healthcare schemes that guarantee predictable costs and prioritize early treatments. The objective of this plan is to assist horse owners in controlling their expenses while promoting immediate identification and treatment of health complications, thereby fostering enhanced equine health overall. For example, Hook Norton Veterinary Group (HNVG Ltd) unveiled the Equiplan Gold Health Care Scheme in September 2024, with a focus on improving veterinary services for horses. This scheme underscores preventative healthcare, explicitly tailored to horse owners, to furnish predictable veterinary expenses and stimulate an early response to minor problems before they escalate. This proactive approach not only hopes to enhance the horses' overall wellbeing but also alleviate financial burdens on the horse owners.
How Is the Equine Healthcare Market Segmented?
The equine healthcare market covered in this report is segmented -
1) By Product Type: Drugs, Vaccines, Medical Feed Additives
2) By Disease: Equine Influenza, Equine Herpes virus, Equine Encephalomyelitis, West Nile Virus, Equine Rabies, Potomac Horse Fever, Tetanus
3) By Distribution: Veterinary Hospitals And Clinics, Retail Pharmacy, Online Pharmacies
Subsegments:
1) By Drugs: Anti-Inflammatories, Antibiotics, Pain Management Medications, Anesthetics, Hormonal Therapies
2) By Vaccines: Core Vaccines, Risk-Based Vaccines, Combination Vaccines
3) By Medical Feed Additives: Nutritional Supplements, Probiotics And Prebiotics, Performance Enhancers, Medicated Feeds
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Which Companies Are Leading the Charge in Equine Healthcare Market Innovation?
Major companies operating in the equine healthcare market include Merck & Co. Inc., Boehringer Ingelheim, Zoetis Inc., Patterson Companies Inc., Elanco, Idexx Laboratories Inc., Covetrus, Ceva Sante Animale, Virbac, Hilltop BioSciences Inc., Dechra Pharmaceuticals plc, CVS Group PLC, Vetoquinol, Purina Animal Nutrition LLC, Applied Biologics, SOUND, Hallmarq Veterinary Imaging, Ethos Veterinary Health LLC, Addison Biological Laboratory Inc., Animart LLC, Prisma Imaging, Bimini LLC, Equine Therapy Solutions
Which Regions Are Leading the Global Equine Healthcare Market in Revenue?
North America was the largest region in the equine healthcare market in 2024. The regions covered in the equine healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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