Equine Healthcare Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The equine healthcare market has experienced significant growth in recent years. It is expected to expand from $1.34 billion in 2023 to $1.42 billion in 2024, with a compound annual growth rate (CAGR) of 6.3%. This growth can be attributed to factors such as the aging equine population, increasing adoption of preventive healthcare practices, the popularity of equestrian sports and activities, heightened awareness among horse owners, and efforts to manage and control disease outbreaks.
What Is the Future Market Size of the Global Equine Healthcare Market and Its Yearly Growth Rate?
The equine healthcare market is projected to experience strong growth in the coming years, reaching $1.81 billion by 2028, with a compound annual growth rate (CAGR) of 6.2%. This growth can be attributed to advancements in genetic testing and personalized medicine, the rise of equine wellness programs, the globalization of equine events, increased preparedness for zoonotic diseases, and stricter compliance with anti-doping regulations. These factors are driving demand for more specialized and comprehensive healthcare solutions for horses.
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What Are the Main Factors Driving Equine Healthcare Market Expansion?
The growing awareness of animal healthcare is expected to significantly support the growth of the equine healthcare market during the forecast period. As people increasingly recognize the importance of animals in the ecosystem, the focus on animal health has intensified. Animal health is crucial not only for the safety and well-being of animals but also for public health, as diseases in animals can easily be transmitted to humans. In response, governments and private institutions are investing in the development of animal healthcare infrastructure in various countries, further driving the demand for equine healthcare products and services.
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Who Are the Main Competitors Driving the Equine Healthcare Market Forward?
Key players in the equine healthcare market include Merck & Co. Inc., Bayer AG, Sanofi S.A., 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, Greencross Limited, ESAOTE SPA, Purina Animal Nutrition LLC, National Veterinary Care Ltd, Applied Biologics, SOUND, Hallmarq Veterinary Imaging, Ethos Veterinary Health LLC, Jaguar Animal Health, Addison Biological Laboratory Inc., Animart LLC, Prisma Imaging, Bimini LLC, BioPredic International, Epona Biotec, Equine Therapy Solutions
How Are New Trends Transforming the Equine Healthcare Market Size?
Major companies operating in the equine healthcare market are focusing on the development of innovative products, such as protein-based vaccines, to expand their customer bases, boost sales, and increase revenue. Protein-based vaccines use specific proteins or antigens derived from the target pathogen to stimulate an immune response, offering a safer alternative to traditional vaccines that use live or killed forms of the pathogen.
What Are the Key Segments Within the Global Equine Healthcare Market?
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
North America’s Role as the Foremost Player in the Equine Healthcare Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Equine Healthcare Market Definition?
Equine healthcare refers to a range of services and products aimed at improving the health and well-being of horses. It focuses on enhancing their quality of life, ensuring the quality of animal food, and promoting a longer lifespan. Equine healthcare includes veterinary care tailored to horses used for various purposes, such as racing, competitive riding, and leisure. Routine care in this field covers vaccinations, parasite control, dental care, grooming, hoof care, and protection from environmental factors like rain, wind, and snow. This comprehensive approach helps maintain the health and performance of horses across different settings.
The Equine Healthcare Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Equine Healthcare Market Report: Trends, Opportunities, Strategies, and More
The Equine Healthcare Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into equine healthcare market size, equine healthcare market drivers and trends, equine healthcare competitors' revenues, and equine healthcare market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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