Global equine healthcare market is anticipated to rise at a healthy CAGR of 4.2% during 2017 and 2025.
ALBANY, NEW YORK, UNITED STATES, September 18, 2020 /EINPresswire.com/ — Presence of large numbers of players engaged in manufacturing of equine healthcare products renders the global market increasingly fragmented. The players span across geographies, and are targeting geographic expansion as a part of the key strategies in the equine healthcare market. A number of regional markets have gathered momentum over the past few years. Asia Pacific has been offering new streams of revenues to key players in the equine healthcare market.
Well-entrenched players in the global equine healthcare market are Equine Products (UK) Ltd., Ceva Santé Animale, Vetoquinol S.A., Sanofi, and Eli Lilly and Company.
The equine industry has made considerable advances, riding on the back of large numbers of equine events across the globe. This has propelled the need for high quality breed horses. Revival of horse racing competitions especially in China has opened new revenue streams for manufacturers of equine healthcare products.
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Clocking a CAGR of 4.2%, the global equine healthcare market is projected to reach worth of US$862.7 mn by 2025-end.
North America and Europe Considerable See Expenditure on Equine Health
Among the various regions, North America and Europe jointly account for the majority of shares in the global equine healthcare market. Massive increase in equine adoption rates in North America, coupled with growing awareness about disease preventing strategies, acts as robust driver for the growth of this regional market. Moreover, horse riding as a trend has gathered considerable momentum among young adults, paving way for new opportunities in the regional market.
Moreover, the trend of equine racing and shows has gathered marked traction in the market. Considerable expenditure on equine health in the regions will likely play critical role in the market’s expansion. Progress in the equine healthcare market has also been made in post-infection illnesses.
In recent years, new areas of scientific studies have emerged, paving way to new potential in the equine healthcare market in these regions. A case in point is growing researchers’ focus on musculoskeletal issue for equine.
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Awareness about Common Diseases That Affect Performance of Equine Rising
Growing awareness about common diseases affecting the performance of horses has also helped the disease diagnosis and prevention. This is a significant trend that will retain its lustre in the global equine healthcare market for quite some time to come.
Key product types in the equine healthcare market are drugs, supplemental feed additives, and vaccines. Of these, the share held by drug segment is expected exceed than all others. A large part of the demands for drugs is supported by the extensive uptake of anti-infective drugs in the equine healthcare market. Moreover, non-steroidal anti-inflammatory drugs have grown in popularity in recent years among horse owners, owing to the drugs’ role in managing pain and inflammation in horses.
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Veterinary Hospitals and Clinics Occupy Key Role in Expanding Commercialization
Over the past few years, the demand for nutritional supplements for equines has proliferated, notably minerals and vitamins. In developed markets, researchers have been intensively focused on finding solutions to common performance-limiting condition among equines. This is also paving way for new revenue streams in the global equine healthcare market. In recent years, veterinary hospitals and clinics, world over, have contributed to the sales of medical healthcare products. This has also spurred the availability of vaccines and drugs.
In recent years, the role of veterinarians in shaping the healthcare decisions of horse owners has increased, undoubtedly. This has brought a number of drugs with higher safety and efficacy profile under the ambit of the global equine healthcare market. Moreover, the market has been gathering traction on the back of global development programs or equine health.
Source: EIN Presswire