In a recent report by Transparency Market Research (TMR), the vendor landscape for global equine healthcare market is estimated to have become largely fragmented. There is tough competition between players because of the large number of industries manufacturing the same product types. The equine healthcare market can largely benefit by targeting regional markets and expanding geographically. This will provide promising growth opportunities for developing regions like Asia Pacific.
Some of the leading players in the global equine healthcare market are Eli Lilly and Company (Elanco), Sanofi (Merial), Vetoquinol S.A., Ceva Santé Animale, and EQUINE PRODUCTS UK LTD. Based on supplemental feed additives segmentation, vitamins and minerals is anticipated to show high nutritional supplement demand. Holding larger shares in the market, both North America and Europe are leading the global equine healthcare market. This is because of increased equine adoption rates as per household, significant expenditure, and high interest equine healthcare in the region.
As per the TMR report, the global equine healthcare market is estimated to register a 4.2% CAGR within the forecast period of 2017 to 2025. The market is presumed to be valued at US$862.7 mn in 2025.
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China Emerging as Leading Player by Providing Equine Nutritional Supplements
Horse racing trend in a number of countries across the world is fuelling the market despite several government restrictions. A majority of horse owners are interested in attending equine events like racing, and shows and this is increasing the demand for quality breed horses. These horses are even exported to countries like China because of their breed standards providing high prices to traders. China may emerge as the leading market for equine healthcare products like vaccines, drugs, and large number of nutritional supplements for the horses.
Horse riding has emerged to be a popular trend among grown-ups especially in the regions of North America. Due to this, there is a steady expansion of the equine industry in terms of medical welfare of the horses. The steady expansion of the equine industry owing to high popularity of horse riding in the region are the positive factors that will help the equine healthcare market to grow in the coming years.
Besides, high incidences of equine infections have made equine healthcare extremely important. Therefore, the market share of retail drug stores and pharmacies is anticipated to grow during the forecast period, because of the emerging trend of distributing equine healthcare products through pharmacists. Owing to large amount of vaccines and drugs availability, the veterinary clinics and hospitals segment is estimated to dominate the overall equine healthcare market.
Decline in Number of Equine Species Due to Lack of Supervision
Despite so much care and concern, there is a decline in number of equine species. This may be due to lack or excess of proper nutrition, water intake, more training to the horses and less resting time making the equines exhausted and getting tired, failure to detect certain infections and treat them within time. Sometimes the reason may also remain unknown. Due to the decrease in the number of equine species worldwide, the market may face problems in the long run.
Although the market may face loss due to the declining number of horse species, there is a rise in demand for pet insurance. This is likely to open new scope for the global equine healthcare market in future years.
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