Equine Healthcare Market Size, Share & Trends Analysis Report By Product (Pharmaceuticals, Vaccines), By Indication, By Activity, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global equine healthcare market size was valued at USD 2.71 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.02% from 2023 to 2030. Rising demand for equine healthcare, initiatives by market stakeholders, expenditure in the equine racing and sports industry, and growing incidence of equine diseases are some of the key factors fueling the industry growth. As per the OIE, in 2021, there were various cases of diseases across the globe such as equine influenza, equine infectious anemia, rabies, West Nile fever, and Venezuelan equine encephalomyelitis. This is expected to fuel the demand for effective preventive and treatment solutions. The COVID-19 pandemic notably impacted industry growth. The equine industry participants across the globe faced varied restrictions. Some governments mandated the closure of equine facilities and these operations had to bear significant ongoing expenses with no source of revenue.

Furthermore, equine veterinary practitioners were required to adapt telehealth-based practice models as the pandemic progressed. The industry also witnessed rising unemployment rates, thus leading to impending equine welfare crisis concerns. However, these were short-term impacts and the market recovered gradually.

During the forecast period, the market will grow due to the rising awareness regarding animal healthcare. Animal health is crucial for both the safety and well-being of animals and humans as people are becoming extremely aware of the importance of animals in the environment. Governments and commercial institutions are investing in the development of the infrastructure for animal healthcare in various countries since diseases can be easily transmitted from animals to humans. For instance, in September 2021, The US Department of Agriculture invested $3 billion in animal health and nutrition.

Horses are frequently used for recreational activities such as riding lessons and trail rides. For instance, in Minnesota, the U.S., more than 10% of households participate in trail riding while about 8% in riding lessons. These activities have an impact on spending on horse care, equipment, and activity fees. Thus, recreation adds USD 341 million in incremental economic value and 7,181 jobs to Minnesota. Horses have long been domesticated, and they have gradually adapted to shifting human lifestyles. Worldwide, it is thought that 75% of people are interested in sports, including about 85% of people in Germany.

Additionally, the availability of equine medicinal and diagnostic products and the presence of large veterinary hospitals promote market expansion. For instance, the Philip Leverhulme Equine Hospital at the University of Liverpool in North West England offers cutting-edge radiography that generates 3D images of bone and soft tissue. The new CT system is unique since it is the only sliding rack system of medical-grade and large diameter, available for large animal patients in England. Planning reconstructive surgery and identifying ailments of the head, such as head shaking, dental issues, sinus disease, and head trauma, are two unique applications of CT scanning.

Product Insights

Pharmaceuticals dominated the market in 2022 with a revenue share of over 30.0%. A variety of equine pharmaceuticals, such as analgesics, anti-infectives, anti-inflammatory, and parasiticides, which are used to treat reproductive, metabolic, infectious, and dermatological disorders in horses. The market for both prescription and over-the-counter medications has grown as a result of rising equestrian and overall equine health expenditures. This is due to the initiatives taken by market participants. Zoetis, for instance, offers a broad range of medications, including equine parasiticides, such as the QUEST gel, Equest Pramox, Deosect 5% Spray Solution, etc.

The others segment is expected to grow at the fastest rate of about 8% from 2023 to 2030. The segment comprises regenerative therapies for horses, stem cell therapy, and others. Increasing R&D in equine medicine is expected to propel the segment growth. In June 2021, Zoetis launched a range of devices- Pro-Stride APS, CenTrate BMA, and Restigen PRP to aid injuries in horses that may cause lameness. The devices enable easy processing of the horses’ blood or bone marrow, eliminating the need for incubation or off-site preparation and allowing for immediate use after centrifugation.

Indication Insights

Parasite control dominated the market with a share of over 20.0% in 2022. Parasiticides including both ectoparasiticides (for external parasites) and endoparasiticides (for internal parasites) can be provided in a variety of forms, including sprays, collars, oral solutions, gels, and spot-on treatments. They can also be used topically, orally, or intravenously. They aid in the treatment of conditions brought on by amoebas, helminths, protozoa, and parasitic fungi.

Equine influenza is projected to expand at the fastest rate of 6.0% in the forecast period. This is owing to the increasing prevalence of infectious diseases in horses. As per the OIE, there were over 12,000 cases of equine influenza from 2017 to 2021 across the world. The need for equine healthcare rises as a result of growing pressure to keep horses healthy and keep their performance to optimum levels (especially in case of race/ sports horses) and increasing awareness regarding prophylactic measures against equine diseases.

Activity Insights

The sports/racing segment held the largest share of over 40.0% in 2022 and is expected to grow at the fastest rate of over 6% during the forecast period. This is owing to a robust equine sports and racing sector in key markets such as the U.K., the U.S., France, Netherlands, China, and Australia. Fédération Équestre Internationale is an international governing body of equestrian sports that recognizes about 8 disciplines in both regular and para-equestrianism competition under global governance. This includes dressage, combined driving, endurance riding, eventing, reining, and show jumping.

Supportive initiatives by governments and public and private sector stakeholders are also contributing to market growth. In October 2021, the Chairman of the Dubai Equestrian Club and Dubai Racing Club announced new initiatives to strengthen Dubai’s position as a regional hub for the horse racing industry via the Dubai Equestrian Procurement Forum. The form highlighted fresh opportunities for industry participants such as manufacturers, technology providers, and suppliers as the equine industry recovers from the COVID-19 pandemic.

Distribution Channel Insights

Veterinary hospitals and clinics held the largest share of over 40.0% in 2022. The key factor contributing to the growth includes the high footfall of patients received by these facilities. The market is further driven by an increase in the number of veterinary hospitals, clinics, and veterinarians in key markets. For instance, according to an article published by the American Veterinary Medical Association, the number of veterinarians in the U.S. increased from 118,624 in 2020 to 121,461 in 2021. In addition, the number of private clinical practices rose from 73,373 in 2019 to 75,349 in 2020. Such factors are likely to support market growth.

E-commerce offers benefits including the convenience of buying from home and a variety of options. The segment is expected to expand at the highest CAGR of 6.0% in the near future. For instance, Chewy, Inc. is an e-commerce platform that sells a range of products and services for horses including dewormers, parasiticides, antibiotics, vitamins, and electrolytes. The others segment comprising academic and research institutes and manufacturers held a notable revenue share in 2021.

Regional Insights

North America held the largest share of more than 35.0% in 2022. According to the FAO, there were around 10.56 million horses in the U.S. in 2021, and about 10.96 million horses in the North American region. Additionally, the number of horse farms and annual horse races both contribute to the region's share. There are about 300 racetracks in the U.S. and nearly 33,567 horse races are held there annually. Also, an estimated total of 18,865 horses were imported into the U.S. in 2021, thereby contributing to the demand for equine healthcare in North America.

The APAC region is expected to witness the fastest growth of over 6% in the forecast period. Increased demand for horse medicinal feeds, an increase in the prevalence of equine diseases, and an increase in government measures to promote equine health are some of the factors driving the market. Additionally, it is anticipated that the existence of numerous market players operating in the equine products market will have an impact on the growth over the forecast period.

Key Companies & Market Share Insights

The market for equine healthcare is competitive. Leading players and industry stakeholders are involved in deploying strategic initiatives, such as portfolio expansion, product launches & upgrades, partnerships, regional expansion, and mergers & acquisitions. For instance, in April 2022, Boehringer Ingelheim International GmbH launched renuTend, a new stem cell therapy, to improve the healing of tendon and suspensory ligament injuries in horses. Moreover, in September 2022, Zoetis acquired NewMetrica. This acquisition will help in expanding the company’s companion animal portfolio, adding health-related quality of life instruments. Some prominent players in the global equine healthcare market include:

• Zoetis

• Boehringer Ingelheim International GmbH

• Ceva

• SOUND

• MERCK & CO., INC.

• Hallmarq Veterinary Imaging

• ESAOTE SPA

• Vetoquinol S.A.

• IDEXX Laboratories, Inc.

• Dechra Pharmaceuticals PLC

Recent Developments

• In March 2023, Zoetis announced the addition of two new applications; AI dermatology and AI equine FEC analysis to its multi-purpose diagnostics platform,  Vetscan Imagyst™. These diagnostic enhancements help Vetscan Imagyst expand its testing capabilities beyond the company's existing AI canine and feline fecal analysis.

Equine Healthcare Market Report Scope

Global Equine Healthcare Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For the purpose of this report, Grand View Research has segmented the global equine healthcare market report on the basis of product, indication, activity, distribution channel, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Vaccines

  • Pharmaceuticals

    • Parasiticides

    • Anti-infectives

    • Anti-inflammatory & Analgesics

    • Other Pharmaceuticals

  • Medicinal Feed Additives

  • Diagnostics

  • Software & Services

  • Others

• Indication Outlook (Revenue, USD Million, 2018 - 2030)

  • Musculoskeletal Disorders

  • Parasite Control

  • Internal Medicine

  • Equine Herpes Virus

  • Equine Encephalomyelitis

  • Equine Influenza

  • West Nile Virus

  • Tetanus

  • Others

• Activity Outlook (Revenue, USD Million, 2017 - 2030)

  • Sports/Racing

  • Recreation

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Veterinary Hospitals & Clinics

  • E-commerce

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia